Forecast: Passenger Cars in Use in India

Between 2013 and 2023, the number of passenger cars in use in India experienced steady growth, except for 2020 when there was a significant decline due to external factors, likely related to the pandemic. The year 2023 saw the number of passenger cars in use at 29.3 million units, marking a 2.98% growth from the previous year. Over the past five years, the compound annual growth rate (CAGR) stood at 3.32%. Looking ahead, the forecast demonstrates a subdued growth pattern with a projected CAGR of 2.23% from 2024 to 2028, cumulatively growing by 11.66% over these years.

Future trends to watch for include the impact of electric vehicle adoption, government policies promoting sustainability, and potential market disruptions due to technological advancements. Monitoring consumer preferences and economic conditions will also be critical to understanding market dynamics.