Passenger car registrations in India have shown significant fluctuations over the past decade. From 2013 to 2018, there was a steady increase with minor year-on-year variations, peaking at 231.36 thousand registrations in 2018. However, the market faced a sharp decline starting 2019, with registrations plummeting to 192.08 thousand. The downward trajectory continued with a substantial drop in 2021, and although there was a slight recovery in 2022 with a 10.97% increase, the number fell again by 14.35% in 2023, standing at 137.78 thousand.
Forecast data from 2024 onward suggests a dramatic decrease in passenger car registrations, with values expected to decline progressively to a mere 6.17 thousand by 2028. This forecasts an average annual decrease (CAGR) of -43.88%, indicating a severe contraction in the market over the next five years.
Future trends to watch for:
- Potential shifts in consumer preferences towards alternative modes of transportation.
- The impact of economic policies and regulatory changes on the automotive sector.
- Technological advancements in car manufacturing and the transition to electric vehicles.
- Market responses to emerging global supply chain challenges and environmental concerns.
