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Automobile Industry in India

The Indian automobile industry has historically been a good indicator of how well the economy is doing, as the automobile sector plays a key role in both macroeconomic expansion and technological advancement.

The two-wheelers segment dominates the market in terms of volume, owing to a growing middle class and a huge percentage of India’s population being young. Moreover, the growing interest of companies in exploring the rural markets further aided the growth of the sector. The rising logistics and passenger transportation industries are driving up demand for commercial vehicles. Future market growth is anticipated to be fueled by new trends including the electrification of vehicles, particularly three-wheelers and small passenger automobiles.

India enjoys a strong position in the global heavy vehicles market as it is the largest tractor producer, second-largest bus manufacturer, and third-largest heavy truck manufacturer in the world. India’s annual production of automobiles in FY22 was 22.93 million vehicles. India has a strong market in terms of domestic demand and exports. In FY23, total passenger vehicle sales reached 3.89 million. In FY23, total automobile exports from India stood at 47,61,487. This sector’s share of the national GDP increased from 2.77% in 1992-1993 to around 7.1% presently. It employs about 19 million people directly and indirectly.

India is also a prominent auto exporter and has strong export growth expectations for the near future. In addition, several initiatives by the Government of India such as the Automotive Mission Plan 2026, scrappage policy, and production- linked incentive scheme in the Indian market are expected to make India one of the global leaders in the two-wheeler and four-wheeler market. (Source:

BHARAT MOBILITY 2024 is a mega event being organized by multiple industry bodies like the Engineering Export Promotion Council (EEPC), the Society of Indian Automobile Manufacturers (SIAM) and Automotive Component Manufacturers Association (ACMA) under the overall guidance of Ministry of Commerce & Industry is scheduled from 1- 3 February 2024 at Bharat mandapam, New Delhi. In contrast to regular auto expos, Bharat Mobility Show will concentrate on the future. It will cover more than just cars, incorporating drones to position India in the future mobility space. The event aims to bridge gaps in the industry, fostering collaboration for the future of mobility in India.

A mega event covering the entire value chain of the Mobility Industry including automobiles, automotive components, tyre manufacturing, energy storage solutions, urban mobility, alternative fuels, cutting-edge technology- all seamlessly brought together at a single venue.

A “mega” auto mobility show to bring together various industry stakeholders under one roof, it will be unlike the biennially held Auto Expo and Auto Components Expo which focus more on new product launches and will feature specialized exhibitions such as ACMA Automechanika, an auto show, a large-scale tyre exhibition, display of the latest electric vehicles (EVs), urban mobility solutions such as drones, batteries, charging stations, multiple energy sources and cutting-edge automotive and information technologies initiatives in EVs, hybrid, hydrogen, CNG/LNG, Ethanol/ Biofuels etc.

For more details, please contact Mr. Suranjan Gupta, Executive Director, EEPC India,, or Commercial Wing of the Embassy of India in Belgrade