Forecast: Vehicles Production in India

The production of vehicles in India has shown significant fluctuations over the years. From 2013 to 2023, the industry experienced both growth and declines. The year-on-year variations indicate a sharp decline in 2019 and 2020, followed by a recovery in 2021 with a substantial 30.08% increase. However, the compound annual growth rate (CAGR) over the past five years has been relatively stable at -1.63%. In 2023, the vehicle production stood at 4.7665 million units, showing an 8.01% increase from the previous year.

For future trends:

• Expect a moderate growth with a forecast five-year CAGR of 1.81% from 2024 to 2028.
• The overall forecasted growth rate over the next five years is projected to be 9.38%.
• Watch for technological advancements and policy changes that could impact production levels.
• Pay attention to the potential effects of global supply chain disruptions on vehicle production.