The auto sales figures serve as a vital economic indicator, reflecting consumer confidence and the economic health of India. It also enables automakers to fine-tune production levels, manage inventory effectively, and align product offerings with market preferences. Finally, the analysis of auto sales figures plays a pivotal role in driving growth, fostering innovation, and sustaining employment within the Indian automotive industry.
India is world’s third largest Automotive market in the world. The Analysis Of Automobile Industry In India Market size is estimated at USD 126.67 billion in 2024, and is expected to reach USD 187.85 billion by 2029, growing at a CAGR of 8.20% during the forecast period (2024-2029). This report consists of all the vehicles on road in the Indian market.
According to a report
RSVP : https://www.ibef.org/industry/india-automobiles/infographic
India enjoys a strong position in the global heavy vehicles market as it is the largest tractor producer, second-largest bus manufacturer, and third-largest heavy truck manufacturer in the world. India’s annual production of automobiles in FY23 was 25.9 million vehicles. India has a strong market in terms of domestic demand and exports. In January 2024, the total passenger vehicle sales reached 3,93,074*.
Passenger vehicles saw the highest ever sales in the month of January posting a growth of 14% compared to January 2023. In FY23, total automobile exports from India stood at 47,61,487. This sector’s share of the national GDP increased from 2.77% in 1992-1993 to around 7.1% presently. It employs about 19 million people directly and indirectly.
Talking about Aftermarket of automobiles in India, The automotive aftermarket in India is anticipated to reach approximately $14 billion by 2028, according to a Global Automotive Aftermarket Research Report by the Automotive Component Manufacturers Association (ACMA) in collaboration with Ernst & Young (EY). The study, covering 39 countries across six continents, indicates that the global aftermarket represents an export opportunity of over $35 billion for India.
Shradha Suri Marwah, president of the ACMA, emphasized the unique opportunities for Indian auto component aftermarket players and urged a focus on building partnerships, marketing, branding, digital presence and collaboration within the industry to tap into global market opportunities.
Lets drive ourselves to the category we want to talk about , and for which this blog is mainly written
Car Customization / Modification Industry in India.
The large number of car owners modify their cars to increase the performance of vehicle, it also improves the overall appearance of the car. The car modification is classified into two categories: performance and cosmetic. The changing core components such as wheels, suspension and upgrading exhaust system come under the performance category. While changing stripes, speaker systems, and others come under cosmetic category to improve esthetic.
a significant growth of automotive industry across the world with rapid urbanization, the demand of vehicles also increases, in result rising the demand of car modification. Rising the demand for comfortable driving experience and fuel efficiency propel the growth of this market. Increasing disposable income of consumers and increasing spending power boosts the modification of car. Rising the trend of modification of car in order to give attractive look to cars different from others. These are the major factors anticipated the growth of the global car modification market during the forecast period.
The changing core components such as wheels, suspension and upgrading exhaust system come under the performance category. While changing stripes, speaker systems and others come under cosmetic category in order to improve esthetic. The car owners prefer cosmetic category in order to expand the car’s esthetic appearance and to enhance the resale value of the vehicle. The hatchback segment of vehicle is dominating the global market owing to the sale of hatchback cars at large quantity in developing nations. Furthermore, increase in the sale of SUVs and rising trend to modify SUVs among the youth drives the growth of the global market during the forecast period.
India’s per capital disposable income is projected to reach ₹2.14 lakh in 2023-24. The government corrected the GDP data, revealing changes in gross and net national disposable income. Per capital disposable income grow 8% in FY24 and 13.3% in the previous year. So the demands in Aftermarket industry is going to be surprisingly increasing every quarter.
Despite of the tremendous growth and demand in the Indian automotive market the regional players are making a less share of it. The main reason for this is a totally unorganized format of the Aftermarket in Automobile industry. The second big reason is low skills and lack of professional knowledge to serve the proper and best integration against the customer requirements.
Here we Filmshoppee, are making an environment for our Franchisers , to get them straight into an organized market place to get the best business out of it. The trend of Modification in your vehicle is booming at every corner of India, making this a perfect time to tap into this business. We are creating a total on spot digitization of all the Aftermarket demands of the customer. We are making a single window inquiry for every need of any brands in any particular category of Aftermarket industry in India. We give regular training and acknowledgement to our sales and service staff with time to time market updates. This has helped us lot to be on the top of the flow of the market. More info about the Indian Aftermarket Automobile Sector along with details of the solution to catch up with the changes will be with our another upcoming blog.
Stay tuned to our blogs for more.
