Indian Mobility Industry
Indian Mobility Industry September 2019 The Indian automobile industry is one of the largest and fastest-growing auto markets in the world, and it accounts for 7.1 per cent of the country’s Gross Domestic Product (GDP). It is estimated to grow at around 10-15 per cent per annum, to reach US$ 16.5 billion by 2021 from around US$ 7 billion in 2016. The Indian auto sector also accounts for a significant share of the country’s manufacturing facilities and is expected to increase this share to 25 per cent by 2022, significantly up from 15 per cent in 2017. A majority of India’s auto industry is driven by vehicles running on fossil fuels. However, with increasing environmental concerns, the country has taken steps towards transforming its auto market to a more sustainable model–one running on renewable fuel. The Indian electric car market size was valued at $71.1 million in 2017 and is projected to reach $707.4 million by 2025, witnessing a CAGR of 34.5% during the forecas...