Indian Passenger Vehicles Market, Forecast to FY2024

Indian Passenger Vehicles Market, Forecast to FY2024

Driven by Growing Domestic Consumption and Supported by Favorable Government Policies, the Market is Expected to Cross 4.7 Million Units in FY2024

RELEASE DATE
15-Nov-2019
REGION
South Asia, Middle East & North Africa
Research Code: PA73-01-00-00-00
SKU: AU01884-SA-MR_23471

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Description

Domestic sales in the Indian passenger vehicles (PV) market grew from 3.2 million units in FY2018 to 3.3 million units in FY2019. The study estimates the market size of the Indian PV market, as well as segment forecasts up to FY2024, with due consideration for the various factors driving and restraining its growth. The segmental shifts in the PV market in India are evident from the greater number of participants and available models in the compact and the compact UV segments. The disparity within the segments is also clear in the shifting segmental share within the market.

Naturally, the competition among market participants has intensified in these growing and popular segments. The competitive scenario is expected to be further impacted by the entry of new participants in the market from FY2021. However, more than 50% of the market share remains with a single OEM. The market has also witnessed rapid growth and increasing popularity of a few companies, with their well-received new product launches in FY2018–FY2019 and greater focus on rural segments. PV exports witnessed a decline since FY2018. Exports declined between FY2018 and FY2019, chiefly owing to certain key factors including the trade barriers by key export destination countries.

This research entails the latest trends in the Indian PV market. Pre-owned cars eRetailing has been a major disruptive trend. A move toward active safety features is another key trend witnessed in the market. Airbags and sensors penetration is increasing incrementally across all vehicle segments, and the next logical step toward driver and passenger safety in India is expected to be active safety features.

Ride-hailing and ride-sharing service categories are highly competitive in India, with a few participants having the biggest market share and new participants entering the segment with innovative offerings and OEM tie ups. The study also focuses on regional trends such as diesel decline, electrification, and other technological trends, such as connected cars. From a connectivity perspective, OEMs are introducing safety and security offerings through connectivity and differentiating their car models by better infotainment systems. Furthermore, the PV 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 see higher diffusion than the others, due to OEM interest and affordability. The study analyses the key market drivers and restraints and concludes with the key strategic imperatives for growth and success in the market.

Table of Contents

Market Highlights—FY2019

Market Highlights—FY2019 (continued)

Market Highlights—FY2019 (continued)

PV Market Trends

Top 6 Takeaways of FY2019

Performance of PV Companies in FY2019

Top 3 Predictions for PV Market

Key Technological Shifts During FY2019–FY2024

Research Scope

Vehicle Segmentation

PV Classifications, Definitions, and Key Models

PV Classifications, Definitions, and Key Models (continued)

Key Macroeconomic Factors/Indicators

GDP Growth Rate

Ease of Doing Business Index

India’s Macroeconomic Outlook

Millennials and Gen-Z Population

PV Market Trends

PV Segment Trends

India FY2019—Monthly Sales Trend

Performance of PV Companies in FY2019

Top-selling PV Models

Mini Segment

Compact Segment

Super Compact Segment

Mid-size Segment

Executive and Premium Segments

Compact UV Segment

UV 2 Segment

Other UV Segments (UV 3 to UV 5)

Van Segment

Maruti Suzuki India Limited

Maruti Suzuki India Limited (continued)

Hyundai Motor

Hyundai Motor (continued)

Mahindra and Mahindra Ltd

Mahindra and Mahindra Ltd (continued)

Key Trends Impacting the PV Market

Trend 1—Pre-owned Cars eRetailing Trends

Trend 2—Move Toward Active Safety Features

Trend 3—Alternate Fuel-driven PVs Expected to Get Popular

Trend 4—Entry of Chinese Participants in the Indian PV market

Trend 5—Impact of New Entrants in the PV Market in India

Trend 6—Connectivity Trends in India—Key OEM Roadmap

Trend 6—Connectivity Trends in India—Key Offerings

Trend 7—Decline of Exports

Trend 8—xEV Passenger Cars in India—Technology Split for FY2024

Trend 9—Compact Segment Overtaking Mini Segment

Trend 9—Compact Segment Overtaking Mini Segment (continued)

Trend 10—Declining Market Share for Diesel Vehicles

Evolution of BS Norms in India

BS-IV to BS-VI Transformation—Reduction in Emission Caps

Bharat New Vehicle Safety Assessment Program (BNVSAP)

xEV Passenger Cars in India—Technology Split for FY2024

Powertrain Trends—EV Market Analysis

Powertrain Trends—EV Existing Products and Launch Roadmap

Powertrain Trends—Declining Market Share for Diesel Vehicles

Powertrain Trends—OEM Diesel Strategy

Powertrain Trends—Maruti Suzuki BS-VI Compliance

Powertrain Trends—Hyundai BS-VI Compliance

Powertrain Trends—M&M BS-VI Compliance

Transmission Outlook—Shift to Automatic Transmission

Transmission Outlook—OEMs Automatic Transmission Strategy

Transmission Outlook—OEMs Automatic Transmission Strategy (continued)

Safety Outlook—Bharat New Vehicle Safety Assessment Program (BNVSAP)

Safety Outlook—Airbag Penetration: OEM-wise Usage

Safety Outlook—Move Toward Active Safety Features

Safety Outlook—Customer Trends in India

Connectivity Outlook—Key OEM Roadmap

Connectivity Outlook—Key OEM Offerings

Pre-owned Cars Market—India Overview

Pre-owned Cars Market—Highlights

Pre-owned Cars Market—Highlights (continued)

Pre-owned Cars eRetailing Trends

Shared Mobility Outlook—Factors Driving Car Sharing Growth in India

Shared Mobility Outlook—Key Market Trends

Shared Mobility Outlook—List of Market Participants

Shared Mobility Outlook—eHailing Market Growth in India

Shared Mobility Outlook—Market Share Analysis

Shared Mobility Outlook—OEM Interests

Shared Mobility Outlook—New Business Model: Car Subscription

Shared Mobility Outlook—Case Study: Revv Business Model

PV Market Drivers

PV Market Drivers Explained

PV Market Restraints

PV Market Restraints Explained

Domestic Sales Forecast—Scenario Analysis

Factors Impacting the PV Market in India

Export Forecast—Scenario Analysis

Production/Import Forecast—Scenario Analysis

PV Market—Segment-wise Sales Forecast

PV Market—Segment-wise Sales Forecast (continued)

Growth Opportunities in the Indian PV Market

Growth Opportunity in Product Offerings

Growth Opportunity in EVs in the Indian PV Market

Growth Opportunity in Subscription-based Business Models in India

Strategic Imperatives for Success and Growth

The Last Word—3 Big Predictions

Legal Disclaimer

List of Abbreviations

List of Abbreviations (continued)

List of Exhibits

List of Exhibits (continued)

List of Exhibits (continued)

List of Exhibits (continued)

List of Exhibits (continued)

List of Exhibits (continued)

The Frost & Sullivan Story

Value Proposition—Future of Your Company & Career

Global Perspective

Industry Convergence

360º Research Perspective

Implementation Excellence

Our Blue Ocean Strategy

Related Research
Domestic sales in the Indian passenger vehicles (PV) market grew from 3.2 million units in FY2018 to 3.3 million units in FY2019. The study estimates the market size of the Indian PV market, as well as segment forecasts up to FY2024, with due consideration for the various factors driving and restraining its growth. The segmental shifts in the PV market in India are evident from the greater number of participants and available models in the compact and the compact UV segments. The disparity within the segments is also clear in the shifting segmental share within the market. Naturally, the competition among market participants has intensified in these growing and popular segments. The competitive scenario is expected to be further impacted by the entry of new participants in the market from FY2021. However, more than 50% of the market share remains with a single OEM. The market has also witnessed rapid growth and increasing popularity of a few companies, with their well-received new product launches in FY2018–FY2019 and greater focus on rural segments. PV exports witnessed a decline since FY2018. Exports declined between FY2018 and FY2019, chiefly owing to certain key factors including the trade barriers by key export destination countries. This research entails the latest trends in the Indian PV market. Pre-owned cars eRetailing has been a major disruptive trend. A move toward active safety features is another key trend witnessed in the market. Airbags and sensors penetration is increasing incrementally across all vehicle segments, and the next logical step toward driver and passenger safety in India is expected to be active safety features. Ride-hailing and ride-sharing service categories are highly competitive in India, with a few participants having the biggest market share and new participants entering the segment with innovative offerings and OEM tie ups. The study also focuses on regional trends such as diesel decline, electrification, and other technological trends, such as connected cars. From a connectivity perspective, OEMs are introducing safety and security offerings through connectivity and differentiating their car models by better infotainment systems. Furthermore, the PV 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 see higher diffusion than the others, due to OEM interest and affordability. The study analyses the key market drivers and restraints and concludes with the key strategic imperatives for growth and success in the market.
More Information
No Index No
Podcast No
Author Anjana Venkataraman
Industries Automotive
WIP Number PA73-01-00-00-00
Is Prebook No
GPS Codes 9800-A6,9AF6-A6