Key Market Indicators
Indian car registration is projected to decline to approximately 2.62 million units by 2028, down from nearly 2.85 million units in 2023. This marks an average annual decrease of 1.3%. Over the past decade, Indian demand for car registrations has dropped by an average of 3.4% per year. In 2023, India ranked 13th globally in terms of car registrations, with Brazil taking the lead at around 2.85 million units. Indonesia, Austria, and Belgium secured the second, third, and fourth spots, respectively. On the production front, India's car output is expected to rise, reaching about 4.37 million units by 2028, up from roughly 3.91 million units in 2023. This represents an average annual growth rate of 1.7%. However, since 2002, the country's car production supply has seen a slight annual decline of 0.6%. In the global rankings for car production in 2023, India held the fourth position. Germany surpassed India with nearly 3.91 million units, while Japan and Germany occupied the second and third spots, respectively.
