Indian auto industry poised to reach USD 300 Billion by 2026; Revving up for innovation and expansion
In March 2024, the Indian auto industry produced a total of 2,325,959 units, covering Passenger Vehicles, Three-wheelers, Two-wheelers, and Quadricycles.
Passenger Vehicles accounted for 368,086 units, Three-wheelers saw 56,723 units, and Two-wheelers dominated with 1,487,579 units sold during the domestic sales for the month of March.
During the first quarter of 2024, the industry produced a total of 7,394,417 units, spanning Passenger Vehicles, Commercial Vehicles, Three-wheelers, Two-wheelers, and Quadricycles.
Passenger Vehicles recorded 1,135,501 units, Commercial Vehicles reached 268,294 units, Three-wheelers stood at 164,844 units, and Two-wheelers maintained a strong performance with 4,503,523 units sold during Domestic sales for January to March 2024.
For the financial year from April 2023 to March 2024, the Indian automotive industry reported a total production of 284,347,742 units.
Passenger Vehicles accounted for 4,218,746 units, Commercial Vehicles saw 967,878 units, Three-wheelers recorded 691,749 units, and Two-wheelers dominated the market with 179,743,365 units sold, at the time of domestic sales for the same perod.
India's dominance in the automotive arena is further highlighted by its status as the world's largest manufacturer of two-wheelers, with over 21 million units produced annually, and as the largest manufacturer of tractors.
Moreover, it ranks as the world's third-largest heavy truck manufacturer and fourth-largest car manufacturer.
The sector has also been a magnet for foreign
