Large Cars - India

India

Revenue in the Large Cars market is projected to reach €1bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.89%, resulting in a projected market volume of €1bn by 2029.
Large Cars market unit sales are expected to reach 35.1k vehicles in 2029.
The volume weighted average price of Large Cars market in 2024 is expected to amount to €18k.
From an international perspective it is shown that the most revenue will be generated in China (€98,510m in 2024).

Key regions: Worldwide, China, India, Germany, Europe

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Analyst Opinion

The Large Cars market in India has seen significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Indian consumers have traditionally preferred smaller, more fuel-efficient cars due to the country's congested roads and high fuel prices. However, there has been a noticeable shift in customer preferences towards larger cars in recent years. This can be attributed to several factors. Firstly, rising disposable incomes have allowed more Indian consumers to afford larger cars. Additionally, the growing popularity of SUVs and luxury vehicles globally has influenced Indian consumers' preferences as well.

Trends in the market: The trend towards larger cars in India is reflected in the increasing sales of SUVs and luxury vehicles. SUVs, in particular, have gained significant traction in the Indian market. This can be attributed to their versatility, higher ground clearance, and perceived safety advantages. Luxury vehicles, on the other hand, appeal to Indian consumers seeking a premium driving experience and status symbol.

Local special circumstances: India's road infrastructure has improved significantly in recent years, with the construction of new highways and expressways. This has made it more feasible for Indian consumers to own and drive larger cars. Additionally, the increasing number of nuclear families and the desire for more space and comfort have also contributed to the demand for larger cars in India.

Underlying macroeconomic factors: India's strong economic growth and rising disposable incomes have played a crucial role in the development of the Large Cars market. As the Indian middle class continues to expand, more consumers have the financial means to purchase larger cars. Furthermore, favorable government policies and initiatives, such as the reduction in Goods and Services Tax (GST) on luxury vehicles, have also boosted the demand for large cars in India. In conclusion, the Large Cars market in India has experienced significant growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The increasing sales of SUVs and luxury vehicles reflect the shifting preferences of Indian consumers towards larger cars. With the continued economic growth and improving road infrastructure, the market for large cars in India is expected to further expand in the coming years.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).