Key Market Indicators
Indian vehicle registrations are projected to hit approximately 5.2 million units by 2028, up from around 4.2 million units in 2023. This growth represents an average annual increase of 3.3%. However, since 2010, the Indian market has experienced a slight annual decline of 0.8%. In 2023, India was ranked 15th globally in vehicle registrations, with Kuwait surpassing it at the same 4.2 million unit mark. The top three spots were held by Canada, China, and Austria, respectively. On the production front, Indian vehicle output is expected to reach about 5.3 million units by 2028, rising from roughly 4.8 million units in 2023. This reflects a compound annual growth rate (CAGR) of 1.8%. Despite this anticipated growth, Indian vehicle production has seen a year-on-year decline of 1.6% since 2002. In 2023, India ranked 5th in global vehicle production, with Germany just ahead at 4.8 million units. The United States, Japan, and Germany occupied the second, third, and fourth positions, respectively.
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