In the year 2022, the Indian automobile industry generated its highest ever annual domestic passenger vehicle sales. A total of 3.79 million vehicle units were sold in India, which was about 23.1 percent higher than the unit sales recorded in 2021. The India passenger car market was valued at USD 35.27 billion in FY2022 and is expected to reach a value of USD 75.49 billion by FY2030 while registering a CAGR of over 10.16% during the forecast period. The increase in value of passenger vehicle sales is driven by several factors including higher aspirations among the younger generation customers who prefer to have their first vehicle purchase as sports utility vehicle (SUV) rather than the lower priced hatchback; higher disposable income with double income single kid family structure; more women participation in formal employment who prefer to have their own personal mobility and easy credit availability along with lower interest rate regime for past several years.
Expansion of Auto Component Industry
Manufacturers of automobile components are widely spread across the nation. Due to rising domestic demand and exports, increase in investments in the automotive components market is taking place. The Indian automotive component market size is anticipated to expand significantly over the course of the forecast period. India is poised to overtake other competing countries as the primary location for manufacturing of automobile components. The national government budget also announced a 15% rise in customs duties on a select group of car components thus making their imports costlier. Indigenous development and procurement of car components in turn is helping passenger car manufacturers to keep their vehicle prices competitive.
Increasing Investments in Electric and Autonomous Drive Cars
Due to the increasing emphasis on reducing pollution and rising fuel prices; it is projected that demand for electric vehicles, particularly electric cars will increase over the forecast period. Self-driving technology, reduced emissions & pollutants and constant improvement in safety are some of the factors that will drive the growth in passenger car market in future. Furthermore, automobile manufacturers are investing in the development of new technologies and expanding their production capabilities to meet the growing demand of electric vehicles in India.
Government Scheme
The government published a notification in the gazette announcing the PLI (Production-Linked Incentive) program for the car manufacturing industry. The PLI strategy aims to expand the nation's production capacity in the car, auto component and drone industries. The scheme provides financial incentives to enhance local manufacturing of cutting-edge automotive technology products in order to promote investment in the automotive value chain. The main goals are to provide financial assistance, achieve economies of scale, generate employment opportunities and establish a strong supply chain for components being used in modern automotive technology.
Impact of COVID-19 on India Passenger Car Market
Domestically manufactured passenger automobiles industry was constrained by the COVID-19 pandemic and their production output witnessed a decline due to the closure of factories and lockdowns. Several OEM production facilities were shut down and the supply chain of automobile components was disrupted. This had a direct and indirect impact on thousands of dependent workers, and the entire passenger car industry was adversely affected reporting significant decline in production and sales volume.
India Passenger Car Market Assessment, Opportunities and Forecast, FY2016-FY2030
"India Passenger Car Market Overview, Assessment, Opportunities and Forecast, FY2016-FY2030F,” is a comprehensive report by Markets and Data, providing in-depth analysis and assessment of passenger car market in India, industry dynamics and challenges. The report includes market size, segmental shares, growth trends, COVID-19 impact, opportunities and forecast between FY2023 and FY2030. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the passenger car coolant market include Castrol Limited, Arteco, Cummins Filtration, Motul S.A., China National BlueStar (Group) Co. Ltd., Valvoline International Inc., Exxon Mobil Corporation, Sinopec Corporation, Shandong Yuean Chemical Industry Co. Ltd., Total S.A., Chevron Corporation, and Royal Dutch Shell Plc.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Passenger Car Coolant Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/passenger-car-coolant-market/download-sampleMarket DynamicsIncreasing passenger car sales & production, the growing purchasing power of consumers, and stringent vehicle emission & expiration norms are steering the global passenger car adhesives market.
The Asia Pacific held a dominant share of the worldwide passenger car coolant market due to the higher volume of vehicles produced in prominent countries, including India, China, and Japan drive market growth during the forecast period.
The easy and abundant availability of various materials, including ethylene glycol, propylene glycol, and glycerin, in developing countries of Asia Pacific also fosters the passenger car coolant market.
However, weakening economies and a slowdown in automotive purchases are restraining market growth.The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis.
