Running in the top gear
India is expected to be the world's third-largest automotive market in terms of volume by 2030
The Automobile industry produced a total 22.93 mn vehicles including Passenger Vehicles, Commercial Vehicles, Three Wheelers, Two Wheelers, and Quadricycles in April 2021 to March 2022. India holds a strong position in the international heavy vehicles arena as it is the largest tractor manufacturer, second-largest bus manufacturer, and third largest heavy trucks manufacturer in the world.
- Currently, the automobile industry contributes 7.1% of India's GDP and 49% of its manufacturing GDP.
- The EV market is expected to grow at CAGR of 49% between 2022-2030 and is expected to hit 10 mn-unit annual sales by 2030. The EV industry will create 50 mn direct and indirect jobs by 2030.
- A market size of $50 bn for the financing of EVs in 2030 has been identified—about 80% of the current size of India’s retail vehicle finance industry, worth $60 bn today.
- India's passenger vehicle industry is expected to post a growth of 16% in FY23
- India’s trucking market is expected to grow over 4x by 2050. The number of trucks is expected to more than quadruple, from 4 mn in 2022 to roughly 17 mn trucks by 2050
- India’s Automotive Industry is worth more that $222 bn and contributes 8% of the country’s total export and accounts for 7.1% of India's GDP and is set to become the 3rd largest in the world by 2030.
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World’s largest two-wheeler and three-wheeler manufacturer
World's second largest tractor and bus manufacturer
World’s third largest heavy truck manufacturer and fourth largest car manufacturer
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The $222 bn Automobile industry is expected to reach $300 bn by 2026.
In the Automobile market in India, Two-wheelers and passenger cars accounted for 76% and 17.4% market share, respectively. Passenger car sales are dominated by small and midsized cars.
In April 2021 to March 2022, Passenger Vehicle Exports increased from 404,397 to 577,875 units, Commercial Vehicle Exports increased from 50,334 to 92,297 units, Three Wheeler Exports increased from 393,001 to 499,730 units and Two Wheelers Exports increased from 3,282,786 to 4,443,018 units in April 2021 to March 2022 over same period last year.
3X increase in average household income from $6,393 in 2010 to $18,448 in 2020
'Youngest Nation' by 2025
India to become the youngest nation by 2025 with an average age of 25 years
Expected to reach 72 vehicles per 1000 people by 2025
Expanding R&D hub
India accounts for 40% of total $31 bn of global engineering and R&D spend. 8% of the country’s R&D expenditure is in the automotive sector.
Atmanirbhar Bharat Abhiyaan - Self Reliant India
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