+353-1-416-8900REST OF WORLD
+44-20-3973-8888REST OF WORLD
1-917-300-0470EAST COAST U.S
1-800-526-8630U.S. (TOLL FREE)

Indian Passenger Vehicles Market, Forecast to FY2024

  • Report

  • 142 Pages
  • November 2019
  • Region: India
  • Frost & Sullivan
  • ID: 4860906

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

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 the increasing popularity of a few companies, with their well-received new product launches in FY2018–FY2019 and a 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

1. Executive Summary
  • Market Highlights - FY2019
  • 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

2. Research Scope and Segmentation
  • Research Scope
  • Vehicle Segmentation
  • PV Classifications, Definitions, and Key Models

3. Indian Socio-economic Outlook
  • Key Macroeconomic Factors/Indicators
  • GDP Growth Rate
  • Ease of Doing Business Index
  • India’s Macroeconomic Outlook
  • Millennials and Gen - Z Population

4. Indian PV Market Overview
  • PV Market Trends
  • PV Segment Trends
  • India FY2019 - Monthly Sales Trend
  • Performance of PV Companies in FY2019
  • Top-selling PV Models

5. Segmental Analysis of PV Market in India
  • Mini Segment
  • Compact Segment
  • Super Compact Segment
  • Midsize Segment
  • Executive and Premium Segments
  • Compact UV Segment
  • UV 2 Segment
  • Other UV Segments (UV 3 to UV 5)
  • Van Segment

6. Profiles of Top 3 OEMs
  • Maruti Suzuki India Limited
  • Hyundai Motor
  • Mahindra and Mahindra Ltd

7. Mega Trends Impacting Indian PV Market
  • 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 in Exports
  • Trend 8 - xEV Passenger Cars in India - Technology Split for FY2024
  • Trend 9 - Compact Segment Overtaking Mini Segment
  • Trend 10 - Declining Market Share for Diesel Vehicles

8. Legislative Trends in the Indian PV Market
  • Evolution of BS Norms in India
  • BS-IV to BS-VI Transformation - Reduction in Emission Caps
  • Bharat New Vehicle Safety Assessment Program (BNVSAP)

9. Powertrain Trends in the Indian PV Market
  • 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

10. Transmission Outlook of the PV Market in India
  • Transmission Outlook - Shift to Automatic Transmission
  • Transmission Outlook - OEMs Automatic Transmission Strategy

11. Safety Outlook of the PV Market in India
  • 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

12. Connectivity Outlook of the PV Market in India
  • Connectivity Outlook - Key OEM Roadmap
  • Connectivity Outlook - Key OEM Offerings

13. Pre-owned Cars Market in India
  • Pre-owned Cars Market - India Overview
  • Pre-owned Cars Market - Highlights
  • Pre-owned Cars eRetailing Trends

14. Shared Mobility Outlook in India
  • 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

15. Indian PV Market - Drivers and Restraints
  • PV Market Drivers
  • PV Market Drivers Explained
  • PV Market Restraints
  • PV Market Restraints Explained

16. Indian PV Market - Future Outlook
  • 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

17. Growth Opportunities and Companies to Action
  • 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

18. The Last Word
  • 3 Big Predictions
  • Legal Disclaimer

19. Appendix
  • List of Abbreviations
  • List of Exhibits

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Hyundai Motor
  • Mahindra and Mahindra Ltd
  • Maruti Suzuki India Limited
  • Revv