In 2023, passenger car registrations in India were approximately 170,000 (seasonally adjusted). Analysis of forecasted data indicates a consistent annual decline: 6.1% in 2024, 6.1% in 2025, 6.4% in 2026, 6.8% in 2027, and 7.2% in 2028. The compound annual growth rate (CAGR) from 2024 to 2028 is projected to be -6.5%, showcasing a steady downward trajectory.
Future trends to monitor include:
- Transition towards sustainable mobility, such as electric vehicles.
- Impact of economic conditions and policy changes on consumer purchasing power.
- Potential influences from urbanization and public transportation improvements.
