The global EV market was estimated at approximately US$ 250 billion in 2021 and by 2028, it is projected to grow by 5 times to US$ 1,318 billion. The Indian passenger car market was valued at US$ 32.70 billion in 2021, and it is expected to reach a value of US$ 54.84 billion by 2027 while registering a CAGR of over 9% between 2022-27. It employs about 19 million people directly and indirectly. This sector's share of the national GDP increased from 2.77% in 1992-1993 to around 7.1% presently. In FY23, total automobile exports from India stood at 47,61,487. In FY23, total passenger vehicle sales reached 3.89 million. India has a strong market in terms of domestic demand and exports. India’s annual production of automobiles in FY22 was 22.93 million vehicles. India enjoys a strong position in the global heavy vehicles market as it is the largest tractor producer, second-largest bus manufacturer, and third-largest heavy truck manufacturer in the world. Future market growth is anticipated to be fueled by new trends including the electrification of vehicles, particularly three-wheelers and small passenger automobiles. The rising logistics and passenger transportation industries are driving up demand for commercial vehicles. Moreover, the growing interest of companies in exploring the rural markets further aided the growth of the sector. The two-wheelers segment dominates the market in terms of volume, owing to a growing middle class and a huge percentage of India’s population being young. The Indian automobile industry has historically been a good indicator of how well the economy is doing, as the automobile sector plays a key role in both macroeconomic expansion and technological advancement.
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