Passenger Vehicles Market Outlook – Technological Advancement and Rising Income Driving Growth

MUMBAI, India - Oct. 6, 2017 - PRLog -- Global market intelligence firm, Netscribes, Inc. released its latest report on the 'Passenger Vehicles Market in India 2017 (https://www.researchonindia.com/passenger-vehicles-market-in-india-2017-13622.html)'. The new payout by the Government of India, '7^th pay commission' is expected to support the growth of passenger vehicles sales in India. Increase in income and rise in the number of high net-worth individuals has significantly boosted the passenger vehicle adoption in the country.

Netscribes' latest market research report titled Passenger Vehicles Market in India 2017 states that the passenger vehicles in India is expected to reach 5.4 mn units by FY 2022, expanding at a CAGR of 12%. The passenger vehicles market is segmented into Passenger Cars, Utility Vehicles and Vans. Passenger cars has 69% share and occupies the larger pie of the passenger vehicles market. Utility Vehicles and Vans have 25% and 6% share respectively. With advancements in technology, car manufacturers are gearing efforts to bring cutting edge technology to their vehicles. New technological developments such as connected cars, autonomous driving systems, artificial intelligence, cloud computing and IoT related technologies is redefining the automotive industry in India.

In Mar 2017, ban on sale and registration of BS III vehicles put pressure on several vehicle manufacturing companies in India. Demonetization has severely affected the domestic sales of passenger vehicles in India. The major players in the market such as Maruti Suzuki India Ltd., Honda Cars India Ltd., Tata Motors Ltd. have witnessed a sharp decline in sales of vehicles across the country. However, several government initiatives such as implementation of GST and Make in India campaign is fueling the passenger vehicles segment in the country. Implementation of GST is expected to act as an antidote against demonetization.

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