Key Points
- India’s car market is still lagging behind developed countries.
- Projected sales of 5.7 million cars by FY29, growing at a 6.5% annual rate from FY24.
- Consumers are leaning towards mid to high-end, feature-rich cars.
- Battery electric vehicles (BEVs) and hybrids are expected to take up one-third of the market by FY29.
Looma News
Let’s dive into the exciting future of India’s car market. According to some fresh insights from Hyundai Motor India, there’s a massive opportunity for growth. Can you believe that India’s car market is still pretty underdeveloped compared to many other countries? That just means there’s tons of potential.
By FY29, we’re looking at a jaw-dropping 5.7 million cars expected to hit the roads, which translates to a solid 6.5% growth each year starting from FY24. So, what’s fueling this growth? Indian buyers are really leaning towards mid to high-end models that come loaded with features. No wonder the average car price is climbing faster than sales!
Shifting Preferences
What’s capturing buyers’ attention these days? SUVs and cars packed with features are totally in! And don’t forget the rising interest in battery electric vehicles (BEVs) and strong hybrids. Right now, these eco-friendly options are just under 5% of the market, but experts think they could soar to about one-third by FY29. This isn’t just a fad; it’s a total game changer!
So, whether you’re eyeing a shiny new SUV or thinking about going electric, the future looks super bright for car lovers in India.
