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India’s automotive industry is one of the 5 largest in the world. Currently, the country’s passenger vehicle (PV) sector accounts for nearly 7.5% of gross domestic product (GDP) and nearly 49.0% of manufacturing GDP. In the recent past, the Indian PV industry took a massive qualitative jump as vehicles became increasingly safer and environment-friendly, growth fuelled by a mix of policy changes and consumers’ evolving demands. This high growth pattern occurred in a short time frame and attracted International automakers to invest in, enter, or expand existing operations in India. Meanwhile, domestic automakers raced toward perfecting a balance between price sensitivity and customers’ expectations for in-car features. However, the COVID-19 pandemic forced India’s PV industry to a near halt, with demand and sales hitting historic lows. From April to June 2020, PV sales performance plunged nearly 78%. As the global and local economies begin to recover, the Indian PV industry will start to regain momentum. In a post-COVID-19 environment, the entry-level hatchback segment, national scrappage policy, and new launches are expected to drive sales. Emission and safety regulations will also influence purchase criteria in the near term. In addition, the Indian electric vehicle (EV) market will see positive movement in 2021-2022. On the EV components side, cell-level manufacturing will commence, with technological collaborations and government support focusing on (lithium titanium oxide (LTO) battery chemistry. In this Outlook, Frost & Sullivan highlights the Indian PV industry’s current state, critical challenges, key growth metrics, digitization trends, and impact caused by the COVID-19 pandemic on each segment (passenger care, utility vehicle, van) and sub-segment. The study analyses key technological trends, growth opportunities, the scope of electric PVs in India, and the key areas of focus for new entrants.
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