Indian Automotive Industry Outlook for 2023
Automotive Industry for 2023
The Indian Automotive Sector is a key growth driver for the Indian economy and is responsible for contributing 49% to India's manufacturing GDP and 7.5% to the nation's overall GDP. The sector is poised for a sustained growth momentum in 2023, especially with the return of the Indian motor show, popularly known as Auto Expo 2023. Additionally, the government of India expects the sector to attract USD 8 to 10 billion in local and foreign investments in the coming year.
The two-wheeler and passenger car categories dominate the Indian automobile market, with the two-wheeler segment accounting for 76% and the passenger car segment accounting for 17.4% of the total market share.
The trend of electric vehicles has been on the rise in India in recent years, with the market for EVs now pegged at around five percent of the total two-wheeler market. This trend is expected to continue in 2023, with the rise of digital automobile technology and increased production of electric cars.
Despite the current global geopolitical headwinds, tightening monetary policies, and the lingering effects of the COVID-19 pandemic, the long-term prospects for the Indian automobile industry remain strong. Global sales of passenger vehicles are expected to increase in 2023 and the sector is looking forward to the upcoming budget for the standardization of the Goods and Services Tax (GST).
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The Indian Automotive Sector is an integral part of the Indian economy and is expected to continue its growth momentum in 2023. With the return of the Auto Expo and the government's push for more investments, the sector is well-positioned to embrace cleaner mobility solutions and create more employment opportunities in the coming year.
Amidst the global energy crisis and continued supply-chain disruptions, the automotive industry players are exploring options to reintroduce the sector. By implementing cloud computing and electric vehicle technology, the industry is entering fast into a revolutionized age with the primary aim of offering consumers a value-added experience.
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