In 2023, the import volume of automobiles with spark-ignition internal combustion reciprocating piston engines of cylinder capacity exceeding 3000 cc to India stood at 1.645 million kilograms. Forecast data for the years 2024 to 2028 indicate a steady decline, with values decreasing from 1.5827 million kilograms in 2024 to 1.3364 million kilograms by 2028.
Year-on-year percentage variations are as follows: from 2024 to 2025, a decrease of approximately 4.02%; from 2025 to 2026, around 4.1% less; from 2026 to 2027, a diminishment of about 4.18%; and from 2027 to 2028, a further drop of approximately 4.28%. As for the compounded annual growth rate (CAGR) over the five-year forecasting period (2023 to 2028), the market is predicted to shrink at an average rate of about 3.97% annually.
Future trends to watch for include shifts in consumer preferences towards electric or hybrid vehicles, potential government policy changes affecting imports, and fluctuations in global economic conditions that could impact consumer spending power and financing availability for luxury vehicles.
