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Driven by Growing Domestic Consumption and Supported by Favorable Government Policies, the Passenger Vehicle market in India is Expected to Cross 4.7 Million Units in 2024
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Domestic sales in the Indian Passenger Vehicle (PV) market grew from 3.36 million units (FY2018) to 3.38 million units (FY2019). This study estimates the over market size of the Indian passenger vehicle industry as well as the segmental forecasts up to FY 2024, with due consideration on the various factors driving and restraining its growth. The segmental shifts in the PV industry in India are evident from the greater number of players and available models in the compact segment and the compact UV segments. The disparity within segments is also witnessed in the shifting segmental share within the passenger vehicle industry. Naturally, competition among market players has intensified in these ‘growing and popular’ segments. The OEM competitive market scenario is expected to be further impacted by the entry of new players in the market from FY2021. However, more than 50% of the market share remains with a single OEM. The industry has also witnessed a rapid growth and increasing popularity of a few market players, with their well-received new product launches in FY 2018-FY2019 and greater focus on rural segments. PV exports again witnessed a decline since FY2018. Exports declined between FY2018 and FY2019 is chiefly contributed to certain key factors including the trade barriers put forth by key export destination countries. This research entails the latest trends in the passenger vehicle industry. Pre-owned Cars e-Retailing has been a major disruptive trend impacting the industry. Move towards Active Safety Features is a trend witnessed in the PV industry. As airbags and sensors penetration increases incrementally across all vehicle segments and next logical step towards driver and passenger safety in India is expected to be active safety features. The ride-hailing and ride-sharing service categories are highly competitive space in India with few players having the major market share and new players entering the segment with innovative offerings and OEM tie-ups. This research also lays focus on trends in the region such as diesel decline, electrification and other technological trends such as connected cars among others. In terms of the connectivity trends, OEMs are introducing safety and security offerings through connectivity and also differentiating their car models by better infotainment systems. Further, Passenger Vehicle market in India is expected to witness increased diffusion of automotive transmission technologies such as AMT, CVT, DCT and S-AT. Out of these, certain transmission technologies are expected to higher diffusion than the others due to the OEM interest and affordability. This study analyses the key market drivers and restraints impacting the industry and concludes with the key strategic imperatives for growth and success in the industry.
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