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India’s automotive sector is growing rapidly. As of January 2021, it was the fifth-largest market in terms of volume. The country exported 3.49 million vehicles in FY20, a CAGR of 6.94%. The country is also the seventh-largest manufacturer of commercial vehicles. In terms of sales volume, two-wheelers dominate the market. This is largely due to a rising middle class, a young population, and increased interest by automakers in exploring rural markets.
The auto market in India is dominated by two- and three-wheelers. While passenger cars are the dominant segment, two-wheelers also have a large share of the market. In FY20, Indian automobile exports totaled 3.8 million units. In FY21, passenger cars accounted for 80.8% of the market. During the same period, the country’s commercial vehicle production totaled 1.8 million units.
According to the latest figures, the country is on track to become the fifth-largest auto market in the world. The country also ranks seventh in the production of commercial vehicles. While the domestic market is dominated by passenger cars, two-wheelers are growing at a fast pace. A growing middle class, a young population, and increasing interest by companies in rural markets are all driving demand for two-wheelers. In addition to this, the government recently outlayed a US$7 billion funding for the automobile and auto component sector.
The automobile export market in India is expected to reach four million units by 2020. The country’s two-wheeler exports made up 73.9% of the total. In contrast, three-wheelers accounted for 14.2% of the total. The exports of commercial vehicles reached a record-high of 436,500 units during April and June 2021. This means that India is on track to be the fifth largest automobile market in the world by 2030.
The Indian automobile market is booming, and the government has announced that it will spend US$180 billion by 2021 on electric vehicles. The government is also planning to introduce a voluntary scrappage policy in 2021, which will further boost demand for electric vehicles. The government is a strong supporter of the automobile industry and has many initiatives in place to make the industry more competitive. This will help companies achieve higher growth and profitability.