In its latest report, Primus Partners delves into the dynamic growth of India’s automobile sector during the fiscal year 2023-24, highlighting significant shifts and emerging trends.
Key Highlights:
1. Segment-wise Value Breakdown
- The report provides a detailed breakdown of the automobile industry’s value across different segments, showcasing which segments contributed the most in terms of both value and volume.
2. Rise of Utility Vehicles (UV) Segment
- The UV segment emerged as a frontrunner, experiencing robust growth of 23% in volume and an impressive 39% in value. The report explores reasons behind the soaring popularity of SUVs and utility vehicles among Indian consumers.
3. Global Market Position
- India secured its position as the world’s third-largest market for vehicle registrations in 2023, underscoring its growing influence in the global automotive landscape.
4. Industry Growth Trends
- Overall, the Indian automobile industry witnessed a 19% increase in value, driven by strategic shifts in consumer preferences and market dynamics.
5. Future Outlook
- Looking ahead, the report predicts continued momentum in segments like UVs, driven by factors such as increasing urbanization, preference for robust vehicles, and advancements in technology.
“2023-24 marked a pivotal year for India’s automotive sector, with significant growth observed across various vehicle categories. The shift towards utility vehicles and SUVs underscores a notable trend towards vehicles offering both versatility and prestige,” remarked Mr. Anurag Singh, Managing Director of Primus Partners.
For more insights into the evolving landscape of India’s automobile industry, the detailed analysis can be accessed in the full report by Primus Partners.
