CAGR of 8.7% despite recent slowdown in Indian passenger vehicle market

NAVI MUMBAI, India - Aug. 9, 2019 - PRLog -- Market insights:
India is the fifth-largest automotive industry in the world. The production of passenger vehicles is expected to expand at a compound annual growth rate (CAGR) of 8.7% from 2015 to 2023, due to increasing exports and aggressive pricing policies of the market players. It is expected that the domestic sale of passenger vehicles will expand at a CAGR of 16.8% during the same period. The western zone of India (Punjab, Uttar Pradesh, Haryana, Rajasthan, Gujarat, Goa, and Maharashtra) has recorded the highest sale of passenger vehicles (30%) during April-June 2018. Maruti Suzuki India Ltd. (MSI) has emerged as the largest seller (~56-57%) by unit, during May 2017-May 2018, with MSI Alto being the highest sold model.

Passenger Vehicles Market in India (2018-2023)

Passenger car market insights:
The market size of passenger cars has shown a constant year-on-year (YoY) growth of 1%, based on units, during FY 2011-FY 2017. However, it is estimated that the market will continue to grow at a YoY rate of 11.6% during the period of FY 2017-FY 2026.

Utility vehicles market insights:
During the period FY 2011-FY 2017, the volume of utility vehicles have grown from 3,24,000 units in
FY 2011 to 7,62,000 units in FY 2017, rising at a CAGR of ~15.3%. It is anticipated that the growth rate between FY 2017 and FY 2026 will be ~18.5%.

Export-import:
The largest export destination of Indian passenger vehicles is Mexico. In FY 2017, the highest number of import has been recorded from the United Kingdom (U.K.), followed by Germany and Sweden.

Companies covered:
Mahindra & Mahindra Ltd.
Maruti Suzuki India Ltd.
Tata Motors Ltd.
Ford India Pvt. Ltd.
Honda Cars India Ltd.
Hyundai Motor India Ltd.
Renault India Pvt. Ltd.
Toyota Kirloskar Motor Pvt. Ltd.
Volkswagen India Pvt. Ltd.

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