Key Market Indicators
Indian vehicle registrations are projected to climb to approximately 5.18 million units by 2028, up from 4.22 million units in 2023. This marks an annual growth rate of 3.3%. However, since 2010, the Indian market has experienced a slight decline of 0.8% per year. In 2023, India was ranked 15th globally in vehicle registrations, with Kuwait surpassing it with the same number of units. Canada, China, and Austria held the second, third, and fourth positions, respectively. Meanwhile, Indian vehicle production is expected to reach around 5.34 million units by 2028, rising from 4.77 million units in 2023, showing a yearly growth rate of 1.8%. Since 2002, Indian production has decreased by 1.6% annually. In 2023, India ranked fifth in vehicle production, just behind Germany, which produced the same number of units. The United States, Japan, and Germany occupied the second, third, and fourth spots, respectively.