India Automotive Industry & Electric Vehicles Component Market Research Report By vehicle type (passenger cars and commercial vehicles), by propulsion type (ICE and electric vehicles), by Application (personal use, freight transportation (long-haul), urban logistics, construction & mining, public transportation, and others)-Industry Forecast to 2032
Market SynopsisThe Indian automotive sector is estimated to be valued at USD 84,213.9 million in 2023, according to MRFR, and it will expand at a compound annual growth rate (CAGR) of 9.8% over the course of the projection year to reach a valuation of USD 2,15,823.8 million in 2032.
According to MRFR, the market for electric vehicle components is anticipated to be worth USD 186.8 million in 2023 and rise at a CAGR of 40.5% over the course of the forecast period, reaching a valuation of USD 35,705.6 million in 2032.
The automotive sector in India, which includes both internal combustion engine (ICE) and electric vehicle (EV) production, makes a substantial economic contribution to the nation. India is currently the fifth-largest country in the world but estimates suggest that it could overtake China by 2030 to take the top spot. This sector is vital to India's economy, contributing roughly 7.1% of the country's GDP and 49% of its manufacturing GDP.
In addition, the rising popularity of electric vehicles, transparent financing alternatives, and reasonably priced auto loans are all contributing factors to the expansion of the Indian auto sector. Furthermore, new developments in the business, such the development of driverless vehicles, are anticipated to have a significant impact. Due to the quick growth of technology, research and development (R&D) investments for autonomous vehicles have increased. It is projected that during the forecast period, this trend will pick up steam as automakers look into ways to produce autonomous vehicles, improving the commuter experience for customers.
Additionally, the market is poised for expansion as car sales transition to digital channels. Auto industry participants are proactively utilizing digital channels to improve the car-buying experience. This entails looking into possibilities like digital finance options, virtual showrooms, and online sales platforms. It is anticipated that the Indian car sector would utilize digital sales channels more and more as consumer preferences change and digitization continues to permeate numerous industries.
Market Segment InsightThe Indian automotive market is divided into two categories: passenger cars and commercial vehicles.
The Indian automobile market is divided into two categories: internal combustion engine (ICE) vehicles and electric vehicles.
The India automobile sector has been divided into segments according to application: public transportation, long-haul freight transportation, urban logistics, construction and mining, and personal use.
Principal PlayersAmong them are Kia Motors India, Hyundai Motor India, Mahindra & Mahindra, BMW India Pvt Ltd., PCA Automobiles India, MG Motor India, BYD India, PMI Electro Mobility Solutions, and Olectra Greentech Ltd.