The sale of passenger vehicles increased by 2.70%, two-wheelers by 4.86% and three-wheelers by 10.27% in FY 2018-19.
26 million vehicles were manufactured in April-March 2020 of which 4.7 million were exported.
India is expected to be the world’s third-largest automotive market in terms of volume by 2026.
The US$ 118 billion Automobile Industry is expected to reach US$ 300 billion by 2026.
India aims to reduce its carbon footprint by 33-35% by 2030.
The EV market is expected to grow at CAGR of 44% between 2020 and 2027.
India understands that the future is electric. The EV market is expected to grow at CAGR of 44% between 2020 and 2027 and is expected to hit 6.34-million-unit annual sales by 2027. The EV industry will create five crore direct and indirect jobs by 2030. A market size of US$ 50 billion has been identified for the financing of Electric Vehicles in 2030. This is about 80% of the current size of India’s retail vehicle finance industry, currently estimated to be US$ 60 billion.
India aims to reduce its carbon footprint by 33-35% by 2030. The Delhi government is gearing up to introduce 1,000 electric buses by the end of 2021, in a bid to improve air quality. Delhi is the only state where the entire public transport runs on CNG. The government is aiming at a rollout of 900-1,000 electric buses on Delhi’s roads by the end of 2021.
The Indian government has taken significant steps to support the growth of the automobile sector, some of which is captured the following developments:
he automotive sector has seen tremendous growth in the recent decades. A spike in the growth of global automobile Original Equipment Manufacturers (OEMs) operating in the country has made India the preferred designing and manufacturing base of many MNCs whilst leading to a spurt in the number of local manufacturing units.
Auto Components industry exports are expected to grow at an annual rate of 23.9%. The industry will grow fromUS$ 15.2 billion to US$ 80 billion by 2026. The US$ 57 billion Auto Components industry in India is expected to grow to US$ 200 billion by 2026. The Aftermarket segment which includes tyres, batteries and brake parts is expected to reach US$ 32 billion by 2026 from US$ 10.1 billion at present.
Some significant developments that have recently taken place in the sector include:
