Passenger Car Market in India to Cross $ 64 Billion by 2022

Rising per capita income and youth population coupled with easy financing options and improving road infrastructure to fuel India passenger car market through 2022

According to TechSci Research report, India Passenger Car Market By Vehicle Type, By Segment Type, By Fuel Type, By Engine Capacity, Competition Forecast & Opportunities, 2012 – 2022, passenger car market in India is forecast to surpass $ 64 billion by 2022. Growth can be attributed to increasing Foreign Direct Investment in the automotive sector, growing number of low-priced car models, improving road infrastructure, and surging penetration of CNG cars in the country. Anticipated foray of international brands such as Kia, SAIC and Daihatsu, increasing disposable income, and growing presence of mobility providers and self-driving companies are some of the other factors anticipated to boost demand for passenger cars in India through 2022.

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In the coming years, sports utility vehicles (SUV) segment is expected to emerge as the fastest growing vehicle type segment in India passenger car market, backed by rising youth population, growing demand for compact SUVs, and increasing demand for vehicles with off-roading and greater carrying capacity. Over the last few years, several leading automobile manufacturers have already launched their compact SUVs, such as Renault Duster, Ford Ecosport, Maruti Suzuki Scross and Maruti Suzuki Vitara Brezza in India. During the forecast period, northern region is likely to dominate the market as it has high population density, better infrastructure and comparatively higher standard of living.  

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“Make in India and Smart Cities Mission are expected to boost passenger car ownership in the country over the next 5-10 years. Moreover, growing government focus towards CNG and electric vehicles and quick adoption of advanced technologies by automobile manufacturers is expected to fuel India passenger car market through 2022.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

India Passenger Car Market By Vehicle Type, By Segment Type, By Fuel Type, By Engine Capacity, Competition Forecast & Opportunities, 2012 – 2022 evaluates the future growth potential of passenger car market in India, and provides statistics and information on market size, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the industry.

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