India Passenger Vehicle Market Size Likely to Surpass at a CAGR of 9.6% By 2033

India Passenger Vehicle Market size was valued at USD 65.3 Billion in 2024 and is expected to reach USD 133.8 Billion by 2033, at a CAGR of 9.6% during the forecast period 2024 – 2033.

India Passenger Vehicle Market: Overview

Motor vehicles intended mainly for the conveyance of people as an alternative to cargo are classified as passenger cars. They usually have seating configurations, enclosed cabin compartments, and propulsion, braking, steering, and suspension systems installed.

An emerging trend in the Indian passenger car industry is the growing need for green transportation options which include electric vehicles (EVs). Rising environmental consciousness, regulatory subsidies and incentives for EV adoption, and battery engineering breakthroughs are some of the factors propelling this trend.

In response to this trend, automakers are offering an increasing selection of electric and hybrid cars to the public to appeal to consumers who care about the environment. Furthermore, there’s a trend toward smart and connected cars, with features like smartphone connectivity, touchscreen infotainment systems, and cutting-edge safety technology becoming standard.

In addition, manufacturers are putting more focus on affordability and value for money by launching entry-level models and providing attractive financing and pricing choices to appeal to a wider range of consumers.

By vehicle type, the hatchback segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. The rising popularity of small and energy-efficient hatchback passenger cars, the emergence of cutting-edge safety and connection technologies, and the availability of electric and hybrid powertrain choices are some trends in this segment of the market.

By propulsion type, the internal combustion engine held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. Internal combustion engines are trending toward smaller sizes and turbocharging to achieve better emissions and fuel economy, as well as toward more electrification and hybridization to satisfy stricter regulations.

By end user, the personal segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. The market for personal passenger cars is seeing several trends, such as an increase in connection features, a move toward mobility sharing solutions, technology for self-driving cars, and rising demand for electric and hybrid vehicles.

West Indian passenger car trends include a move toward electric and small SUVs, which are being fueled by growing levels of urbanization, higher disposable incomes, and federal support for environmentally friendly transportation options.

As a subsidiary of Skoda Auto A. S. Czech Republic, one of the oldest automakers in the world with its headquarters in Mladá Boleslav, Skoda AUTO India began operations in India in November 2001. The four models that Skoda AUTO India is selling in India are Superb, Octavia, Rapid, and Kodiaq.

Report Scope

CMI has comprehensively analyzed India Passenger Vehicles market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict an in-depth scenario of the market. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of the India Passenger Vehicle industry.

The competitive landscape includes key innovators, after market service providers, market giants as well as niche players are studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, this report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships.

List of the prominent players in the India Passenger Vehicle Market:

• Maruti Suzuki India Limited
• Hyundai Motor India Limited
• Tata Motors Limited
• Mahindra & Mahindra Limited
• Kia Motors India
• Toyota Kirloskar Motor Private Limited
• Honda Cars India Limited
• Ford India Private Limited
• Volkswagen India Private Limited
• Renault India Private Limited
• Nissan Motor India Private Limited
• MG Motor India
• Skoda Auto India Private Limited
• BMW India Private Limited
• Mercedes-Benz India Private Limited
• Audi India
• Jeep India
• Volvo Cars India Private Limited
• Jaguar Land Rover India
• Force Motors Limited
• Others

The India Passenger Vehicle Market is segmented as follows:

By Vehicle Type

• Hatchback
• Sedan
• SUV
• MUV
• Others

By Propulsion Type

• Internal Combustion Engine
• Electric
• Hybrid

By End User

• Personal
• Commercial