The Indian automobile industry that was in an embryonic stage in 1940s has now grown to million dollar industry with huge increase in the number of vehicles on the road. By 2050 611 billion vehicles are expected to be there on the nation’s roads.
The Indian vehicle industry includes variety of vehicles which plays a crucial role in the growth of Indian economy. Increasing demands for materials increases the need for transportation of goods and people. India, being second most populous country in the world the fact that only 10-20% Indians own vehicles is a ray of hope to automobile industry.
Unlike other industries which were affected by the outbreak of covid-19 pandemic, this is the only industry which has acquired growth during this time. The fear of pandemic and personal health resulted in the shoot-up in the demand commercial vehicles which increased the demand for automotive components market.
A recent study states that the Indian commercial vehicle market is going to grow at a CAGR of 2.97 percent from 2018 to 2030.