At the end of fiscal year 2023, 4.58 million passenger vehicles were produced across India. The country’s automobile industry witnessed a slowdown due to an economic slump and the impact of the coronavirus pandemic in financial years 2020 and 2021. Rising congestion and the push from the government to switch to electric vehicles could also be a reason for the decline in growth. Previously between fiscal years 2007 and 2017, the compound annual growth rate of registered motor vehicles stood at 10.1 percent, which was almost twice the CAGR of national highways for the same time period.
Passengers vehicles: An avenue of sustainable India
Two-wheelers and three-wheelers are the driving force of passenger vehicle sales in India. A surge in the sales volume of two-wheelers and three-wheelers was observed in the recent past, although the sales volume for both the categories experienced a short drop in the financial year 2020. Most of the two-wheelers and three-wheelers in India are electric vehicles. India aims to expand sustainable mobility through passenger vehicles.
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SIAM India. (June 22, 2023). Production volume of passenger vehicles in India from financial year 2014 to 2023 (in millions) [Graph]. In Statista. Retrieved September 19, 2024, from https://www.statista.com/statistics/606519/passenger-car-production-volume-india/
SIAM India. "Production volume of passenger vehicles in India from financial year 2014 to 2023 (in millions) ." Chart. June 22, 2023. Statista. Accessed September 19, 2024. https://www.statista.com/statistics/606519/passenger-car-production-volume-india/
SIAM India. (2023). Production volume of passenger vehicles in India from financial year 2014 to 2023 (in millions) . Statista. Statista Inc.. Accessed: September 19, 2024. https://www.statista.com/statistics/606519/passenger-car-production-volume-india/
SIAM India. "Production Volume of Passenger Vehicles in India from Financial Year 2014 to 2023 (in Millions) ." Statista, Statista Inc., 22 Jun 2023, https://www.statista.com/statistics/606519/passenger-car-production-volume-india/
SIAM India, Production volume of passenger vehicles in India from financial year 2014 to 2023 (in millions) Statista, https://www.statista.com/statistics/606519/passenger-car-production-volume-india/ (last visited September 19, 2024)
Production volume of passenger vehicles in India from financial year 2014 to 2023 (in millions) [Graph], SIAM India, June 22, 2023. [Online]. Available: https://www.statista.com/statistics/606519/passenger-car-production-volume-india/