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New Models Launched in the Super-compact, Mid-size, and Compact Sports Utility Vehicle Segment at Aggressive Pricings are Responsible for Driving the Indian Passenger Vehicle Market
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Driven by aggressive pricing and an increasing number of exports, passenger vehicle (PV) production in India is expected to grow at a CAGR of 9.0% from FY2015 to FY2020. New models—like Hyundai Xcent, Hyundai Creta, and Maruti Baleno—launched at aggressive pricing in different segments are responsible for driving the Indian PV market. Also, the launch of entry-level sedans and entry-level SUVs by major global OEMs like Honda, Hyundai, Ford, and Renault has made it more convenient for buyers to select the most advanced vehicles at lower costs, thereby increasing business margins. Rapid fluctuations in fuel prices and growth of public transport are expected to restrain the Indian PV market growth in the future. With the narrowing price difference between gasoline and diesel variant vehicles and newer technologies being introduced in gasoline engines, the share of diesel vehicles is likely to decline in the near future. The overall inflation remains high due to a persistent rise in fuel prices and this is expected to continue for the next few months or a year. The used car market in India is set to grow at a CAGR of 11% from 3.45 million units in 2016 to 5.8 million units in 2021. The organized sector is expected to reach a market share of 25% in 2021 from 20% in 2016 due to the shift in focus where customers will be more likely to pay more to get reliable cars at a reasonable price than go for the cheapest, yet unreliable deals. Customers are increasingly using the online channel because they want to be better informed before making a decision. This also connects them to a seller at a quicker pace. The effect of this increasing use of the online players is such that around 10% to 20% of sales for unorganized dealers are currently completed with the help of online platforms. Despite Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) incentives and the introduction of the Corporate Average Fuel Efficiency (CAFÉ) norm, the share of electric vehicles (EVs) and full hybrid electric vehicle (FHEV) is expected to remain low at around 1% to 2% even by 2020. The primary reason for this will be the sluggish infrastructure and possible high cost of batteries. Another reason is that average displacement of Indian engines is relatively low and they are typically fuel efficient, capable of achieving fuel efficiency with an expanded proportion of mild hybrid vehicles. The aftermarket in India is currently unregulated for both parts and services. Because there is no mandatory standard for products sold in the aftermarket, the production and import of counterfeit products cannot be checked—a huge challenge. In parts manufacturing, the unorganized sector does not adhere to government stipulations and poses a significant threat to the organized sector due to price competitiveness.
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