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Indian Passenger Vehicle Outlook, 2023

Automotive Indian Passenger Vehicle Outlook, 2023

Alternative Fuel Vehicles, the Used Car Market, and Autonomous Driving Experiences are Key Focus Areas for Carmakers

INDUSTRY
Automotive

RELEASE DATE
31-May-2023
REGION
South Asia, Middle East & North Africa
DELIVERABLE TYPE
Market Outlook

RESEARCH CODE
PE92-01-00-00-00
SKU
AU02545-SA-MO_27721
Yes
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Indian Passenger Vehicle Outlook, 2023
Published on: 31-May-2023 | SKU: AU02545-SA-MO_27721

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Description

Domestic passenger vehicle (PV) sales grew by ~24.2% in FY23 owing to pent-up demand, better-than-expected festive demand, new product launches by major OEMs, and strong demand for utility vehicles.

This study discusses the market size of the overall Indian PV market, key vehicle segments, and domestic sales forecasts up to FY28, considering the factors driving and restraining its growth. Segmental shifts in the Indian PV market are evident from the rising number of participants and available models in the passenger car and UV segments. Competition is also especially intense in the growing UV segment.

The research entails the latest trends in the Indian PV market, such as alternative fuel vehicles, used cars, ADAS, in-car experience, and digitization, which will be the key focus areas for carmakers in the short term. It examines the key economic indicators for India, primarily the impact of the COVID-19 (second wave) pandemic on the country’s economy and the PV industry going forward. The study also outlines critical anticipated trends in the Indian PV industry, focus areas for new entrants, and segments forecast to be lucrative in the future.

Author: Seshasayee Tatineni

Infographic
Table of Contents

Why Is It Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top 3 Strategic Imperatives on the Indian Passenger Vehicle (PV) Industry

Growth Opportunities Fuel the Growth Pipeline Engine™

Top 5 Indian PV Industry Highlights of FY2023

FY2023 Indian PV Market: Forecast vs Actual

Top Predictions for FY2024

Top 5 Global Economic Highlights of 2022

Top 5 Global Economic Highlights of 2023

Global GDP Growth Expectations

Recessionary/Slowdown Expectations for Major Economies

Global GDP Growth Snapshot

Advanced Economy Predictions for 2023

Emerging Market Economy Predictions for 2023

2023 Regional Risks and Policy Direction

2023 Top Growth Opportunities by Region

Research Scope and Objectives

Market Segmentation

PV Classification, Definitions, and Key Models

PV Classification, Definitions, and Key Models (continued)

Production vs Domestic Sales vs Exports

Market Share by Segment and Powertrain

Overall Sales Volume Market Share

Competitor Overview

Vehicle Powertrain and Pricing Analysis

Vehicle Segment Positioning

PV Segment: Mini

PV Segment: Compact

PV Segment: Mid-size

PV Segment: Executive and Premium

PV Segment: Compact UV

PV Segment: UV1

PV Segment: UV2

PV Segment: UV3, UV4, and UV5

PV Segment: Van

Vehicle Sales by State

Connected, ADAS, and Electric Vehicle Penetration

CASE Roadmap

Notable Partnerships and Acquisitions

Top Trends Driving the Indian PV Market

Trend 1: Rise of CNG and Hybrid Powertrains

Trend 1: Rise of CNG and Hybrid Powertrains (continued)

Trend 2: Growth in the Used Car Market

Trend 3: Increasing Share of BEVs in the Indian PV Market

Trend 3: Increasing Share of BEVs in the Indian PV Market (continued)

Trend 4: Adoption of Level 2 ADAS

Trend 4: Adoption of Level 2 ADAS (continued)

Trend 4: Adoption of Level 2 ADAS (continued)

Trend 5: Connected Car Technology a USP for Carmakers

Trend 5: Connected Car Technology a USP for Carmakers (continued)

Trend 6: Multimodal Human-Machine Interaction (HMI)

Trend 6: Multimodal Human-Machine Interaction (HMI) (continued)

Trend 7: AR/VR and Digitization to Reshape New Vehicle Retail

Growth Drivers

Growth Restraints

Domestic Sales Forecast

Growth Opportunity 1: Utility Vehicles

Growth Opportunity 1: Utility Vehicles (continued)

Growth Opportunity 2: Alternative Fuel Vehicles

Growth Opportunity 2: Alternative Fuel Vehicles (continued)

Growth Opportunity 3: Advanced Driver Assistance Systems

Growth Opportunity 3: Advanced Driver Assistance Systems (continued)

Your Next Steps

Why Frost, Why Now?

List of Exhibits

List of Exhibits (continued)

List of Exhibits (continued)

Legal Disclaimer

List of Figures & Charts
List of Figures
  • Passenger Vehicles: Production vs Domestic Sales vs Exports, India, FY20‒FY24F
  • Passenger Vehicles: Share by Segment, India, FY23E
  • Passenger Vehicles: New Vehicle Sales Share by Powertrain, India, FY20‒FY23E
  • Passenger Vehicles: Overall Sales Volume Market Share, India, FY23E vs FY22
  • Passenger Vehicles: Share of Sales by Vehicle Segment, India, FY23E
  • Passenger Vehicles: Share of Vehicle Sales by Powertrain, India, FY23E
  • Passenger Vehicles: Pricing Analysis, Compact Cars vs UVC, India, FY23
  • Passenger Vehicles: Vehicle Segment Positioning, India, FY23
  • Mini: Sales Volume and Percent Share in Overall Sales, India, FY20–FY24F
  • Mini: Sales Volume Share by OEM, India, FY23E
  • Compact: Sales Volume and Percent Share in Overall Sales, India, FY20–FY24F
  • Compact: Sales Volume Share by OEM, India, FY23E
  • Mid-size: Sales Volume and Percent Share in Overall Sales, India, FY20–FY24F
  • Mid-size: Sales Volume Share by OEM, India, FY23E
  • Executive and Premium: Sales Volume Share by OEM, India, FY23E
  • Executive and Premium: Sales Volume and Percent Share in Overall Sales, India, FY20–FY24F
  • Compact UV: Sales Volume and Percent Share in Overall Sales, India, FY20–FY24F
  • Compact UV: Sales Volume Share by OEM, India, FY23E
  • UV1: Sales Volume and Percent Share in Overall Sales, India, FY20–FY24F
  • UV1: Sales Volume Share by OEM, India, FY23E
  • UV2: Sales Volume and Percent Share in Overall Sales, India, FY20–FY24F
  • UV2: Sales Volume Share by OEM, India, FY23E
  • UV3, UV4, and UV5: Sales Volume and Percent Share in Overall Sales, India, FY20–FY24F
  • UV3, UV4 and UV5 Segment: Sales Volume Share by OEM, India, FY23E
  • Van: Sales Volume and Percent Share in Overall Sales, India, FY20–FY24F
  • Van: Sales Volume Share by OEM, India, FY23E
  • Passenger Vehicles: Vehicle Sales by State, India, FY23E
  • Passenger Vehicles: Connected, ADAS, and Electric Vehicle Penetration, India, FY20 vs FY23E vs FY28F
  • Passenger Vehicles: CASE Roadmap, 2022–2030
  • Passenger Vehicles: Notable Partnerships and Acquisitions, India, FY23
  • Passenger Vehicles: Top Market Trends, India, FY23
  • CNG and Hybrid Powertrains Market Share Trend, FY20‒FY23E
  • CNG Powertrain: Market Share by OEM, FY23E vs FY20
  • Hybrid Powertrain: Market Share by OEM, FY23E vs FY20
  • CNG Powertrain: Competition and Key Models, FY23‒FY24
  • Used Cars: Sales in Million, India, FY20‒FY23E
  • Used Cars: Sales Channel Market Share, India, FY21‒FY23E
  • Used Cars: Finance Penetration, FY19‒FY23
  • Electric Passenger Vehicles: Sales in `000s, India, FY20‒FY23E
  • Electric Passenger Vehicles: Market Share by OEM, India, FY21‒FY23E
  • Electric Passenger Vehicles: OEM Positioning, FY23
  • Electric Passenger Vehicles: Key Product Portfolio and Launch Roadmap, India, 2020–2025+
  • Passenger Vehicles: ADAS Roadmap, India, FY20‒FY27+
  • Passenger Vehicles: ADAS Featured Competitor Benchmarking, India, FY23
  • Passenger Vehicles: Global Popularity vs Relevance, India, FY23
  • Passenger Vehicles: Vehicle Connectivity Roadmap, India, FY17‒FY30+
  • Passenger Vehicles: Connected Car Features Competitor Benchmarking, FY23
  • Multimodal HMI: OEM Adoption by 2025
  • Omnichannel Retail Strategy of Indian OEMs
  • Passenger Vehicles: Growth Drivers, India, FY24‒FY28
  • Passenger Vehicles: Growth Restraints, India, FY24‒FY28
  • Passenger Vehicles: Domestic Sales Forecast, FY23E‒FY28F
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Impacting your company's future growth potential.

Domestic passenger vehicle (PV) sales grew by ~24.2% in FY23 owing to pent-up demand, better-than-expected festive demand, new product launches by major OEMs, and strong demand for utility vehicles. This study discusses the market size of the overall Indian PV market, key vehicle segments, and domestic sales forecasts up to FY28, considering the factors driving and restraining its growth. Segmental shifts in the Indian PV market are evident from the rising number of participants and available models in the passenger car and UV segments. Competition is also especially intense in the growing UV segment. The research entails the latest trends in the Indian PV market, such as alternative fuel vehicles, used cars, ADAS, in-car experience, and digitization, which will be the key focus areas for carmakers in the short term. It examines the key economic indicators for India, primarily the impact of the COVID-19 (second wave) pandemic on the country’s economy and the PV industry going forward. The study also outlines critical anticipated trends in the Indian PV industry, focus areas for new entrants, and segments forecast to be lucrative in the future. Author: Seshasayee Tatineni
More Information
Deliverable Type Market Outlook
Author seshasayee Tatineni
Industries Automotive
No Index No
Is Prebook No
Keyword 1 Passenger Vehicle Industry in India
Keyword 2 Used Car Industry
Keyword 3 Passenger Car Industry in India
List of Charts and Figures Passenger Vehicles: Production vs Domestic Sales vs Exports, India, FY20‒FY24F~ Passenger Vehicles: Share by Segment, India, FY23E~ Passenger Vehicles: New Vehicle Sales Share by Powertrain, India, FY20‒FY23E~ Passenger Vehicles: Overall Sales Volume Market Share, India, FY23E vs FY22~ Passenger Vehicles: Share of Sales by Vehicle Segment, India, FY23E~ Passenger Vehicles: Share of Vehicle Sales by Powertrain, India, FY23E~ Passenger Vehicles: Pricing Analysis, Compact Cars vs UVC, India, FY23~ Passenger Vehicles: Vehicle Segment Positioning, India, FY23~ Mini: Sales Volume and Percent Share in Overall Sales, India, FY20–FY24F~ Mini: Sales Volume Share by OEM, India, FY23E~ Compact: Sales Volume and Percent Share in Overall Sales, India, FY20–FY24F~ Compact: Sales Volume Share by OEM, India, FY23E~ Mid-size: Sales Volume and Percent Share in Overall Sales, India, FY20–FY24F~ Mid-size: Sales Volume Share by OEM, India, FY23E~ Executive and Premium: Sales Volume Share by OEM, India, FY23E~ Executive and Premium: Sales Volume and Percent Share in Overall Sales, India, FY20–FY24F~ Compact UV: Sales Volume and Percent Share in Overall Sales, India, FY20–FY24F~ Compact UV: Sales Volume Share by OEM, India, FY23E~ UV1: Sales Volume and Percent Share in Overall Sales, India, FY20–FY24F~ UV1: Sales Volume Share by OEM, India, FY23E~ UV2: Sales Volume and Percent Share in Overall Sales, India, FY20–FY24F~ UV2: Sales Volume Share by OEM, India, FY23E~ UV3, UV4, and UV5: Sales Volume and Percent Share in Overall Sales, India, FY20–FY24F~ UV3, UV4 and UV5 Segment: Sales Volume Share by OEM, India, FY23E~ Van: Sales Volume and Percent Share in Overall Sales, India, FY20–FY24F~ Van: Sales Volume Share by OEM, India, FY23E~ Passenger Vehicles: Vehicle Sales by State, India, FY23E~ Passenger Vehicles: Connected, ADAS, and Electric Vehicle Penetration, India, FY20 vs FY23E vs FY28F~ Passenger Vehicles: CASE Roadmap, 2022–2030~ Passenger Vehicles: Notable Partnerships and Acquisitions, India, FY23~ Passenger Vehicles: Top Market Trends, India, FY23~ CNG and Hybrid Powertrains Market Share Trend, FY20‒FY23E~ CNG Powertrain: Market Share by OEM, FY23E vs FY20~ Hybrid Powertrain: Market Share by OEM, FY23E vs FY20~ CNG Powertrain: Competition and Key Models, FY23‒FY24~ Used Cars: Sales in Million, India, FY20‒FY23E~ Used Cars: Sales Channel Market Share, India, FY21‒FY23E~ Used Cars: Finance Penetration, FY19‒FY23~ Electric Passenger Vehicles: Sales in `000s, India, FY20‒FY23E~ Electric Passenger Vehicles: Market Share by OEM, India, FY21‒FY23E~ Electric Passenger Vehicles: OEM Positioning, FY23~ Electric Passenger Vehicles: Key Product Portfolio and Launch Roadmap, India, 2020–2025+~ Passenger Vehicles: ADAS Roadmap, India, FY20‒FY27+~ Passenger Vehicles: ADAS Featured Competitor Benchmarking, India, FY23~ Passenger Vehicles: Global Popularity vs Relevance, India, FY23~ Passenger Vehicles: Vehicle Connectivity Roadmap, India, FY17‒FY30+~ Passenger Vehicles: Connected Car Features Competitor Benchmarking, FY23~ Multimodal HMI: OEM Adoption by 2025~ Omnichannel Retail Strategy of Indian OEMs~ Passenger Vehicles: Growth Drivers, India, FY24‒FY28~ Passenger Vehicles: Growth Restraints, India, FY24‒FY28~ Passenger Vehicles: Domestic Sales Forecast, FY23E‒FY28F~
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