Forecast: Passenger Cars Registrations in India

Passenger car registrations in India stood at 2.8491 million in 2023. From 2013 to 2023, the market generally showed an upward trend, peaking in 2018 before crashing drastically in 2020. The market began to recover by 2022 and maintained positive growth up to 2023.

Key trends:

• 2013-2018: Approximately a 32.9% increase in passenger car registrations, strong growth momentum.
• 2020: A sharp decline due to the pandemic, with registrations dropping by 66.75% year-on-year.
• 2021-2023: Recovery phase posting a 13.54% year-on-year growth in 2023.
• 2024-2028 Forecast: A predicted steady decline with a -1.33% CAGR indicating a slight drop in future passenger car registrations.

Future trends to watch for include the adoption of electric vehicles, government policies aimed at reducing emissions, advancements in automotive technology, and changing consumer preferences towards shared mobility solutions.