Dominated by the two-wheelers segment due to a growing middle class and a significant young population, the sector has witnessed substantial growth. The increasing interest of companies in rural markets has further fuelled this expansion.
In FY24, the Indian automobile industry posted 12.5 per cent growth, with total units reaching 23,853,463 compared to 21,204,846 units in FY23, according to the Society of Indian Automobile Manufacturers (SIAM). The passenger vehicle (PV) segment saw wholesale dispatches to dealers grow by over 8 per cent to 4,218,746 units from 3,890,114 units in FY23. The utility vehicle (UV) segment led this growth with a 26 per cent increase, reaching 2,520,691 units compared to 2,003,718 units in FY23. Two-wheeler wholesales also grew by over 13 per cent, totalling 17,974,365 units compared to 15,862,771 units in FY23.
However, commercial vehicle sales saw only a marginal increase of 0.6 per cent, with 967,878 units sold compared to 962,468 units in FY23. According to NITI Aayog and the Rocky Mountain Institute (RMI), India's electric vehicle (EV) finance industry is projected to reach USD 50 billion (₹3.7 lakh crore) by 2030.
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