{"id":215,"date":"2023-04-28T03:22:59","date_gmt":"2023-04-28T03:22:59","guid":{"rendered":"https:\/\/assetify.in\/blog\/?p=215"},"modified":"2023-04-28T03:23:02","modified_gmt":"2023-04-28T03:23:02","slug":"indian-car-market","status":"publish","type":"post","link":"https:\/\/assetify.in\/blog\/indian-car-market\/","title":{"rendered":"\u00a0The Thriving Indian Car Market at Your Disposal"},"content":{"rendered":"\n

Ranging from SUVs to hatchbacks and Sedans, the Indian car market is preparing for a year of excitement with over 50  new car arrivals in 2023. It signals the galloping journey of the Indian car market to overtake China by 2030. Several reasons propel this growth. <\/p>\n\n\n\n

The prime factor is India\u2019s growing population of 1.43 billion and the growing middle class. Additionally, the rising disposable incomes and urbanization, have contributed to the tremendous rise of the Indian car market. Consequently, both domestic and foreign car manufacturers compete by launching sophisticated cars regularly. They introduce innovative features and offers across electric cars, SUVs, luxury cars, and hatchbacks invariably. Let\u2019s take a close look at each segment.<\/p>\n\n\n\n

Indian Electric Car Market<\/strong><\/h1>\n\n\n\n

Do you know that by embracing electric vehicles, you are hitting two birds with one stone? You are not only saving money but also leaving a greener planet for your children. With fuel prices soaring high, we think twice before leaning for the car key to go for that grocery shopping. It is at this juncture, that electric cars in the Indian car market offer you the best and most affordable solution. They help you cut down on fuel costs as electricity is cheaper than diesel or petrol. Further, it keeps the environment cleaner. Eventually, you are hitting two birds with one stone.<\/p>\n\n\n\n

 Further, the 2023 Global Automotive Consumer Study by Deloitte documents a change in mobility trends. Accordingly,59% of Indian car buyers are worried about pollution and vehicle emissions. Hence, there is currently a collaboration of manufacturers and policy-makers to steer the demand in favor of greener options.  <\/p>\n\n\n\n

As a result, both Indian and  foreign brands have entered the race. Thus, Electric vehicles (EVs) are transforming the landscape of the Indian automobile Industry.<\/p>\n\n\n\n

SUVs drive sales<\/strong><\/h3>\n\n\n\n

Reports suggest that more than half of the record car sales in the last fiscal were sport-utility vehicles (SUVs). In 2022, the Indian SUV market recorded USD 196.75 million, and in 2028, it is anticipated to reach USD 381.79 million.<\/p>\n\n\n\n

 Features like spaciousness high-riding stance, luxurious features, and imposing road presence make them a highly sought-after choice.<\/p>\n\n\n\n

Luxury Cars claim the Indian Car Market Share<\/h3>\n\n\n\n

In the changing dynamics of the  Indian car market, luxury cars have gained traction. It is due to the increasing purchasing power of the upper middle- class and the affluent sections of society. Let\u2019s have a cursory glance at the performance of luxury cars in the Indian automobile industry.<\/p>\n\n\n\n

 The sluggish economy and the macroeconomic challenges have not diminished the sheen of luxury cars. Their market in India made up 1% of the overall passenger vehicle market in 2022 and is anticipated to reach a new high. The growth is likely to increase to about 1.1% of the market by 2023.<\/p>\n\n\n\n

The growing desire for cutting-edge technology and safety features can be attributed to the love for luxury. Moreover, consumers are aware of the luxury Indian car market. <\/p>\n\n\n\n

In addition, the Government of India encourages luxury electric vehicles (EVs) as a sustainable mode of transportation for lowering carbon emissions. It also acts as another growth-inducing factor.  <\/p>\n\n\n\n

Subsequently, capitalizing on the conducive ecosystem, luxury car brands are competing in the Indian car market with their advanced electronic versions.<\/p>\n\n\n\n

Hatchbacks: still a popular choice<\/h3>\n\n\n\n

Though SUVs and Luxury cars steal the spotlight, hatchbacks have long been the ideal companion for the narrow streets of India. This is because of their compact size and easy navigation. Anyone would prefer a tiny car for urban driving due to the troika of space, parking, and traffic.<\/p>\n\n\n\n

 While they don’t have the same market share as SUVs, compact cars will have a market by 2030 due to electric vehicles.      <\/p>\n\n\n\n

Car Loans and Car Leases driving the growth<\/a><\/strong><\/h3>\n\n\n\n

We\u2019ve had a cursory glance at the   Indian car market share in the Indian automobile industry. In this context, we should acknowledge the role of automotive financing by Banks and NBFCs. Car finance  that NBFCs provide help an average Indian to own her dream car with flexible funding options. Furthermore, their well-established network and customer penetration have made them more accessible. Therefore, the astonishing speed with which the Indian car market grows is testimony to the flexible vehicle loan market in India.  <\/p>\n\n\n\n

\u2018Assetify\u2019also offers attractive car finance options . For more information visit www.assetify.in<\/a> <\/p>\n\n\n\n

Conclusion<\/strong><\/h4>\n\n\n\n

As the Indian automobile industry is poised to become the third largest market by 2030, the Indian car market plays a crucial role in driving growth. In conclusion, its rapid and dynamic growth offers you a mind-boggling variety of cars that stay within your budget. So delay not, and pick your dream car. <\/p>\n","protected":false},"excerpt":{"rendered":"

Ranging from SUVs to hatchbacks and Sedans, the Indian car market is preparing for a year of excitement with over 50  new car arrivals in 2023. It signals the galloping journey of the Indian car market to overtake China by 2030. Several reasons propel this growth.  The prime factor is India\u2019s growing population of 1.43 […]<\/p>\n","protected":false},"author":1,"featured_media":216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[37,23,36,35],"class_list":["post-215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial-news","tag-car-lease","tag-car-loan","tag-indian-automobile-industry","tag-indian-car-market"],"fimg_url":"https:\/\/assetify.in\/blog\/wp-content\/uploads\/2023\/04\/Indian-Automobile-Industry-370x208.jpg","yoast_head":"\n\u00a0The Thriving Indian Car Market at Your Disposal<\/title>\n<meta name=\"description\" content=\"The Indian car market is one of the fastest-growing in the world. 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