Market Size of Analysis Of Automobile Industry In India
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 126.67 Billion |
| Market Size (2029) | USD 187.85 Billion |
| CAGR (2024 - 2029) | 8.20 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Indian Automobile Market Analysis
The Analysis Of Automobile Industry In India Market size is estimated at USD 126.67 billion in 2024, and is expected to reach USD 187.85 billion by 2029, growing at a CAGR of 8.20% during the forecast period (2024-2029).
The Indian economy has been expanding with the rise in disposable income of middle-class consumers. This, in turn, has a favorable impact on the increasing demand for automobiles. Vehicle manufacturing has increased rapidly over the last few years as a result of the country's low production costs. The automotive industry is gaining traction as vehicle manufacturing increases.
Increasing corporate interest in tapping into rural markets has been instrumental in driving the expansion of the Indian automobile industry. The surge in logistics and passenger transportation sectors is driving the demand for commercial vehicles. Prospective market growth is projected to be fueled by emerging trends such as the adoption of electric vehicles, particularly in the three-wheeler and small passenger vehicle segments. However, the primary challenge for the Indian automobile industry is regulatory compliance and adherence to stringent emissions standards.
The country stands as a notable player in automotive exports, with robust growth prospects anticipated in the coming years. Moreover, various government initiatives like the Automotive Mission Plan 2026, Scrappage Policy, and production-linked incentive schemes are poised to elevate India's status to a key global leader in the automotive sector.
