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India Passenger Car Market

Detailed research report on India’s passenger car market, featuring market analysis, industry insights, size, and forecast up to 2030.

The India Passenger Car Market is segmented by Vehicle Configuration (Passenger Cars) and by Propulsion Type (Hybrid and Electric Vehicles, ICE). The report offers market size in both market value in USD and market volume in unit. Further, the report includes a market split by Vehicle Type, Vehicle Configuration, Vehicle Body Type, Propulsion Type, and Fuel Category.

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India Passenger Car Market Size

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India Passenger Car Market Summary
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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
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*Disclaimer: Major Players sorted in alphabetical order.

Key Players

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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

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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

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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

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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

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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

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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 Market Trends

Government initiatives and stringent norms drive rapid growth in the electric vehicle market in India

  • India's electric vehicle (EV) market is in a growth phase, with the government actively formulating strategies to combat pollution. The Fame India scheme, launched in 2015, has played a pivotal role in driving vehicle electrification. Building on its success, Fame Phase 2, active till April 2022, further bolstered EV sales, especially in 2021, with the government offering subsidies like INR 10,000 grants for electric cars with battery capacities up to 15 kWh.
  • State governments across India are increasingly incorporating electric buses into their fleets, aiming to transition from internal combustion engine (ICE) buses. This move not only cuts operational costs but also curbs carbon emissions and improves air quality. In a notable move, the Delhi government greenlit the procurement of 300 new low-floor electric (AC) buses in March 2021, with 100 of them hitting the roads in January 2022. These initiatives contributed to a significant 62.58% surge in demand for electric commercial vehicles in India in 2022 over 2021.
  • The demand for electric cars has surged in recent times, driven by the government's introduction of stringent norms. In August 2021, the Indian government unveiled the Vehicle Scrappage Policy, targeting the phasing out of polluting and unfit vehicles, irrespective of their age. This policy, set to be implemented by 2024, is steering consumers toward electric cars. Additionally, the government has set an ambitious target of having 30% of all cars in India electrified by 2030. These initiatives are poised to propel electric car sales during the 2024-2030 period in India.
India Passenger Car Market

OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT

  • India's population, driven by factors like a young demographic and improved healthcare, is projected to reach 1,522.77 million by 2030, reflecting steady growth
  • The consumer spending for vehicle purchases in Asia-Pacific, as exemplified by India, shows signs of cautious optimism during 2022-2023, following a period of volatility
  • India's auto interest rates have shown a consistent downward trend, driven by RBI's measures and evolving lending practices
  • India's electric vehicle charging station market surges with 6,800 slow charging and 4,100 fast charging stations in 2022
  • Various new entries and new product launches may accelerate the battery pack market in India
  • The numerous tax hikes in the country were expected to increase fuel prices in 2023
  • India's GDP per capita is expected to sustain growth, reaching USD 4,205.47 by 2030
  • India's journey toward lower inflation sets the stage for economic resilience and investor confidence
  • The combined revenue from shared rides in India is expected to rise consistently driven by factors like technological advancements, urbanization, and shifting consumer preferences
  • Electric vehicle sales in India increased because of the falling battery prices and government incentives
  • The used car sales market in India presents a landscape teeming with opportunities and growth
  • In India's ICE-CNG passenger car sector, Suzuki leads, followed by Hyundai, with Tata Motors showing notable growth; brands like Toyota and Renault face challenges due to declining production

India Passenger Car Industry Overview

The India Passenger Car Market is fairly consolidated, with the top five companies occupying 91.48%. The major players in this market are Hyundai Motor India Limited, Kia Corporation, Mahindra & Mahindra Limited, Maruti Suzuki India Limited and Tata Motors Limited (sorted alphabetically).

India Passenger Car Market Leaders

  1. Hyundai Motor India Limited

  2. Kia Corporation

  3. Mahindra & Mahindra Limited

  4. Maruti Suzuki India Limited

  5. Tata Motors Limited

India Passenger Car Market Concentration

Other important companies include Honda Cars India Limited, MG Motor India Private Limited, Nissan Motor India Pvt. Ltd., Renault India Pvt. Ltd., Toyota Kirloskar Motor Pvt. Ltd., Volkswagen AG, Škoda Auto Volkswagen India Pvt. Ltd..

*Disclaimer: Major Players sorted in alphabetical order.

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India Passenger Car Market News

  • August 2023: Gabriel India Limited (Gabriel India), a flagship company of Anand Group, announced that during the quarter that ended on June 30, 2023, it has developed components for Maruti Suzuki Jimny and Stellantis electric Citroen C3. At present it is developing parts for new models of VW, Tata, Stellantis, Mahindra, and Maruti Suzuki.
  • August 2023: Hyundai Motor India Limited (HMIL) signed an asset purchase agreement (APA), in Gurugram, Haryana, for the acquisition and assignment of identified assets related to General Motors India (GMI)’s Talegaon Plant in Maharashtra.
  • August 2023: Mahindra Electric Automobiles Limited (MEAL), a subsidiary of Mahindra & Mahindra, unveiled the “Vision Thar.e”, an electric avatar of the Thar SUV, at its Futurescape event in Cape Town, South Africa. The Thar.e boldly strides into the future on the INGLO-born electric platform, equipped with a cutting-edge high-performance AWD electric powertrain.

Free with this Report

For the Vehicle Hub report, we provide an extensive collection of over 150 free charts, delivering detailed insights on regional and country-level dynamics within the vehicle industry. This encompasses in-depth analyses of vehicle registrations, usage patterns in both consumer and business segments, and evaluations of various vehicle configurations and body types. The report delves into critical industrial trends such as shifts in vehicle production and distribution centers, changes in vehicle ownership costs, and advancements in automotive technologies. Further, our report offers comprehensive market segmentation by vehicle type, body type, propulsion, and fuel categories, providing a nuanced understanding of the market landscape. It also explores the adoption rate of new technologies, the impact of regulatory changes, and the influence of economic factors on the vehicle market. We include a thorough examination of key industry players, regulatory frameworks, and market size in terms of both revenue and unit sales, leading to strategic projections and forecasts that account for emerging trends and potential shifts in the industry.

India Passenger Car Market
India Passenger Car Market
India Passenger Car Market
India Passenger Car Market

India Passenger Car Market Report - Table of Contents

  1. EXECUTIVE SUMMARY & KEY FINDINGS

  2. REPORT OFFERS

  3. 1. INTRODUCTION

    1. 1.1. Study Assumptions & Market Definition

    2. 1.2. Scope of the Study​

    3. 1.3. Research Methodology

  4. 2. KEY INDUSTRY TRENDS

    1. 2.1. Population

    2. 2.2. GDP Per Capita

    3. 2.3. Consumer Spending For Vehicle Purchase (cvp)

    4. 2.4. Inflation

    5. 2.5. Interest Rate For Auto Loans

    6. 2.6. Shared Rides

    7. 2.7. Impact Of Electrification

    8. 2.8. EV Charging Station

    9. 2.9. Battery Pack Price

    10. 2.10. New Xev Models Announced

    11. 2.11. Used Car Sales

    12. 2.12. Fuel Price

    13. 2.13. Oem-wise Production Statistics

    14. 2.14. Regulatory Framework

    15. 2.15. Value Chain & Distribution Channel Analysis

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

    1. 3.1. Vehicle Configuration

      1. 3.1.1. Passenger Cars

        1. 3.1.1.1. Hatchback

        2. 3.1.1.2. Multi-purpose Vehicle

        3. 3.1.1.3. Sedan

        4. 3.1.1.4. Sports Utility Vehicle

    2. 3.2. Propulsion Type

      1. 3.2.1. Hybrid and Electric Vehicles

        1. 3.2.1.1. By Fuel Category

          1. 3.2.1.1.1. BEV

          2. 3.2.1.1.2. FCEV

          3. 3.2.1.1.3. HEV

          4. 3.2.1.1.4. PHEV

      2. 3.2.2. ICE

        1. 3.2.2.1. By Fuel Category

          1. 3.2.2.1.1. CNG

          2. 3.2.2.1.2. Diesel

          3. 3.2.2.1.3. Gasoline

          4. 3.2.2.1.4. LPG

  6. 4. COMPETITIVE LANDSCAPE

    1. 4.1. Key Strategic Moves

    2. 4.2. Market Share Analysis

    3. 4.3. Company Landscape

    4. 4.4. Company Profiles

      1. 4.4.1. Honda Cars India Limited

      2. 4.4.2. Hyundai Motor India Limited

      3. 4.4.3. Kia Corporation

      4. 4.4.4. Mahindra & Mahindra Limited

      5. 4.4.5. Maruti Suzuki India Limited

      6. 4.4.6. MG Motor India Private Limited

      7. 4.4.7. Nissan Motor India Pvt. Ltd.

      8. 4.4.8. Renault India Pvt. Ltd.

      9. 4.4.9. Tata Motors Limited

      10. 4.4.10. Toyota Kirloskar Motor Pvt. Ltd.

      11. 4.4.11. Volkswagen AG

      12. 4.4.12. Škoda Auto Volkswagen India Pvt. Ltd.

  7. 5. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS

  8. 6. APPENDIX

    1. 6.1. Global Overview

      1. 6.1.1. Overview

      2. 6.1.2. Porter’s Five Forces Framework

      3. 6.1.3. Global Value Chain Analysis

      4. 6.1.4. Market Dynamics (DROs)

    2. 6.2. Sources & References

    3. 6.3. List of Tables & Figures

    4. 6.4. Primary Insights

    5. 6.5. Data Pack

    6. 6.6. Glossary of Terms

List of Tables & Figures

  1. Figure 1:  
  2. POPULATION TRENDS, VOLUME IN UNITS, INDIA, 2017 - 2030
  1. Figure 2:  
  2. GDP PER CAPITA AT CURRENT PRICES, VALUE IN USD, INDIA, 2017 - 2030
  1. Figure 3:  
  2. AVERAGE CONSUMER SPENDING PER CAPITA ON PURCHASE OF VEHICLES, VALUE IN USD, INDIA, 2017 - 2030
  1. Figure 4:  
  2. INFLATION RATE AT AVERAGE CONSUMER PRICES, PERCENTAGE CHANGE, INDIA, 2017 - 2030
  1. Figure 5:  
  2. AUTO LOAN INTEREST RATES, PERCENTAGE, INDIA, 2017 - 2022
  1. Figure 6:  
  2. USED CAR MARKET, REVENUE IN USD, INDIA, 2017 - 2030
  1. Figure 7:  
  2. ELECTRIC VEHICLE MARKET PENETRATION RATE, BY VEHICLE TYPE, PERCENTAGE OF VOLUME, INDIA, 2017 - 2030
  1. Figure 8:  
  2. CHARGING STATION DEPLOYMENT, BY TYPE, VOLUME IN UNITS, INDIA, 2017 - 2022
  1. Figure 9:  
  2. AVERAGE LITHIUM-ION BATTERY PACK PRICE, VALUE IN USD, INDIA, 2017 - 2030
  1. Figure 10:  
  2. ANNOUNCEMENT OF NEW XEV MODELS, BY VEHICLE TYPE, VOLUME IN UNITS, INDIA, 2023 - 2027
  1. Figure 11:  
  2. USED CAR MARKET, REVENUE IN USD, INDIA, 2017 - 2030
  1. Figure 12:  
  2. FUEL PRICE, BY FUEL TYPE, USD/LITER, INDIA, 2017 - 2022
  1. Figure 13:  
  2. OEM-WISE PRODUCTION STATISTICS, VOLUME IN UNITS, INDIA, 2017 - 2022
  1. Figure 14:  
  2. INDIA PASSENGER CAR MARKET, VOLUME IN UNITS, 2017 - 2030
  1. Figure 15:  
  2. INDIA PASSENGER CAR MARKET, VALUE IN USD, 2017 - 2030
  1. Figure 16:  
  2. INDIA PASSENGER CAR MARKET, BY VEHICLE BODY TYPE, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 17:  
  2. INDIA PASSENGER CAR MARKET, BY VEHICLE BODY TYPE, BY VALUE IN USD, 2017 - 2030
  1. Figure 18:  
  2. INDIA PASSENGER CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
  1. Figure 19:  
  2. INDIA PASSENGER CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
  1. Figure 20:  
  2. INDIA PASSENGER CAR MARKET, BY HATCHBACK, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 21:  
  2. INDIA PASSENGER CAR MARKET, BY HATCHBACK, BY VALUE IN USD, 2017 - 2030
  1. Figure 22:  
  2. INDIA PASSENGER CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
  1. Figure 23:  
  2. INDIA PASSENGER CAR MARKET, BY MULTI-PURPOSE VEHICLE, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 24:  
  2. INDIA PASSENGER CAR MARKET, BY MULTI-PURPOSE VEHICLE, BY VALUE IN USD, 2017 - 2030
  1. Figure 25:  
  2. INDIA PASSENGER CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
  1. Figure 26:  
  2. INDIA PASSENGER CAR MARKET, BY SEDAN, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 27:  
  2. INDIA PASSENGER CAR MARKET, BY SEDAN, BY VALUE IN USD, 2017 - 2030
  1. Figure 28:  
  2. INDIA PASSENGER CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
  1. Figure 29:  
  2. INDIA PASSENGER CAR MARKET, BY SPORTS UTILITY VEHICLE, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 30:  
  2. INDIA PASSENGER CAR MARKET, BY SPORTS UTILITY VEHICLE, BY VALUE IN USD, 2017 - 2030
  1. Figure 31:  
  2. INDIA PASSENGER CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
  1. Figure 32:  
  2. INDIA PASSENGER CAR MARKET, BY PROPULSION TYPE, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 33:  
  2. INDIA PASSENGER CAR MARKET, BY PROPULSION TYPE, BY VALUE IN USD, 2017 - 2030
  1. Figure 34:  
  2. INDIA PASSENGER CAR MARKET MARKET, SHARE(%), BY PROPULSION TYPE, 2017 - 2030
  1. Figure 35:  
  2. INDIA PASSENGER CAR MARKET MARKET, SHARE(%), BY PROPULSION TYPE, 2017 - 2030
  1. Figure 36:  
  2. INDIA PASSENGER CAR MARKET, BY FUEL CATEGORY, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 37:  
  2. INDIA PASSENGER CAR MARKET, BY FUEL CATEGORY, BY VALUE IN USD, 2017 - 2030
  1. Figure 38:  
  2. INDIA PASSENGER CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
  1. Figure 39:  
  2. INDIA PASSENGER CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
  1. Figure 40:  
  2. INDIA PASSENGER CAR MARKET, BY BEV, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 41:  
  2. INDIA PASSENGER CAR MARKET, BY BEV, BY VALUE IN USD, 2017 - 2030
  1. Figure 42:  
  2. INDIA PASSENGER CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
  1. Figure 43:  
  2. INDIA PASSENGER CAR MARKET, BY FCEV, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 44:  
  2. INDIA PASSENGER CAR MARKET, BY FCEV, BY VALUE IN USD, 2017 - 2030
  1. Figure 45:  
  2. INDIA PASSENGER CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
  1. Figure 46:  
  2. INDIA PASSENGER CAR MARKET, BY HEV, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 47:  
  2. INDIA PASSENGER CAR MARKET, BY HEV, BY VALUE IN USD, 2017 - 2030
  1. Figure 48:  
  2. INDIA PASSENGER CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
  1. Figure 49:  
  2. INDIA PASSENGER CAR MARKET, BY PHEV, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 50:  
  2. INDIA PASSENGER CAR MARKET, BY PHEV, BY VALUE IN USD, 2017 - 2030
  1. Figure 51:  
  2. INDIA PASSENGER CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
  1. Figure 52:  
  2. INDIA PASSENGER CAR MARKET, BY FUEL CATEGORY, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 53:  
  2. INDIA PASSENGER CAR MARKET, BY FUEL CATEGORY, BY VALUE IN USD, 2017 - 2030
  1. Figure 54:  
  2. INDIA PASSENGER CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
  1. Figure 55:  
  2. INDIA PASSENGER CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
  1. Figure 56:  
  2. INDIA PASSENGER CAR MARKET, BY CNG, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 57:  
  2. INDIA PASSENGER CAR MARKET, BY CNG, BY VALUE IN USD, 2017 - 2030
  1. Figure 58:  
  2. INDIA PASSENGER CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
  1. Figure 59:  
  2. INDIA PASSENGER CAR MARKET, BY DIESEL, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 60:  
  2. INDIA PASSENGER CAR MARKET, BY DIESEL, BY VALUE IN USD, 2017 - 2030
  1. Figure 61:  
  2. INDIA PASSENGER CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
  1. Figure 62:  
  2. INDIA PASSENGER CAR MARKET, BY GASOLINE, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 63:  
  2. INDIA PASSENGER CAR MARKET, BY GASOLINE, BY VALUE IN USD, 2017 - 2030
  1. Figure 64:  
  2. INDIA PASSENGER CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
  1. Figure 65:  
  2. INDIA PASSENGER CAR MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2017 - 2030
  1. Figure 66:  
  2. INDIA PASSENGER CAR MARKET, MOST ADOPTED STRATEGIES, 2017 - 2030
  1. Figure 67:  
  2. INDIA PASSENGER CAR MARKET SHARE(%), BY MAJOR PLAYERS, 2021

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
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Market Definition

  • Vehicle Type - The category includes passenger cars.
  • Vehicle Body Type - This include various body types such as Hatchbacks, Sedans, Sports Utility Vehicles, and Multi-purpose Vehicles.
  • Fuel Category - The category includes various fuel types such as Gasoline, Diesel, LPG (Liquefied Petroleum Gas), CNG (Compressed Natural Gas), HEV (Hybrid Electric Vehicles), PHEV (Plug-in Hybrid Electric Vehicles), BEV (Battery Electric Vehicles), and FCEV (Fuel Cell Electric Vehicles)
Keyword Definition
Electric Vehicle (EV) A vehicle which uses one or more electric motors for propulsion. Includes cars, buses, and trucks. This term includes all-electric vehicles or battery electric vehicles and plug-in hybrid electric vehicles.
BEV A BEV relies completely on a battery and a motor for propulsion. The battery in the vehicle must be charged by plugging it into an outlet or public charging station. BEVs do not have an ICE and hence are pollution-free. They have a low cost of operation and reduced engine noise as compared to conventional fuel engines. However, they have a shorter range and higher prices than their equivalent gasoline models.
PEV A plug-in electric vehicle is an electric vehicle that can be externally charged and generally includes all-electric vehicles as well as plug-in hybrids.
Plug-in Hybrid EV A vehicle that can be powered either by an ICE or an electric motor. In contrast to normal hybrid EVs, they can be charged externally.
Internal combustion engine An engine in which the burning of fuels occurs in a confined space called a combustion chamber. Usually run with gasoline/petrol or diesel.
Hybrid EV A vehicle powered by an ICE in combination with one or more electric motors that use energy stored in batteries. These are continually recharged with power from the ICE and regenerative braking.
Commercial Vehicles Commercial vehicles are motorized road vehicles designed for transporting people or goods. The category includes light commercial vehicles (LCVs) and medium and heavy-duty vehicles (M&HCV).
Passenger Vehicles Passenger cars are electric motor– or engine-driven vehicles with at least four wheels. These vehicles are used for the transport of passengers and comprise no more than eight seats in addition to the driver’s seat.
Light Commercial Vehicles Commercial vehicles that weigh less than 6,000 lb (Class 1) and in the range of 6,001–10,000 lb (Class 2) are covered under this category.
M&HDT Commercial vehicles that weigh in the range of 10,001–14,000 lb (Class 3), 14,001–16,000 lb (Class 4), 16,001–19,500 lb (Class 5), 19,501–26,000 lb (Class 6), 26,001–33,000 lb (Class 7) and above 33,001 lb (Class 8) are covered under this category.
Bus A mode of transportation that typically refers to a large vehicle designed to carry passengers over long distances. This includes transit bus, school bus, shuttle bus, and trolleybuses.
Diesel It includes vehicles that use diesel as their primary fuel. A diesel engine vehicle have a compression-ignited injection system rather than the spark-ignited system used by most gasoline vehicles. In such vehicles, fuel is injected into the combustion chamber and ignited by the high temperature achieved when gas is greatly compressed.
Gasoline It includes vehicles that use gas/petrol as their primary fuel. A gasoline car typically uses a spark-ignited internal combustion engine. In such vehicles, fuel is injected into either the intake manifold or the combustion chamber, where it is combined with air, and the air/fuel mixture is ignited by the spark from a spark plug.
LPG It includes vehicles that use LPG as their primary fuel. Both dedicated and bi-fuel LPG vehicles are considered under the scope of the study.
CNG It includes vehicles that use CNG as their primary fuel. These are vehicles that operate like gasoline-powered vehicles with spark-ignited internal combustion engines.
HEV All the electric vehicles that use batteries and an internal combustion engine (ICE) as their primary source for propulsion are considered under this category. HEVs generally use a diesel-electric powertrain and are also known as hybrid diesel-electric vehicles. An HEV converts the vehicle momentum (kinetic energy) into electricity that recharges the battery when the vehicle slows down or stops. The battery of HEV cannot be charged using plug-in devices.
PHEV PHEVs are powered by a battery as well as an ICE. The battery can be charged through either regenerative breaking using the ICE or by plugging into some external charging source. PHEVs have a better range than BEVs but are comparatively less eco-friendly.
Hatchback These are compact-sized cars with a hatch-type door provided at the rear end.
Sedan These are usually two- or four-door passenger cars, with a separate area provided at the rear end for luggage.
SUV Popularly known as SUVs, these cars come with four-wheel drive, and usually have high ground clearance. These cars can also be used as off-road vehicles.
MPV These are multi-purpose vehicles (also called minivans) designed to carry a larger number of passengers. They carry between five and seven people and have room for luggage too. They are usually taller than the average family saloon car, to provide greater headroom and ease of access, and they are usually front-wheel drive.
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Research Methodology

Mordor Intelligence follows a four-step methodology in all its reports.

  • Step-1: Identify Key Variables: To build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built based on these variables.
  • Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. Market revenue is calculated by multiplying the sales volume with their respective average selling price (ASP). While estimating ASP factors like average inflation, market demand shift, manufacturing cost, technological advancement, and varying consumer preference, among others have been taken into account.
  • Step-3: Validate and Finalize: In this important step, all market numbers, variables, and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
  • Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms.
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01. Crisp, insightful analysis
Our focus is NOT on word count. We present only the key trends impacting the market so you don’t waste time finding a needle in the haystack.
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We study the industry, not just the market. Our bottom-up approach ensures we have a broad and deep understanding of the forces that shape the industry.
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Tracking a million data points on the vehicles industry. Our constant market tracking covers over 1 million+ data points spanning 45 countries and over 150 companies just for the vehicles industry.
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Know where your data comes from. Most market reports today hide the sources used behind the veil of a proprietary model. We proudly present them so you can trust our information.
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Tables belong in spreadsheets. Like you, we also believe that spreadsheets are better suited for data evaluation. We don't clutter our reports with data tables. We provide an excel document with each report that contains all the data used to analyze the market.

India Passenger Car Market Research 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.

Hyundai Motor India Limited, Kia Corporation, Mahindra & Mahindra Limited, Maruti Suzuki India Limited and Tata Motors Limited are the major companies operating in the India Passenger Car Market.

In the India Passenger Car Market, the undefined segment accounts for the largest share by null.

In 2024, the undefined segment accounts for the fastest growing by null in the India Passenger Car Market.

In 2023, the India Passenger Car Market size was estimated at 39.82 billion. The report covers the India Passenger Car Market historical market size for years: 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the India Passenger Car Market size for years: 2024, 2025, 2026, 2027, 2028, 2029 and 2030.

India Passenger Car Industry Report

The India Passenger Car Market is segmented by vehicle configuration and propulsion type, including hybrid and electric vehicles as well as ICE. The report offers market size in both market value and market volume. Additionally, the report provides a market split by vehicle type, vehicle configuration, vehicle body type, propulsion type, and fuel category. The analysis includes a market forecast outlook and a historical overview.

The market share and industry analysis are key components of understanding the market dynamics. The industry overview gives a comprehensive view of the current state of the market. Through this industry report, one can gain insights into market analysis, market forecast, and market growth. The market leaders play a significant role in shaping the market trends.

The market report is essential for market research and understanding the market size. Industry trends and market data are crucial for making informed decisions. The market outlook and market review provide a detailed view of the future prospects. Market segmentation helps in identifying different market segments and their performance.

Industry information and industry outlook are integral for strategic planning. Industry reports and industry research offer valuable insights into market dynamics. Industry sales and industry size are important metrics for evaluating market performance. Industry statistics and market predictions provide a quantitative view of the market.

The report example and report pdf are useful for understanding the structure of the report. Research companies play a vital role in gathering and analyzing market data. The growth rate is a critical indicator of market performance. Market value is essential for assessing the economic impact of the market.

India Passenger Car Market Report Snapshots

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