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
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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.