India’s auto industry plays an important role in the country’s economic system. In recent years, the value of India’s auto industry has exceeded $100 billion. In the long run, it accounts for an average of 8% of the country’s total exports and 2.5% of GDP. Judging from the data for the 2021 fiscal year, India’s auto production reached 4.457 million units, and domestic auto sales reached 3.787 million units. Both auto production and sales levels rank among the top five in the world. According to the forecast of the Ministry of Industry and Commerce of India, it is expected that by 2025, the development scale of India’s automobile industry will reach the third place in the world.
Data source: Association of Indian Automobile Manufacturers.
Remarks: Fiscal year 2021 refers to April 2021 to March 2022.
Judging from the relevant data in the second quarter of 2022, the Indian auto industry has performed brilliantly in every month.
AprilThe number of cars exported from India to all over the world47,000, compared to last year Growth was 11% over the same period, but domestic sales were bleak. It was mainly due to the decline in demand in the domestic auto market under the influence of the severity of the new crown epidemic situation in India that month. Under such circumstances, the local automakers, mainly Hyundai, Kia and Suzuki, have increased their efforts in exporting models. Mayparts andJuneSales of passenger cars in India (calculated by shipment)respectivelygrowth185%and40.2%. The two-month growth benefited from the recovery of India’s macroeconomic situation as the local new crown epidemic eased, and the domestic market’s auto consumption demand that was suppressed by the epidemic was gradually released. .
Generally speaking, India, as an important automobile production and consumption country in the world, its automobile industry in the second quarter of this year The level of prosperity is gradually recovering. It is expected that in the next two years, the development of India’s auto industry will present both opportunities and challenges.
In terms of opportunities, from the perspective of production, according toNews at the end of June, Great Wall Motors of China reached an agreement with the government of Maharashtra, India, to invest 1 billion US dollars in India to build a world-class automotive highly automated factory, R&D center and improve the supply chain of auto parts . This will help improve the production efficiency and scale of the local auto industry and drive the upgrading of auto products to the mid-to-high-end sector. From the perspective of consumption, India’s current car penetration rate is less than 3%. With a huge population and considerable economic growth expectations, India’s domestic car consumption growth potential is huge in the future.
In terms of challenges, India’s GST rate on motor vehicles is as high as28%, plus For other taxes levied by the above states, the relevant taxes and fees for Indian consumers account for 37%-38% of the car purchase cost. High car purchase costs and relatively low income levels are the key obstacles to Indian residents’ car consumption. If the tax policy on cars remains unchanged in the future, it will continue to hinder the country’s car consumption.
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