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India Passenger Vehicle Industry Outlook Report 2021: Growth Opportunities in Increasing Preference for Compact UVs & Connectivity as New USP for OEMs
April 15, 2021 06:18 ET | Source: Research and Markets Research and Markets Dublin, IRELAND
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Currently, the country s passenger vehicle (PV) sector accounts for nearly 7.5% of gross domestic product (GDP) and nearly 49.0% of manufacturing GDP. In the recent past, the Indian PV industry took a massive qualitative jump as vehicles became increasingly safer and environment-friendly, growth fuelled by a mix of policy changes and consumers evolving demands.
This high growth pattern occurred in a short time frame and attracted International automakers to invest in, enter, or expand existing operations in India.