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Indian Automobile Industry Value Surges 19% In FY 2023-24

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  • India’s vehicle production grew by 10%, with a 19% increase in value. 
  • The UV + SUV segment saw the highest growth, with a 23% rise in volume and a 16% increase in average price, leading to a 39% surge in value.

Primus Partners has reported that the Indian automobile industry’s value reached INR 10.22 lakh crore in the fiscal year 2023-24. The second edition of the India Automobile Value report provides a comprehensive overview of the industry, highlighting key trends and insights for the year. India experienced a 19% increase in the overall value of the automobile industry, with a notable 10% growth in vehicle sales. The SUV (Sport Utility Vehicle) and UV (Utility Vehicle) segments saw a remarkable 39% rise in value, reflecting a shift in consumer preferences. India is now the third-largest market for vehicle registration globally, trailing only China and the US.

The report indicates a 23% increase in the volume of UVs and SUVs, with a 16% rise in prices, resulting in a significant 39% increase in overall value. This price increase is attributed to various factors, including a general rise in prices, a shift to higher segments, the popularity of hybrids and EVs, automatic transmissions, and sunroofs.Conversely, the passenger vehicle (PV) segment saw a 9% decline in volume, leading to a 4% drop in value due to slight price increases. The two-wheeler segment experienced a 10% increase in volume and a 13% rise in value, while the three-wheeler segment grew by 16% in volume and 24% in value. The commercial vehicle segment also saw growth, with a 3% increase in volume and a 7% rise in value.

India’s position as the third-largest country for vehicle registrations, though it lags behind countries like Japan and Germany in value terms. The average vehicle price in India remains lower than in many advanced countries. Despite this, the value of the Indian automobile industry is growing faster than its volume, with consumers favoring more expensive models across segments. India remains the leading producer of two-wheelers, with over 20 million units produced last year. While the two-wheeler segment accounts for 76% of the industry’s volume, it represents only 18% of its value. The commercial vehicle segment contributes 18% of the industry’s value, driven by higher-priced vehicles such as trucks and specialty vehicles.

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Anurag Singh, Managing Director of Primus Partners, commented on the findings, stating that India is leading the global automobile market by focusing on feature-rich, higher-priced vehicles rather than lower-priced options. He attributed this transformation to changing consumer preferences and strong economic fundamentals, with the UV and SUV segments becoming increasingly popular among Indian consumers.

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