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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.
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Automotive Pay As You Go Road Charging Market, 2030
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The Global Automotive Pay As You Go (PAYG) Road Charging Market was valued at USD 7.83 billion in 2019 and is estimated to garner USD 15.98 billion by 2030, at a CAGR of 6.7% during the forecast period, from 2020 to 2030.
Automotive Pay As You Go (PAYG) Road Charging is a form of tax levied to the vehicle owners for the sole purpose of infrastructure maintenance. It also depends on vehicle fuel type as there has been a rising inclination towards hybrid & electric vehicles, which has further led to construction of charging points for the vehicles. It is a network of vehicle charging points across the state, country or region.
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