Automotive
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MARKET SIZE
he Indian passenger car market was valued at US$ 32.70 billion in 2021, and it is expected to reach a value of US$ 54.84 billion by 2027 while registering a CAGR of over 9% between 2022-27. The global EV market was estimated at approximately US$ 250 billion in 2021 and by 2028, it is projected to grow by 5 times to US$ 1,318 billion.
In July 2023, the total production of passenger vehicles*, three wheelers, two wheelers, and quadricycles was 2.08 units.
In the first quarter of 2023-24*, total production of passenger vehicles, commercial vehicles, three wheelers, two wheelers, and quadricycles was 6.01 million units.
India accomplished a significant milestone, with the sale of 8,32,434 EVs in 2023-24 (till August 2023).
The electric vehicle (EV) market is estimated to reach Rs. 50,000 crore (US$ 7.09 billion) in India by 2025.
A study by CEEW Centre for Energy Finance recognised a US$ 206 billion opportunity for electric vehicles in India by 2030. This will necessitate a US$ 180 billion investment in vehicle manufacturing and charging infrastructure.
According to NITI Aayog and the Rocky Mountain Institute (RMI), India’s EV finance industry is likely to reach Rs. 3.7 lakh crore (US$ 50 billion) by 2030. A report by the India Energy Storage Alliance estimated that the EV market in India is likely to increase at a CAGR of 36% until 2026. In addition, the projection for the EV battery market is expected to expand at a CAGR of 30% during the same period.
Indian automotive industry is targeting to increase the export of vehicles by five times during 2016-26. In FY23, total automobile exports from India stood at 47,61,487. Indian automobile exports of two-wheelers stood at 36,52,122 in FY23.
Advantages
It gave people the opportunity to expand their lives.
- The automobile allowed people to travel much farther, so they could go nearby towns and cities to buy supplies if they needed.
- People could go to regional hospitals and attend school in town by travel car or bus.
Disadvantages
- They contribute to the depletion of the ozon layer as well as to global warming.
- They also add to the pollution of densly inhabitated regions by producing noise and as the main factor in the widespread phenomena called ‘smog’.
- The increased mobility also contributed to a development which is widely known as urban sprawl, which is the extensive development of suburbs and vice versa the declension of city centers.