Forecast: New Vehicles Registrations in India

From 2013 to 2023, the new vehicle registrations in India have seen significant fluctuations. The highest registration value was in 2018, reaching 4.4002 million, while 2020 saw a dramatic decrease to 0.91697 million due to the impact of the COVID-19 pandemic. By 2023, the registrations had recovered to 4.2187 million, marking a year-on-year increase of 23.72% from the previous year. The compound annual growth rate (CAGR) over the past five years up to 2023 stands at -0.84%, illustrating the volatility during this period.

Looking ahead, forecasted data suggest a steady recovery and growth, with registrations expected to reach 5.1791 million by 2028. This phase projects a 5-year CAGR of 3.25%, and an overall growth rate of 17.32% from 2023 to 2028, indicating optimistic market conditions.

Future trends to watch:

• Electric vehicle adoption and related infrastructure development.
• Government policies and incentives aimed at reducing carbon emissions.
• Technological advancements in vehicle manufacturing and safety features.
• Economic factors influencing consumer purchasing power and preferences.