The Indian Passenger Vehicle Market is highly dynamic. In April 2022, Hyundai had a 15% market share, and Mahindra had an 8% market share. There was a gap of almost 7% at the beginning of FY 2023. Mahindra’s SUV Strategy Pays Off because by the end of FY 2025, Mahindra’s market share will be equivalent to that of India’s second-largest OEM, Hyundai Motors.

In the last three years, Mahindra’s growth rate has been nine times faster than that of Hyundai. Customers prefer premium and luxury SUVs for their second and third purchases.

Hyundai and Mahindra growth comparison in FY 2025

Mahindra Vs Hyundai Market Share:

Mahindra gained market slowly but steadily in the SUV segment by relaunching and launching new SUVs. Along with new launches, the company is working on an effective branding strategy. Some branding ingredients, like Quality, Communication, and Reliability, are added to the new product launch strategy.

Hyundai and Mahindra Market Share Trend in FY 2025

 

ACG has predicted this scenario in 2022 in the article Indian Automobile Brand Strategy Report.

There are 3 key reasons behind the growth of Mahindra:

  • Mahindra Brand Strategy, which creates a positive perception of its Quality and reliability
  • New Product launches by Mahindra in various segments
  • Hyundai did not react while losing market share

Mahindra’s Product and Brand strategy started to impact the market in 2022. The company began to work on multiple areas, like Aggrssive, in introducing electric cars for the mass market segment, such as the XEV 9e, BE 6, XUV 3XO, and XUV 400. Mahindra’s Electric SUV combined sales were 8,389 units in FY 2025, 27% more than in FY 2024. Hyundai does not have a direct competitor EV portfolio in all segments.

Parrallely, Mahindra is also upgrading the existing SUV, like Scorpio, to Scorpio N. Scorpio is the Top Model in the Mahindra SUV range. We have conducted a small survey on what customers like in Mahindra SUVs. 80% of customers express that the digital features are the main attraction to buy the SUVs. The second attractive reason for buying is the aesthetic look.

Mahindra vs. Hyundai + Kia Group Market Share:

Hyundai and Kia’s combined market share lost 2 percent from FY 2023 to FY 2025. The Hyundai Exter was launched at an affordable price. However, the Exter does not align with Indian customers’ SUV expectations. As a result, it did not attract enough customers to meet their Expectations.

Hyundai Kia combined market share against Mahindra FY 2025

Hyundai recently announced that 26 new models will be launched in India in the next 5 years. The company also focuses on the SUV segment. The Mahindra will face the challenge of keeping its leading position.

Product Mix Portfolio Analysis:

Mahindra New Models contribute 60 percent of sales in Q4 FY 2025. Customer touchpoints, product renewals like Scorpio, and Innovation are the key drivers of Mahindra’s success.

Hyundai has a strong Brand presence, Trust, and rich product portfolio, but its new model’s market share was just 10.7% in Q4 FY 2025. Most of the sales volume comes from its regular models, such as the Creta, Venue, and i20.

Mahindra New Models market Share FY 2025

The Mahindra’s regular Models share declined from 80% to 38%.

Pricing Trim Strategy:

Revenue became a key business performance criterion for Mahindra. Earlier, the Company was focused on Market share.

Mahindra focuses on the Premium and Luxury SUV segment. Mahindra covers various customer segments to satisfy them.

XUV300 is in the ValuePlus segment to protect their brand image, while XUV700, Scorpio, and Thar are in the Premium and Luxury segments.

Mahindra and Hyundai Pricing Strategy

Hyundai Models like Aura, Exter, Grand i10, i20, Venue, and Creta dominate the ValuePlus and Premium segment.

EVs like Kona and IONIQ 5 models are in the high-end segment. Alcazar, Tucosn, and Verna are in high end segment.

Please get in touch with us to get the Full report.

The Electric Vehicle Power Module Business Case is a detailed report on quickly achieving profit in power module packaging.

It includes various types of costs, such as Clean room, Investments, selling prices, Margins, Market Demand Analysis, market Drivers, Challenges, Financial Projections, the Location of the Plant, and other Electric Vehicle Dynamics. The Financial Projection is available in the Excel sheet.

Power Module Business Case:

These three components are essential components of Electric Vehicles of cars and Commercial vehicles. These 3 components are decisive in Electric Vehicle Production planning and Sales forecast. Batteries, Electric Motor, and Power Module contribute between 60% and 70% of the Electric Vehicle Bill of Materials (BOM).

In 2022, only selected manufacturers, such as Infineon, SemikronDanfoss, Bosch, and Hitachi, were manufacturing the Power Module for EVs. At this time, demand was high, and supply was limited. Establishing a manufacturing line in Germany costs around 16 to 18 million euros. The business case gives different results for Moulded Halfbridge Power Module, 6P, Discrete Power Module, and Types of Semiconductors, such as Si or SiC. Since one of the key components of the power module is the semiconductor, its production planning, product cost, and supply depend to some extent on the semiconductors.

For a long time, Companies like Stellantis, ZF, and Rivian faced serious supply issues from their Power Module packaging companies.

Infineon Semiconductors is costly because its quality and delivery are among the industry’s best. Wolfspeed’s new-generation SiC semiconductors are one of the major suppliers of power module packaging companies. Rohm Semiconductor also offers a better offering for cost control and semiconductor performance.

To get an attractive ROI on Power Modules, packaging companies need to control their costs, like using Aluminum instead of Copper, making them compatible with both 400V and 800V vehicle architecture, reaching a larger market size, Focusing on the value segment instead of the premium one, delivering the Power Module on time and do not necessary charge to the customer  (OEMs and Tier 1 Suppliers) for the name of the customization.

BMW and Mercedes are focusing on the most advanced power modules, such as the closed 6P SiC type.

Some OEMs plan to set up in-house Power Module packaging to fulfill the timely requirement and cost savings.

In preparation for the Business case, ACG predicts the future cost structure, Capex, Selling price, Competitor scenario, Inflation, and Market demand.

Key Components of the Report:

  • Executive Summary
  • Industry Market Overview
  • Power Electronics -Inverters, DC-DC Converters, and On-Board Chargers
  • Role of Power Electronics in EV Efficiency
  • Market and Customer Analysis
  • Competitive Landscape
  • Value proposition of Electric car components
  • Technology and Innovation Analysis
  • Business Model and Revenue Streams
  • Supply chain and manufacturing strategy
  • Financial Projections
  • Partnership and Ecosystem Development
  • Go-To-Market Strategy
  • Risk Assessment and Mitigation
  • Sustainability and ESG Considerations
  • Conclusion and Recommendations

Indian Electric Truck Opportunities by Application is our latest data and report for 2040. Rural and urban markets are attractive for Zero-Emission Trucks. There is a high growth opportunity in the Indian Electric Truck segment. Today, electric Truck penetration is significantly low in India. However, Indian customers are smart enough to understand their business advantages. If the OEMs are ready to start work today, there will be a high likelihood of leading this segment beyond fiscal year 2030. The Electric Small, Electric Light-Duty Truck, and Electric Heavy-Duty Truck segments have a strong business case. All 3 Electric Truck segments are expected to have double-digit CAGR growth from FY 2026 to FY 2030. Indian Electric Truck Opportunities by Application is available in both Excel and report formats, accompanied by qualitative analysis.

This report and database help OEMs make informed decisions regarding their product portfolio, Product Strategy, Target Segment, investment allocation, Manpower Recruitment, Charging Infrastructure, Battery size, Charging time, Range, Price, Expected Sales volume or revenue, and other key factors.

Indian Electric Truck Opportunities by Application

Non-traditional automotive companies are entering the Electric Truck segment because they see exponential business growth opportunities. Some companies are Propel, IPLTech, Olectra, SANY, and EKA K1.5. Other Start-ups and new players are also planning to enter this segment. Traditional Automakers like Tata Motors and Ashok Leyland have also launched Electric trucks in the Small and Heavy-duty segments. The electric vehicle segment is providing non-traditional automotive companies and start-ups with opportunities to quickly capture market share. We have prepared several Business plans for Electric Vehicle companies where the Business case looks promising. The electric truck not only needs product-market fit but also product-application fit.

Customer Adaptation:

Even Single or driver cum owners are buying Electric Small truck like Tata ACE EV, Switch IeV, and others. On the other hand, large fleet owners, who own heavy-duty trucks in the 28T to 55T GVW category, purchase them from a professional team. After calculating the TCO, these teams also decided to add electric trucks to their fleet because they are considered India’s future of road transport and logistics, driven by economic benefits.

Some of the existing and potential  customers for Electric Trucks are Adani Port, Dalmia Cement, Vedanta, Sagar Cement,  ACC Cement, Ultra Tech Cement, Coal India, SCCL, SECL, Korba and others.

Electric Truck Application-wise Demand Analysis:

In the Small Electric truck segment, Applications like milk Distribution and vegetable transportation are suitable for Electric trucks. However, within 4 to 5 years, many new applications, like Dairy Products and Parcels, will adopt Zero-Emission Trucks.

ACG Application-wise Electric Truck Data provides key insights into more than 100 Truck Applications suitable for Electric trucks until 2040. In the Heavy-Duty Truck segment, a Tipper for mining applications, a 55T Tractor Trailer for Ports, and Cement applications are other examples that suit Electric Trucks. The demand is based on several parameters, such as daily run, operational conditions, Battery and charging time requirements, Load or overloading pattern, and Comparison with operating cost.

Even if the price of an Electric Truck is around two times that of an ICE truck, it is still an attractive choice to invest initially and save later on Diesel.

ACG has mapped the potential Application for Electric Truck with expected sales volume upto 2040. Our application wise Electric Truck Data also compared with ICE sales volume, GVW, Model name, OEM name,  Price of the Model, Engine Horse power, Type of Vehicle like Rigid Haulage, Tipper, Tractor Trailer, Tip Trailer, RMC, Special Application and others.

 

The Indian heavy-duty Electric truck market is experiencing rapid growth, registering a 55% CAGR between FY2026 and FY2030.  The Indian Heavy-Duty Electric Truck Market size is expected to reach USD 1.23 billion by FY 2030.

The price of the Heavy Electric Truck is approximately twice that of the Internal Combustion Engine (ICE) Truck due to the Cost of the Battery and other components. Since the large fleet owners have a high purchasing power and can afford the high upfront cost of the HDT Electric Truck. The ROI of the Electric Truck is around three to four years if it is deployed in the correct application. The most crucial task is identifying the application for the Electric Truck.

ACG has identified several attractive applications for electric heavy-duty trucks, including ports, cement, and mining. The heavy-duty tipper and tractor-trailer segments are the most promising for launching the electric truck in the heavy-duty truck segment.  The after-sales cost is around one-third of the cost of the ICE truck.

The TCO of a heavy-duty Electric truck is gaining the attention of large fleet owners due to its low operating costs. Another reason the driver’s productivity increases when they drive an Electric Tipper or Tractor Trailer.

Companies like Sagar Cement, Adani, JSW, BGS, and Triveni are interested in adding Electric Trucks to their fleets. Major fleet owners are planning to increase the number of electric trucks to 20% of their total fleet by FY 2030.

Currently, the Indian heavy-duty electric truck market is segmented into two categories: Tractor Trailers and Tippers.

Application-wise Electric Heavy Duty Demand Forecast:

GVW 45+ ton is the most attractive segment because the ROI is between 3 to 5 years.

The electric truck market is expected to grow by 35.5% in the Cement Industry, 31.5% in Ports, and at a 27% CAGR in Mining from FY 2026 to FY 2030. Other attractive Applications for electric trucks include agri-related, Steel, Industrial, and other sectors. For other 100+ Truck applications, refer to our Application-wise Model-wise Truck Data.

Electric Tipper Market:

The Heavy Tipper works in a rugged terrain. It must work for 4 to 7 hrs on a single charge to meet the customer’s requirements. The GVW, Payload, and Axle Configuration also meet the demand.

OEMs need to understand the Mining operation precisely and understand the macro-level details before launching the Electric Tipper. Most buyers in this segment are financially sound and have high purchasing power.

Propel Tippers are the market leader in the Electric Tipper segment because Propel’s Tipper aligns with the market, meets customer requirements, and delivers the best performance in the industry. It has 6X4 and 8X4 configurations, a rated payload range of 28 to 38.6 tonnes, and a 350 kW Power Rating. The company provides excellent after-sales services. The Li-ion 256 and 385 kWh Battery delivers a minimum of 40 to 50 km in various working conditions, such as loaded, uphill, and empty.

Brand wise Indian Heavy duty electric truck forecast

Olectra, i-Board – ELECY V3525, SANY SKT105E, and other key players in the Electric Tipper segment. Volvo has been a market leader in India in this segment for many years.  The Volvo FMX 500 and FMX 460 are the leading models in Mining Applications. Due to its sales strategy, Scania Tippers have only a minor presence in this segment.

Now, Indian Emerging Brands are challenging Volvo’s leadership position with their electric drivetrain.

Propel, SANY, IPLTech, and I Board are taking share from Volvo and Scania’s market share. Due to its lower total cost of ownership (TCO), it is expected that the Electric Tipper will capture around 30-40% of the market by 2030.

Volvo and Scania are both struggling to increase revenue in the after-sales business because fleet owners are buying spare parts from the open market. The after-sales revenue is one of the key resources for Mining Tippers.  The Electric Tipper’s after-sales cost is comparatively around 60 to 70% lower.

Electric Tractor Trailer Market:

BYD, IPLTech, Tata, and Ashok Leyland have launched the GVW 55T, 4X2 electric tractor-trailer due to the market attractiveness of this segment.  BYD is selling the Electric TT for 11 INR million, offering a range of 200 km. IPLTech is the market leader of this segment. BYD is quietly discussing the sale of more than 400 Electric tractor-trailers for port and Cement applications—the two BYD e-TT units at Vizag.

The Average price of an electric tractor-trailer is around 10 million INR.

Table of Contents of the report highlights:

  • Heavy Duty market size of ICE and Electric Trucks
  • Segment and 100+ Application-wise Forecast from FY 2026 to FY 2040
  • Target Truck Applications
  • Application-wise Sales volume of Electric Truck and its market share
  • Competitor landscape
  • TCO Analysis
  • Product Launch Strategy
  • Product Configuration for various applications

 

The Indian Automotive Market Forecast 2030 report is a detailed report that covers various market dynamics and aspects and their impacts.

ACG predicts that the Indian Automotive Industry will grow at a CAGR of 1.7% from FY 2025 to FY 2030. The Indian Automotive Market size was ~25 million units in FY 2025.

Indian Automotive Market Forecast 2030:

Indian Automotive Market Forecast 2030 - Sales Production and Export Forecast

In FY 2019, India sold 26.3 million vehicles, including trucks, buses, passenger cars, two-wheelers, and three-wheelers. FY 2022 registered 17.8M, the lowest number in the last 7 years, compared to the pre-COVID level. After touching the lowest volume, the Industry started to grow yearly.

The key growth drivers are Road Infrastructure development, Government policies, advancements in Automotive Technology, Consumer aspiration, and increased purchasing power.

Indian Passenger Vehicle Market Forecast 2030:

Indian Passenger Vehicle Market Forecast 2030The expected CAGR between FY 2025 and FY 2030 will be around +6.2 percent.  Indian Customers bought 4.3 million Cars, SUVs, MUVs, and Vans in FY 2025. This segment looks highly attractive due to its consumer affordability. SUVs and Budget segment cars in Metros, Big cities, and towns will be in demand by FY 2030.

Passenger vehicles are the second-largest segment in the Indian Automotive Industry. After COVID, customers prefer a car to a Two-Wheeler due to increased income, better road connectivity, Digital features, and comfort. The PV segment’s share has increased by 4 percent from FY 2019 to FY 2025.

India exported 0.77 million cars in FY 2025 with a +2.2 percent CAGR from FY 2019 to FY 2025.

Rising urban populations and first-time car buyers are key drivers for Compact cars in India. Early adopters are highly interested in adding Electric cars to their portfolio.

Indian Two Wheeler Market Forecast 2030:

Indian Two Wheeler Market Forecast 2030

The Indian two-wheeler segment is the largest in the Indian Automotive Industry. This segment lost 4% in the last 7 years, from 81% to 77% in FY 2025. It also showed that the customers preferred a car or a private four-wheeler. In FY 2019 and FY 2025, India sold 21.2 million and 19.6 million two-wheelers, respectively. Two-wheeler sales are expected to grow at 0.5% CAGR between FY 2025 and FY 2030.

Since the Indian two-wheeler product price, performance, and features fit the demand of many other countries’ customers, exports are expected to rise by 1.4% CAGR from FY 2025 to FY 20230. African and Asian markets are attractive export countries for most OEMs. Brands like Royal Enfield also target the European market since the company offers a different motorcycle experience than other Japanese and local manufacturers.

Indian two-wheelers are the only segment that registered 9% growth in FY2025 compared to FY2024.

Indian Commercial Vehicle Market Forecast 2030:

Indian Commercial Vehicle Market Forecast 2030

Commercial vehicle sales reached ~1 million in FY 2025, matching FY 2023 levels. Sales declined with a CAGR of -0.9% between FY 2019 and FY 2025. A 4.8% CAGR is expected for the Indian CV segment between FY 2025 and FY 2030. Double-digit growth is expected because the CV industry’s market drivers will be favourable for the next 10 years.

Indian Commercial Vehicles are the backbone of India’s logistics Industry because 70% of freight transport in India is by trucks. Trucks and buses are the two vehicle segments in the CV industry. Both segments have distinct characteristics and are influenced by different market dynamics. ACG provides Model and Brand Sales, Production, and Export Data Trends and Forecasts.

Government investment to develop infrastructure, the growing e-commerce sector, the demand for Electric trucks, Fleet modernization, and Integrated advanced technology in Trucks are key drivers for the Truck segment in India.

Mining and the Construction Industry are key drivers of the heavy Tipper segment growth. Container, Steel, and Grain are key drivers of the heavy-duty Haulage segment. ACG provides Model—and application-wise Truck and Bus Data and the split of overload and payload truck sales Data.

Central and State government urban mobility plans, better connectivity, the Adoption of Electric Buses, the increase in urban population, Tourism and Intercity travel, and the implementation of new safety regulations are key growth drivers for the Indian Bus Industry.

Indian Three-Wheeler Market Forecast 2030:

Indian Three Wheeler Market Forecast 2030

The Indian Three-Wheeler market showed -0.9 percent growth between FY 2019 and FY 2025. This segment is expected to register a 4.0 percent CAGR between FY 2025 and FY 2030. This Industry reached 0.74 million vehicles in FY 2025, equivalent to the pre-COVID level in India.

Low Operating costs, Affordability, Customer demand for Electric Three-Wheelers, Suitability for short-distance travel, and expected growth in the Export market are key drivers for the Indian Three-Wheeler segment.

Key Highlights of the report:

  • Indian Automotive Industry Trend and Forecast FY 2030
  • Monthly and Quarterly subscription options are available
  • Brand, Model, and variant level Sales, Production, and Export Data
  • Two-wheeler, Truck, Bus, car, and Three-Wheeler City-wise Model-wise Sales Data
  • Product Analysis from FY 2011 to FY 2030
  • Electric Vehicle Report and Forecast
  • Brand-level report
  • Qualitative and Quantitative Analysis Report
  • Data available in Excel, Power BI, and Tableau

ACG released Indian Used Truck Market data, which provides key insights into this market. The Indian Used Truck Market registered a 4.14 percent CAGR between FY 2019 and FY 2025. It is expected that the Indian used Truck market will grow by 5.52 percent from FY2025 to FY2030.

Indian Used Truck Market Data is also available in the form of a report.

The demand, Price, Truck life cycle, Truck Age, and Brand name are major influencers of the Used Truck market. The Exclusive Application-wise Truck Data is available with us.

Used Truck Life Cycle:

The Indian Used Trucks between 3 and 11 years old are dominating the Indian Used truck market. The first and Second lives of used trucks are in demand.

Typically, there are three life cycles of used trucks in India:

  • First life,
  • Second life, and
  • Third life

Large Fleet owners typically sell their entire Tipper fleet most after the First or second life. The reason is that there is a high demand for Tipper in applications such as mining and Ports.

If fleet owners can maintain accurate vehicle histories, including details such as accidents, repairs, and Spare parts status, then the used truck market will grow faster than expected.

Used Trucks are an attractive option for those who want to start their entrepreneurial journey in Goods transportation.

Market Segmentation:

This industry is still lagging in terms of business organization. Digital platforms have not yet achieved the same level of success as they have in other vehicle segments.  Shriram Automall is the leading marketplace for Used Trucks in India. Tata OK and Eicher Sure are known brands in the Used Truck market. The Ashok Leyland (Re-AL) is still in the phase of establishing its brand name in the Used Truck market.

Some of the major Financiers of Used Trucks are

  • HDFCB
  • ICICIBC
  • AXISB

The unorganized sector remains significant due to its product and market dynamics.

Post-COVID, the price of used Trucks increased due to the increased cost of new Trucks in India. The growth has been noted since the COVID-19 pandemic. The market began to recover, which had a positive impact on increasing demand for transportation goods.

Business Model:

The physical Auction, OEM certificate, pre-owned trucks, and through a Local broker are effective Business Models. Every Business Model has their Pros and Cons. Leasing Business is also an attractive option, as it is well-established in Europe. However, this segment has a high business potential.

Used Truck Trend:

TCO is one of the primary factors that influence the decision to buy a truck. Fuel costs, upfront costs, and EMI are major contributors to total cost of ownership (TCO) calculations. Used trucks provide favourable TCO.

E-commerce, Last-Mile delivery, Infrastructure development, and growing middle-class demand are some of the significant demand factors in the used Truck market.

Indian Used Truck Market Data covered the following points:

Period: FY 2019 to FY 2025 actual, Forecast Period FY 2026 to FY 2030

Market Size (Volume in Units and value in USD Billion): of each segment and each life cycle

1. Truck Segment covered: 

  • Mini Truck,
  • Pick Up Truck,
  • Light Duty Truck,
  • Medium Duty Truck
  • Tipper,
  • Multi-Axle Truck
  • Tractor Trailer

2. Life Cycle of Trucks:

  • First life,
  • Second life, and
  • Third life

3. Used Truck Business Models

  • Various Business Models, Description, Benefits,s and Challenges

4. Trend:

  • Future Trend of the Used Truck Market

5. Market Segmentation:

  • Major Used Truck Market segmentation and its market share

6. Competitive Landscape

7. Price Trend:

  • Average Selling Price of Each Truck Segment in First, Second, and Third Life Cycle

8. Used Truck Demand Influencers

9. Truck Buying  Pattern Data based on Fleet Size:

  • Single Owner
  • Small Fleet Size
  • Mid Size
  • Large Fleet Owner
  • Very large Fleet Owner

10. The Indian Used Truck Market Report

The two versions of the market information available are Used Truck Data and Used Truck Market Report

ACG released seven key strategic data sets for the Indian Electric Truck Market. The Indian Electric Data provides the following key information:

  • Application-wise Truck Data: Electric Truck has the potential to cover 200 applications
  • Required technical specs for various truck applications
  • Application and Model wise Truck PARC data to know the potential Electric Truck market size
  • Rated Payload Vs Overload: Split between rated payload and overload Truck model-wise sales and
  • Indian Electric Truck Forecast 2030: Truck application-wise sales mapping based on ICE and Electric driveline
  • Indian Electric Truck Product Data: Battery Size (kWh), Segment GVW (Kg), Payload (Kg), Fast Charging (In min), Range (Km),  Power (hp), Torque (Nm), Price (INR), Vehicle, Warranty, Battery Warranty, Suitable Applications, Key USP of the Truck
  • Daily Operation Level Data: Key Application, Vehicle Type, Daily Running
    (in km), Average No of trips/Day,  Per trip distance (km),  Load Carried per trip
    (in KG/T), Truck PARC Data
  • Customer Target segment data: Sub Application Brand GVW Segment Vehicle Type Customers Customer’s Profile Duty Cycle(Km per day) Average No of trips/Day Pay Load( Kg), Overloading Frequency (in %-if happens), Max. Overload Carried Average Fuel Efficiency(km/Lit), Key cities included in the data.
  • Segment-wise, the Electric Truck Data Forecast is based on GVW, such as Mini, Pick up, LDT, MDT, and HDT. Data also included Electric Three-Wheeler Goods and Passenger segment.
  • Electric Truck Competitor Landscape- Product Market Fit Data: Application,  Sub Application, Vehicle Type, eTruck Suitability (Rating 1 to 5), Duty Cycle(Km), Average No of trips/Day, Battery pack required (kWh,) Range required (km), E-drive power (kW), Potential Rated Payload Vs Overload from FY 2024 to FY 2030

All data sheets are updated and available immediately. Indian eTruck Data is available in Excel, Power BI, and Tableau.

 

In March 2025, 2.1 million vehicles were sold, including Cars, Two-Wheelers, Three-Wheelers, Agricultural vehicles, Construction Equipment, and rickshaws. The Indian Automotive Monthly Market Trend 2025 for FY 2025 is a subscription-based ACG service. Indian Car Sales grew by 5%, two-wheeler sales grew by 11.3%, and three-wheeler sales rose by 1.4%. Agricultural sales grew by 13% and Construction Equipment sales by 24% in March 2025.

Indian Automotive Market:

Indian Vehicle Monthly Sales Trend March 2025

Indian Automotive retail sales registered 12% in March 2025 compared to February 2025, and the market declined by 1% in March 2025 compared to March 2024.

Monthly Sales Trend March FY 2025

The Passenger Vehicle, Agricultural Vehicle, Two Wheeler, and Three Wheeler are the Top 4 segments in March 2025. These four segments contributed 91% of sales in March 2025.

Top Vehicle 4 segments in March 2025

Uttar Pradesh, Karnataka, Gujarat, Maharashtra, and Tamil Nadu are the top five states in the Indian Automotive Market. These five states have a 15% market share.

Top Indian States in vehicle Sales FY 2025

The Indian Car Segment showed 5% growth in FY 2025 compared to FY 2024. However, the Passenger Market registered 11% growth in March 2025 compared to February 2025.

Indian Car Market:

Indian Car Monthly Sales March 2025

October 2024, January 2024, and 2025 were the best months for the Indian Car Industry due to Demand in Rural and Urban areas.

Monthly Indian Car Trend Report March 2025

In Quarter 4 FY 2025, Maruti lost 6% of the market share in Vehicle registration. Kia has maintained its position in the last 27 months. Mahindra gained a market share of 2% from January to March 2025.

Monthly Indian Car Brand wise Market Share in March 2025

Indian Two Wheeler Market:

The Indian Two Wheeler Industry registered an 11.3% growth in March 2025 compared to February 2025. In FY 2025, the two-wheeler market grew by 7.7% compared to FY 2024.

Indian Two Wheeler Market March 2025

Hero MotoCorp is losing a slight market share but is still the market leader in the two-wheeler segment.  An aggressive marketing strategy and integrated product features accelerate its sales. Its scooter segment is gaining momentum, which helps it gain market share. Bajaj Auto’s and Suzuki’s market share is stagnant from January 2023 to March 2025.

Monthly Indian Two Brand wise Market Share in March 2025

Key highlights of the Monthly Report:

  • Indian Automotive Monthly Trend and Monthly Forecast
  • Car, Two Wheeler, Three Wheeler, Commercial Vehicle, Agricultural Vehicle, and Construction Equipment are included
  • OEM wise Market Share changes
  • Sales Forecast
  • Inventory Analysis
  • Macro Economy Updates and Their Impact on the Indian Automotive Industry

The Global Electric Car Platform Business Case covers every aspect of the Business and helps decide whether it is feasible to invest in it. ACG has supported clients such as many Blue-Chip OEMs, components suppliers, and Venture Capital firms.

Global Electric Car Business Case

 

Introduction to Platform Business Case:

This report examines how an Electric car platform business case can help automakers, venture capital firms, startups, and other stakeholders achieve their goals. Cost optimization, Production process, increased TAM market size, Business and Operational efficiency, enhanced modularity, and market acceptance in various markets. ACG is analyzing how a unified platform can streamline production processes and accelerate the launch of new models. Moreover, the financial calculation is in an Excel sheet, and the report is in PPT/PDF format for easy understanding.

The purpose of the Report Global Electric Car Platform Business case is to present a detailed Business case for the execution and deployment of the Electric Car platform.

The global Electric car Platform Business Case provides strategic insights into investment, Sales Volume, Production volume, Selling price, Cost structure, Feasibility, Return on investment (ROI), operating margin, Revenue, Platform scalability, and key components. The report enables stakeholders to make informed decisions by analyzing key factors in EV platform development, market dynamics, product positioning, and operational efficiency.

Our EV Business case also analyzed how to add additional revenue sources, including market Demand, Regulations, Opportunities, Challenges, Customer segments, Various platform used cases, Product differentiation, and long-term benefits.

Why need Electric Global Car Platform Business case:

Since major EV markets like the USA, Europe, India, and China have already fixed their target of electrifying the automotive industry, OEMs must launch EV models quickly. The EV platform helps to penetrate the market soon to launch new models or various body types like SUVs, cars, and pickups. The OEMs can manage consistent Quality, Safety, Maturity, and Profit by Platform Strategy. Automakers can launch their new EV models within 2 to 3 years and SOP within 2 years, using the electric car platform business case.

Hyundai Ioniq 5, and Volkswagen ID. EVERY1 are examples of how quickly brands can launch new models.

According to the ACG 2025 Survey, more than 40% of buyers demand electric cars due to their technological advancement, smooth driving, rising environmental concerns, and awareness of the EV powertrain technology.

Using a single platform for multiple models and body types helps meet customers’ expectations regarding price, range, and software-defined vehicle (SDV).

Unique Characteristics of Platforms:

The following are the unique characteristics of an electric car platform:

  • Compatibility,
  • Consumption Externalities,
  • Switching Costs and Lock-In, and
  • Significant Economies of Scale in Production

These factors are critical in creating a competitive edge and delivering maximum value to OEM partners.

Key components of an electric car platform:

  • Battery Pack
  • Infotainment and Connectivity
  • Modularity and Scalability
  • Platform Variants in the Market
  • Suspension System
  • Electric Motor(s)
  • Safety and Structural Considerations
  • Power Electronics, and
  • Chassis and Body Structure

Key components of an electric car platform

 

Key highlights of the EV Business case:

  • Executive Summary
  • Introduction
  • Introduction to Platform Business Models
  • Platform Architecture
  • Market Overview
  • Target Market Analysis
  • Competing in a Platform Ecosystem
  • Pricing in Platforms
  • Technology and Innovation Analysis
  • Regulatory and Policy Environment
  • Customer Needs and Value Proposition
  • Business Model and Revenue Streams
  • Manufacturing and Supply Chain Strategy
  • Go-to-Market Strategy
  • Financial Projections
  • Risk Assessment and Mitigation
  • Sustainability and ESG (Environmental, Social, Governance) Considerations
  • Conclusion and Recommendations

Winning Go-to-Market EV Strategies for India covers all key points like market Analysis, Forecast, financial Projection, Equipment cost, operating cost, Feasibility, and Plant Setup in India. Our experience assists over 100 OEMs, Suppliers, Financial Institutes, and Service providers. Some of our clients are the world’s largest electric car manufacturers, global companies among the top 10 EV OEMs, and one of the largest venture capital firms. The GTM Strategy is a comprehensive blueprint for a company’s success in the Indian EV market. We also help to win the customers, Target the segment, and competitor landscape.

India offers massive growth opportunities to companies but faces challenges like high prices and charging infrastructure. Getting a winning GTM will provide you with one of the largest markets in the world.

The Indian EV market is highly attractive because of the prominent market size, growing income, environmental awareness, driving comfort, and low operating costs, which are some attractive buying factors.

The key problem is that Bluechip companies assume they can reshape the Indian market dynamics according to their understanding or that Indian customers must accept them quickly. Meanwhile, Local manufacturers think that they have products that are perfect for the Indian EV market.

In 2019, one of the Bluechip OEM’s CEOs told ACG that Indian customers would queue at our office to buy our vehicle. Currently, this OEM has shut down its Indian office.

Following are the key GTM Strategy components:

Customer Segmentation:

India is an interesting market because it has a wide range of customer profiles, from price-sensitive to super-rich. There is high potential for electric cars, three-wheelers, and two-wheelers in Small and medium towns. The EV needs to be mapped with customer uses, Geographic taste and suitability, Tier 1, 2, and Midter cities. Find the customer segment that has an interest in buying your vehicle.

Product Configuration:

Before launching an Electric Vehicle in India, configure it to meet market needs and customer delight. Customer delight does not mean a full range of features. Technical, functional, and Emotional needs must be fulfilled. If changes are needed in the product, they must be quick and effective.

Customer Mind:

Target segment customer psychology, Customer type, buying power, needs and wishes, use pattern, brand perception, and brand belief are keys to getting the right products.

Create Profitable Business Model:

Making a profit is still challenging for electric vehicle manufacturing companies because of high production costs, low sales volume, heavy investment in digital technology, such as software-defined vehicles, and low after-sales revenue. Our Winning Go-to-Market EV Strategies for India provide a detailed road map for this.

Electric Vehicle Extra Revenue sources

ACG has developed a unique Business Model in which 30 to 50% of revenue can come from other sales.

Digital and GenAI:

Digital Technology is a game changer for GTM. It allows us to engage with potential buyers quickly and effectively, and implementing digital technology also helps us make data-driven decisions.

GenAI helps companies with functions like sales orders, summarizing sales orders, and customer interaction.

Sales Strategy and Organization:

Salespeople are the face of the organization. We recently visited many EV dealers. Although the salespersons are polite, the OEMs still need proper Technical product training.

The following EV categories have been considered:

  • Electric Car
  • Electric Two Wheeler
  • Electric Three Wheeler
  • Electric Truck and Bus
  • Electric off-road vehicle

 

The truck’s application is the most essential attribute of the Truck Industry. Application-wise, truck data can decode the truck market. We have successfully mapped the Truck Model to the truck’s application.

The Indian Truck Market is expected to cross 1 million units by 2030, making it one of the largest truck markets globally.

Strategic Impact on Business:

In 2019, one of the largest OEMs sought maintenance-free bearings. There was a specific demand for e-commerce truck applications, so the bearing company charged double the usual price. The German bearing company could not immediately fulfill this demand, so it invested in increasing its production capacity to meet the demand for bearings. The Indian OEMs agreed to pay twice the usual price to meet the demand for the e-commerce truck application.

One of the largest European Truck OEMs launched the GVW 31T (Current definition 35T) Tipper in India in 2011. The OEM saw a market size of 31T. The Brands must analyze their product’s Total Addressable market (TAM) size. The Truck Brand did not verify the TAM size and Growth of the 31T Tipper and Rigid Haulage. These OEMs launched 31T, 8X4 Axle configuration of Tipper for mining applications. We drilled down to the Application level of this truck model. We found that the market size of these specs was small and mainly dominated by Volvo and MAN Tipper. One requirement was that the truck be capable of performing under heavy overload conditions and provide immediate after-sales support. The result was this Brand’s miserable failure in India, leaving one of the largest Indian Truck markets.

In FY 2022, a sudden demand was for supplying tractor-trailer flatbeds and tip trailer bodies. The customers struggled to get the bodies on time. The reason was that Application-wise data, including trends and forecasts, was unavailable.

Scope of the Indian Truck Application and Model-wise truck Data

 

Model and Application wise Indian Truck Data

Overload Data Vs Rated Payload Truck Sales Data:

Almost every OEM considered that Tippers must have an overload capacity. At the same time, another new Brand in India launched the 31T tipper. This tipper was suitable for only rated payload applications. At that time, Gujarat had a strict law on overload. The new brand targets Gujarat as a launching market for the new product. The new brand offered better after-sales warranties and better prices. Within 6 months of its launch, this brand became the market leader in Gujarat in the Construction segment.

The split between rated payload and overload data directs OEMs and Suppliers. This guide will help it find a product-market fit. Our database provides exclusive intelligence information on how many truck models with applications or uses are running under payload and overload.

We worked on multiple truck projects and found that some features needed to be removed and some needed to be added to make the product segment fit trucks.

Truck Demand Forecast:

Electric Trucks are expected to be in demand for specific applications, such as mining, Milk transport, Grain transport, vegetable transport, etc. Application-wise, truck data provides a roadmap for procuring components like batteries, semiconductors, and power modules. Having the data, supply, and demand can be met.

The overloading and rated payload model- and application-wise help sales understand the Tyre life, Chassis, Axle, and Body type. This will align with their sales and production plan.

The Indian Truck Application and Model wise Data help to understand the characteristics of the Truck Application and the kind of trucks. The features and technical specs are designed for the specific application based on top-selling models mapped with applications.

To avoid such a situation, ACG released the Indian Truck Application and Model-wise Data.

The following critical information includes the number of trucks operating with an underrated payload and the number of trucks modeled in a specific application operating in an overloading manner.

Suppliers like Tyre, Axle, and Breaks can calculate Customer lifetime value (CLV).

The split between payload and overload has the following advantages:

  • Design the Powertrain
  • Axle Configuration
  • Tyre procurement
  • Production Plan of Trucks and Components

OEMs Benefits:

  • Data helps identify the high-growth segment and allocate the resources to offer better trucks. Planning to launch a new product with a trimming pricing option, New features, and Upgraded specs
  • Design right product helps to capture market share, increase profit and revenue
  • Align Production is planning to fulfill the demand for the truck in the future.
  • Make changes to existing products to make them more competitive.
  • Align with minor to critical truck components to fulfill the demand, such as Axles, Engines, Transmissions for EV Batteries, Semiconductors, and Fleet software.
  • Optimize product portfolio based on demand based on Forecast for Top Applications
  • Mapping Top Sales Models to Top truck uses
  • Prioritize Supply chain strategy, top-selling models
  • Optimize Marketing campaign to get high ROI and Marketing budget allocation
  • Sales Strategy and Sales Planning
  • Rework on pricing strategy to beat competitors
  • Strategic partnership with suppliers and service providers
  • Competitive Benchmark of top performers models of other brands
  • Bulk parts procurement and production give cost advantages
  • Target effectively the fleet owners or logistic companies to sell trucks

Suppliers (Component, Tier-1, Tier-2 Vendors):

  • Suppliers or Automotive components manufacturers can increase the production capacity or install extra production line
  • This investment and capex will ensure to have a better ROI
  • Some of the Supplier’s examples are Bosch, ZF, Schaeffler, JKTyre, MRF Tyre, Continental, Valeo, Cummins, Hyva, SKF, and others.
  • Millions of Euro savings
  • Allocate budget for R&D, Marketing, Technology degradation, Human Resources,s and others.
  • Profit and Revenue can be increased by 3X times.

The data provides you with the following answers to the question:

  • What are the Top Applications of the truck
  • What is the Trend and Forecast of the Truck Application
  • The market size of the 112 truck Applications
  • Top Brand and Models of each Truck application
  • Market Share and Growth of the Application, Brands, and Models
  • Mapping truck Brands, Components  Suppliers, and services to the most relevant truck applications
  • Product Benchmarking

Scope of the Indian Truck Application and Model-wise Data:

  • Primary Applications: 20
  • Sub Applications: 112
  • Truck Segments: Mini Truck, Pick up Truck, LDT, MDT, and HDT
  • Truck Types: Rigid Haulage, Tipper, Tractor Trailer, Tip Trailer, Concrete Mixer, ODC, Special Application
  • Axle Configuration: 4X2, 6X2, 6X4, 8X2, 8X4, 10X2, 10X4
  • OEMs: Tata, Ashok Leyland, BharatBenz, Volvo, Eicher, Mahindra, SML Isuzu, Maruti Suzuki, Force Motors, and Scania
  • Truck Models: 210 Plus
  • Period Data: FY 2020 to FY 2025 (Actual) and FY 2026 to 2030 Forecast.
  • Format: Excel, Power BI, and Tableau

Scope of the Indian Truck Application and Model-wise Data

Understanding Indian Customers is always challenging but essential for business growth. Indian Electric Vehicle Customer Trends is a detailed report on the EV buyer’s pulse. It is more complex if it concerns Electric Vehicles. Many potential buyers are not well informed about this new technology. Still, there is a question of Product market fit. Now, we have changed from Product-Market fit to Product-segment fit. The ACG customer analytics team developed a customer success equation, successfully driving the EV Business’s growth.

Customer satisfaction and customer delight are two significant parameters for EV customer analytics. Customer delight buyers recommend their EV three times more than the customer satisfaction group.

Recently, ACG has conducted a survey, which is part of the Indian Electric Vehicle Customer Trends report. The success of an electric vehicle business depends on its customers’ success. ACG reports deep insight on how to achieve customer success. The following Electric Vehicle segments are considered:

  • Electric Two Wheeler
  • Electric Car
  • Electric Truck
  • Electric Bus
  • Electric Three Wheeler

ACG has developed its specific survey methodology to read customers’ minds. Price is not a key challenge in adopting an EV; the key challenge depends on the vehicle segment.

Indian Electric Vehicle Customer Trends Report

Electric Car Customer Trends:

Electric car buyers have different expectations of their cars. Sixty percent of the Budget segment customer group is willing to pay six lakhs. 42% of Premium and 55% of Luxury EV car buyers are willing to pay 12 lakhs and 25 lakhs.

Luxury EV buyers expect a 10- 15-minute charging time. Their cars must also have advanced digital features. In the premium and luxury segments, 45 to 55% of buyers prefer SUV body types, while 53% of buyers in the Budget segment prefer Sedans and Hatchbacks.

Electric Three Wheeler Customer Trends:

Buyers of Electric Three-Wheelers have low academic achievements compared to other EV segments. However, this segment is highly populated. Some segments, like e-rickshaws, give better ROI and ease of driving. There are some pockets where only e-rickshaws have access, like Haridwar downtown. Some buyers are buying Electric three-wheelers due to their low operating cost and sufficient range in a small town. One reason is that the buyers need only minimal Product features and specs. The local manufacturers are providing cost-effective EV Three-Wheelers.

Electric Two-Wheeler Customer Trends:

Electric Scooters are also on the path to success. There are three major segments: Low-Speed Scooters, High-Speed Scooters, and Motorcycles. Low-speed scooters are suitable for a specific customer segment because they fulfill the requirements of that customer group. Customer groups like Retired people, School students, Females, and Courier delivery are satisfied with the Low-Speed Scooter.

Electric Truck Customer Trends:

Electric trucks have different market dynamics. 75% of customers prefer low operating costs and are interested in their fleet. 95% of these customers belong to Mini, pick-up, Light-Duty, and Heavy-Duty Tippers. Grain, Milk, and Vegetable Transporters are the significant segments. Mining and Tunnel applications are suitable for the current scenario.

Electric Bus Customer Trends:

City Applications are the primary uses of the Electric Bus. Thirty percent of Private Bus operators want to add Electric buses to their Fleet. Educational Institutes, Staff, last-mile delivery,  and tourists are two of the primary uses that private fleet owners are looking for.

Large Market size, Low Operating cost, Short Duty cycle, and High Spending power are some of the opportunities that come with the above bus applications.

Key Highlights of the report:

  • EV Customer Voice
  • Based on Different parameters like Age, Income, Profile, Gender, Uses, and others
  • Deep engagement with the customers
  • Pricing, Branding, Marketing, and Expected from EV
  • Customer journey
  • EV Product roadmap
  • Willingness to pay and

Please get in touch with us to get contain of the report