Automobile Investment India is the World�s Fourth-Largest Market for Automobiles

Mean Metal Motors06 Oct, 2021Technology

By 2026, India is projected to surpass the United States as the world?s third-largest automotive market in terms of volume. In terms of startup investment, manufacturers are still pushing the envelope to the extreme limits of the possible. In the period April-March 2020, the Indian automobile industry will produce 26 million cars, which will include passenger vehicles, commercial vehicles, three-wheelers, two-wheelers, and quadricycles, with 4.7 million of those vehicles being exported. Because it is the world?s biggest tractor producer, second-largest bus maker, and third-largest heavy truck manufacturer, India has a dominant position in the worldwide market for heavy vehicles. ? The electric vehicle industry is projected to expand at a compound annual growth rate (CAGR) of 44 percent between 2020 and 2027, reaching annual sales of 6.34 million units by 2027. By 2030, the electric vehicle sector would have generated five crores of direct and indirect employment.

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