India Passenger Vehicles Industry to Post Growth at 12% CAGR to 2022, Informs Netscribes in Its Insightful Report Available at MarketPublishers.com30 Aug 2017 • by Natalie Aster
LONDON – In the year ahead, the Indian passenger vehicles market is set to expand at a 12% CAGR to reach the volume of 5.4 million units by FY 2022.
The passenger car sector grabs a 69% share of the country’s passenger vehicles market. Meantime, utility vehicles and vans account for 25% and 6% respectively.
Along with ongoing technological advancements, car manufacturers in India are gearing efforts to bring the most cutting-edge technologies to their vehicles. New technologies like connected cars, artificial intelligence, autonomous driving systems, IoT technologies and cloud computing are redefining and considerably changing the automotive industry in India.
In March 2017, ban on sales and registration of BS III vehicles put certain pressure on some vehicle producers in India. Moreover, demonetisation has a severe negative effect on the domestic sales of passenger cars; therefore, the top Indian market players like Maruti Suzuki India, Honda Cars India and Tata Motors suffered a sharp sales decline.
However, favourable measures introduced by the country’s government such as implementation of GST as well as ‘Make in India’ campaign are fueling growth in the Indian passenger vehicles market.
Insightful research study “Passenger Vehicles Market in India 2017” worked out by Netscribes provides a broad understanding of the Indian passenger vehicles market landscape and dynamics. It present insights into the historical background of the country’s market, reviews the recent industry developments and describes the current scenario. Besides, this report touches upon the main influencing factors, features prevailing trends, discusses major threats and identifies top opportunities. This study covers the competitive landscape, discloses vital data on the leading domestic players and also offers valuable recommendations for established and new market players. Reliable updated statistics on the country’s passenger vehicles production, consumption, demand and foreign trade are provided in this report along with forecasts of the Indian passenger vehicles market development up till 2022.
Follow to Netscribes page to find many other in-demand reports featuring various Indian markets prepared by this company.