Automotive Sector In India

 

  • The world’s largest two-wheeler manufacturer
  • Third largest heavy truck manufacturer
  • World’s largest manufacturer of tractors
  • World’s second-largest bus manufacturer and fourth-largest manufacturer of cars
  • Seventh largest in commercial vehicle manufacturing
  • Automobile sector contributes 49% to India’s manufacturing GDP
  • India exported ~ 4.8 million automobiles in 2022–23
  • Indian Government targets 30% of vehicles on the road should be electric by 2030
  • A total of 3.7 Mn electric vehicles are already registered in India

Recent and planned developments in the Indian Automobile Sector.

  • According to IBEF, In November 2023, Tata Motors inaugurated its state-of-the-art registered vehicle scrapping facility in Chandigarh.
  • In June 2023, Hero MotoCorp revealed plans to invest up to Rs. 1,500 crore in developing premium bikes and EVs in India.
  • In May 2023, Maruti Suzuki India revealed plans to invest over Rs. 40,000 crore to double capacity by 2030.
  • In March 2023, the Central government sanctioned Rs. 800 crore million under FAME India Scheme Phase II to Indian Oil (IOCL), Bharat Petroleum (BPCL), and Hindustan Petroleum (HPCL), for setting up 7,432 public fast charging stations across the country.
  • In February 2023, German luxury car maker Audi India began local production of the Audi Q3 and Audi Q3 Sportback at the Skoda Auto Volkswagen India Private Limited (SAVWIPL) plant in Aurangabad.
  • In February 2023, Nissan and Renault revealed a plan to invest Rs. 4,800 crore in India over the next 3–5 years to expand their market share in passenger cars and electric vehicles.
  • In February 2022, a memorandum of understanding (MoU) was signed between the electric two-wheeler company Ather Energy and the Electric Supply Companies (ESCOMs) of Karnataka for setting up 1,000 fast charging stations across the state.

To know more info, click the link here- https://uja.in/blog/market-reports/automotive-sector-in-india/

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