糖心vlog传媒

logo

India Passenger Car Market Size

The India Passenger Car Market is experiencing growth, with its market size reflecting diverse consumer preferences across various vehicle categories such as hatchbacks, sedans, SUVs, and MPVs. Hatchbacks continue to hold a significant portion of the market due to their practicality and affordability, appealing to first-time buyers and urban families. Meanwhile, SUVs are rapidly gaining popularity, driven by a demand for larger, safer vehicles with versatile options catering to different budgets and lifestyles. This dynamic landscape highlights the intricate factors influencing the market's expansion and the evolving aspirations of Indian consumers.

Home right-chevron-icon Market Analysis right-chevron-icon Automotive Research right-chevron-icon Vehicles Research right-chevron-icon Passenger Vehicles Research right-chevron-icon Indian Passenger Car Market right-chevron-icon Market Size

Market Size of india passenger car Industry

India Passenger Car Market Summary
share button
svg icon Study Period 2017 - 2030
svg icon Base Year For Estimation 2023
svg icon Market Size (2024) USD 39.82 Billion
svg icon Market Size (2030) USD 54.76 Billion
svg icon CAGR (2024 - 2030) 5.45 %
svg icon Market Concentration High

Major Players
major-player-company-image

*Disclaimer: Major Players sorted in no particular order

Key Players

WHY BUY FROM US?

1. CRISP & INSIGHTFUL
2. TRUE BOTTOM-UP
3. EXHAUSTIVENESS
4. TRANSPARENCY
5. CONVENIENCE
KNOW MORE

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:

India Passenger Car Market Analysis

The India Passenger Car Market size is estimated at 39.82 billion USD in 2024, and is expected to reach 54.76 billion USD by 2030, growing at a CAGR of 5.45% during the forecast period (2024-2030).

39.82 Billion

Market Size in 2024 (USD)

54.76 Billion

Market Size in 2030 (USD)

4.92 %

CAGR (2017-2023)

5.45 %

CAGR (2024-2030)

Largest Segment by Fuel Category

75.98 %

value share, Gasoline, 2023

Icon image

Gasoline vehicles lead the market due to widespread refueling infrastructure, lower upfront costs compared to alternatives, and consumer familiarity with gasoline engines.

Fastest-growing Segment by Fuel Category

88.20 %

Projected CAGR, FCEV, 2024-2030

Icon image

FCEVs are growing rapidly due to advancements in hydrogen technology, increased investment in hydrogen infrastructure, and the government's push for zero-emission vehicles.

Largest Segment by Vehicle Body Type

50.48 %

value share, Sports Utility Vehicle, 2023

Icon image

SUVs dominate due to their spacious interiors, higher seating capacity, versatility in urban and rural areas, and increasing consumer preference for comfortable and robust vehicles.

Leading Market Player

42.79 %

market share, Maruti Suzuki India Limited, 2023

Icon image

Being an Indian brand the company is widely spread, offering an affordable range of cars and efficient after-sales cost is capturing customers, making Maruti Suzuki the highest car seller in India.

Second leading Market Player

16.23 %

market share, Hyundai Motor India Limited, 2023

Icon image

Hyundai remains in second place in Indian passenger car sales owing to strong brand recognition, a variety of product offerings including electric, and a strong supply chain network.

Indicates the growing customization and innovation in passenger cars, adapting to India's dynamic consumer demands and urban landscape

  • The Indian passenger car market, categorized into hatchbacks, sedans, SUVs (sport utility vehicles), and MPVs (multi-purpose vehicles), offers insights into the diverse preferences and needs of Indian consumers, reflecting broader socio-economic trends and lifestyle aspirations. This segmentation underscores the market's intricacy and the drivers fueling growth in each vehicle category. Hatchbacks, historically pivotal in the Indian passenger car market, resonate with first-time buyers, middle-class families, and urban dwellers seeking practical, affordable, and efficient mobility solutions.
  • Hatchbacks' popularity in India stems from their compact size, making them agile on congested city streets, as well as their relatively lower ownership and maintenance costs. With a plethora of manufacturers offering hatchbacks, consumers enjoy a wide array of choices in terms of pricing, features, and performance.
  • Despite the intensifying competition, hatchbacks retain a substantial share of the market. Despite the growing competition from other segments, hatchbacks hold a significant market share due to their versatility and economic viability. SUVs have recently witnessed a meteoric rise in popularity, becoming the fastest-growing segment in the Indian passenger car market. The shift toward SUVs is driven by a combination of factors, including a growing preference for higher seating positions, more spacious interiors, and perceived safety advantages. Moreover, the broad spectrum of SUVs available, from compact and subcompact models to mid-size and full-size options, ensures an SUV to suit almost every budget and lifestyle requirement.
India Passenger Car Market

India Passenger Car Industry Segmentation

Passenger Cars are covered as segments by Vehicle Configuration. Hybrid and Electric Vehicles, ICE are covered as segments by Propulsion Type.

  • The Indian passenger car market, categorized into hatchbacks, sedans, SUVs (sport utility vehicles), and MPVs (multi-purpose vehicles), offers insights into the diverse preferences and needs of Indian consumers, reflecting broader socio-economic trends and lifestyle aspirations. This segmentation underscores the market's intricacy and the drivers fueling growth in each vehicle category. Hatchbacks, historically pivotal in the Indian passenger car market, resonate with first-time buyers, middle-class families, and urban dwellers seeking practical, affordable, and efficient mobility solutions.
  • Hatchbacks' popularity in India stems from their compact size, making them agile on congested city streets, as well as their relatively lower ownership and maintenance costs. With a plethora of manufacturers offering hatchbacks, consumers enjoy a wide array of choices in terms of pricing, features, and performance.
  • Despite the intensifying competition, hatchbacks retain a substantial share of the market. Despite the growing competition from other segments, hatchbacks hold a significant market share due to their versatility and economic viability. SUVs have recently witnessed a meteoric rise in popularity, becoming the fastest-growing segment in the Indian passenger car market. The shift toward SUVs is driven by a combination of factors, including a growing preference for higher seating positions, more spacious interiors, and perceived safety advantages. Moreover, the broad spectrum of SUVs available, from compact and subcompact models to mid-size and full-size options, ensures an SUV to suit almost every budget and lifestyle requirement.
Vehicle Configuration
Passenger Cars
Hatchback
Multi-purpose Vehicle
Sedan
Sports Utility Vehicle
Propulsion Type
Hybrid and Electric Vehicles
By Fuel Category
BEV
FCEV
HEV
PHEV
ICE
By Fuel Category
CNG
Diesel
Gasoline
LPG
customize-icon Need A Different Region Or Segment?
Customize Now

India Passenger Car Market Size Summary

The Indian passenger car market is a dynamic and evolving sector, characterized by a diverse range of vehicle categories including hatchbacks, sedans, SUVs, and MPVs. This segmentation reflects the varied preferences and lifestyle aspirations of Indian consumers, influenced by broader socio-economic trends. Hatchbacks remain a popular choice due to their compact size, affordability, and efficiency, making them ideal for urban environments and first-time buyers. Despite increasing competition from other segments, hatchbacks continue to hold a significant market share. Meanwhile, SUVs have emerged as the fastest-growing segment, driven by consumer preferences for higher seating, spacious interiors, and enhanced safety features. The availability of a wide range of SUV models catering to different budgets and lifestyles further fuels this growth.

The market is also witnessing a significant shift towards electric vehicles (EVs), supported by government initiatives aimed at reducing pollution and promoting sustainable mobility. The Fame India scheme and its subsequent phases have been instrumental in boosting EV sales, alongside the introduction of the Vehicle Scrappage Policy, which encourages the transition to electric cars. The government's ambitious target of electrifying a substantial portion of the car fleet by 2030 is expected to drive further growth in the EV segment. The market is fairly consolidated, with major players like Hyundai, Kia, Mahindra & Mahindra, Maruti Suzuki, and Tata Motors dominating the landscape. Recent developments, such as Hyundai's acquisition of assets from General Motors and Mahindra's unveiling of an electric SUV, highlight the ongoing innovation and strategic moves within the industry.

Explore More >

India Passenger Car Market Size - Table of Contents

  1. 1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)

    1. 1.1 Vehicle Configuration

      1. 1.1.1 Passenger Cars

        1. 1.1.1.1 Hatchback

        2. 1.1.1.2 Multi-purpose Vehicle

        3. 1.1.1.3 Sedan

        4. 1.1.1.4 Sports Utility Vehicle

    2. 1.2 Propulsion Type

      1. 1.2.1 Hybrid and Electric Vehicles

        1. 1.2.1.1 By Fuel Category

          1. 1.2.1.1.1 BEV

          2. 1.2.1.1.2 FCEV

          3. 1.2.1.1.3 HEV

          4. 1.2.1.1.4 PHEV

      2. 1.2.2 ICE

        1. 1.2.2.1 By Fuel Category

          1. 1.2.2.1.1 CNG

          2. 1.2.2.1.2 Diesel

          3. 1.2.2.1.3 Gasoline

          4. 1.2.2.1.4 LPG

India Passenger Car Market Size FAQs

The India Passenger Car Market size is expected to reach USD 39.82 billion in 2024 and grow at a CAGR of 5.45% to reach USD 54.76 billion by 2030.

In 2024, the India Passenger Car Market size is expected to reach USD 39.82 billion.

India Passenger Car Market Report Snapshots

India Passenger Car Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2030

// // // // //

糖心vlog传媒

// // ${ //
//

// 糖心vlog传媒 - ${reportTitle} //

// // // "> // `; codeToEmbed.innerText = `

${
Image Source
` // Citation Copy const citationText = document.querySelector(".citation-text"); const copyCitation = document.querySelector("#copy-citation"); copyCitation.addEventListener("click", function (event) { event.preventDefault(); handleShare('Citation Copied'); var copyText = citationText.innerText; navigator.clipboard.writeText(copyText); let copiedNotification = document.getElementById("citation-copy-notification"); copiedNotification.classList.remove("invisible"); setTimeout(()=>copiedNotification.classList.add("invisible"), 2000); }); // Link Copy const copyButton = document.querySelector("#copy-link"); copyButton.addEventListener("click", function (event) { event.preventDefault(); handleShare('Link Copied') navigator.clipboard.writeText(`${report_url}`); let copiedNotification = document.getElementById("link-copy-notification"); copiedNotification.classList.remove("invisible"); setTimeout(()=>copiedNotification.classList.add("invisible"), 1500 ); }); // Embed Code Copy const copyEmbedCodeButton = document.getElementById('copy-embed-code-butt'); copyEmbedCodeButton.addEventListener("click", function(event){ event.preventDefault(); handleEmbedSnapshot(); let copyiedCode = document.getElementById('code-to-copy').innerText; navigator.clipboard.writeText(copyiedCode); let codeCopiedNotification = document.getElementById("embed-code-copy-notification"); codeCopiedNotification.classList.remove("invisible"); setTimeout(()=>codeCopiedNotification.classList.add("invisible"), 1500 ); }); // Facebook Share let facebookShare = document.getElementById("facebook-share"); facebookShare.addEventListener('click', function() { handleShare('Facebook'); let url = `https://www.facebook.com/sharer/sharer.php?u=${encodeURI(report_url)}`; window.open(url,'Share on Facebook', `width=${width}, height=${height}, top=${top}, left=${left}`) }); // LinkedIn Share let linkedinShare = document.getElementById("linkedin-share"); linkedinShare.addEventListener('click', function() { handleShare('LinkedIn'); let url = `https://www.linkedin.com/shareArticle?mini=true&url=${encodeURI(report_url)}&source=MordorIntel`; window.open(url, 'Share on Linkedin', `width=${width}, height=${height}, top=${top}, left=${left}`); }); // Twitter Share let twitterShare = document.getElementById("twitter-share"); twitterShare.addEventListener('click', function() { handleShare('Twitter'); let url = `http://twitter.com/intent/tweet?url=${encodeURI(report_url)}&text=${encodeURIComponent(shortTitle.replace(/\s+Market$/, '').replace(/\s+market$/, '').trim() + ' Market Size | 糖心vlog传媒')},${encodeURIComponent('@MordorIntel')}&hashtags=mordorintelligence,${slug.replaceAll("-", "")}`; window.open(url, 'Share on Twitter', `width=${width}, height=${height}, top=${top}, left=${left}`); }); // Email Share let emailShare = document.getElementById("email-share"); emailShare.href = `mailto:?subject=${encodeURIComponent("糖心vlog传媒 - " + shortTitle)}&body=${encodeURIComponent('Check out this report from 糖心vlog传媒. I believe you will find it interesting.')}%0D%0A%0D%0A${encodeURIComponent(metaDescription)}%0D%0A%0D%0A${encodeURIComponent(marketSnapshotUrl)}%0D%0A%0D%0A${encodeURIComponent(report_url)}`; emailShare.addEventListener('click', function() { handleShare('Email'); }); } // Share Analytics async function handleShare(type=null){ try{ let body ={ reportTitle: `${reportTitle}`, reportSlug: `${slug}`, reportUrl: `${report_url}`, sharingPlatform: type, } fetch(`${backend_url}/api/collect-analytics/share-analytics`, { method: 'post', body: JSON.stringify(body) }).then(res=>{ console.log('Send Successfully'); }) } catch(error){ console.log(`Error at Share Analytics: ${error}`); } } // Embed Analytics async function handleEmbedSnapshot(){ try{ let body ={ image: (imageType === "executive-summary") ? marketSnapshotUrl.split('/')[3]+'-executive-summary-snapshot' : marketSnapshotUrl.split('/')[3]+'-market-snapshot', imageUrl: marketSnapshotUrl, reportTitle: `${reportTitle}`, reportSlug: `${slug}`, reportUrl: `'${report_url}`, isMarketSnapshot: isMarketSnapshot, isExecutiveSummary: isExecutiveSummary, } fetch(`${backend_url}/api/collect-analytics/embed-analytics`, { method: 'post', body: JSON.stringify(body) }).then(res=>{ console.log('Send Successfully'); }) } catch(error){ console.log(`Error at Embed Snapshot Analytics: ${error}`); } } // Alter Image Url function alterImageUrl(imageUrl){ if(window.location.href?.includes('www.mordorintelligence')){ if(imageUrl?.includes('mordorlabs')){ imageUrl = imageUrl.replace('mordorlabs','mordorintelligence'); }else if(imageUrl?.includes('mordor-graph-bucket.s3.us-west-2.amazonaws')){ imageUrl = imageUrl.replace('mordor-graph-bucket.s3.us-west-2.amazonaws','s3.mordorintelligence'); } }else{ if(imageUrl?.includes('mordorintelligence')) { imageUrl = imageUrl.replace('mordorintelligence','mordorlabs'); }else if(imageUrl?.includes('mordor-graph-bucket.s3.us-west-2.amazonaws')){ imageUrl = imageUrl.replace('mordor-graph-bucket.s3.us-west-2.amazonaws','s3.mordorlabs'); } } return imageUrl + "?embed=true"; } }