The "Vehicles in Use" in India stood at 37.27 Million Units as of 2023. From 2013 to 2016, the market exhibited varying year-on-year growth rates, peaking in 2013 at 9.74% before experiencing a significant decline in 2020 at -14.23%, largely due to external disruptors. Remarkably, 2021 saw a recovery with an 18.08% growth. Over the last two years (2022-2023), the market grew by 8.43% and 2.86% respectively. The five-year CAGR from 2019 to 2023 was 3.18%, indicating moderate progress.
Looking ahead, the forecasted growth from 2024 to 2028 suggests a slower yet steady annual increase, with a projected 5-year CAGR of 2.15%. By 2028, the market is expected to have grown by 11.22% from 2023 levels.
Future trends to watch for include the impact of emerging electric vehicle (EV) technologies, government policies promoting sustainable transportation, and potential market disruptions caused by economic factors. Additionally, the pace of urbanization and infrastructural developments will play crucial roles in shaping the future dynamics of vehicle usage in India.
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