Copyright FOURIN, Inc. 2023
India’s Automobile Ownership Volume Reach 48 Million Units with Potential for Market Expansion
In India, an estimated 47.81 million automobiles were owned as of March 31, 2017 (latest government data as of mid-2020). Of which, 33.69 million units were passenger vehicles, 12.26 million units were trucks and 1.86 million units were buses. The number of motorcycles owned at the same time stood at 187.09 million units. Taking into account the pace of new motor vehicle sales since April 2017, it is estimated that the number of automobiles owned as of 2020 will reach about 55 million units and motorcycle ownership will rise to about 220 million units. Although India already has a large automobile population, its ownership rate (number of vehicles owned per 1,000 people) is still at a low level because the country has a population of approximately 1.3 billion people. As of the end of March 2017, India’s ownership rate of automobiles was 37 units per 1,000 people. Of which, passenger car ownership rate stood at 26 units per 1,000 people. Meanwhile, motorcycle ownership rate was 144 units per 1,000 people. Both figures are lower than those in East Asia and ASEAN, indicating great potential for new vehicle sales.
Looking at the number of automobiles owned by administrative unit as of the end of March 2017, Maharashtra state was on top with 6.19 million units. The state, which has some commercial cities such as Mumbai and Pune, has the largest number passenger vehicles and trucks in India. Maharashtra state is followed by Gujarat state with 3.99 million units and Tamil Nadu state with 3.96 million units.
Looking at ownership status of motorcycles by administrative unit, the top three states had over 20 million units. Maharashtra state was on top with 22.13 million units followed by Uttar Pradesh state with 21.13 million units and Tamil Nadu state with 21.09 million units. In the next four states, Gujarat, Karnataka, Rajasthan and Madhya Pradesh the number of motorcycle owned was over 10 million units.