India is expected to be the World’s third largest Automotive Market in terms of volume by 2026.
Major Players in the market are Renault India, Ford India, Toyota Kirloskar Motor Private Limited, Honda Cars India Ltd, Tata Motors Ltd, Mahindra & Mahindra Ltd, Hyundai Motor India Limited, Hyundai Motor India Limited (HMIL) subsidiary of Hyundai Motor Company (HMC), Maruti Suzuki India Ltd.
In January 2020, Tata AutoComp Systems, the auto-components arm of Tata Group entered a joint venture with Beijing-based Prestolite Electric to enter the electric vehicle (EV) components market.
The dreary fact is that March and April remained the most challenging months of 2020 for the auto sector, for the 40 days lockdown produced nil sales and zero production. However, OEMs gave financial support and helped dealers during these difficult times. The passenger vehicle sales declined by 50%, Commercial vehicles to 88%, Two Wheelers to 40%, and three Wheelers registered 60% in March 2020. Besides, in the CV segment, almost all major OEMs recorded more than 85% decline in sales. Overall sales declined by 45% in March 2020 compared to March 2019.
In March 2020, Lithium Urban Technologies partnered with renewable energy solutions provider, Fourth Partner Energy, to build charging infrastructure across the country.
During early September 2020, Mahindra & Mahindra singed a MoU with Israel-based REE Automotive to collaborate and develop commercial electric vehicles
During the same month, Volkswagen announced merger of its three entities in India, the new entity will be called Skoda Auto Volkswagen India Private Limited.
In April 2020, TVS Motor Company bought UK’s iconic sporting motorcycle brand, Norton, for a sum of about Rs 153 crore (US$ 21.89 million), making its entry into the top end (above 850cc) segment of the superbike market.
In September 2020, Toyota Kirloskar Motors announced investments of more than Rs 2,000 crore (US$ 272.81 million) in India directed towards electric components and technology for domestic customers and exports.
Among the commercial vehicles, Mahindra had increased its market share from 25% to 28% in FY 2020. Whereas, Tata Motors and Ashok Leyland had lost their 2% market share. In the MHCV Bus segment, Ashok Leyland increased its market share by around 4% and among the MHCV Truck segments, Ashok Leyland lost 4% market share but Eicher increased its share by 2% in FY 2020. In the LCV Bus segment, Force Motors holds its authority status by adding another 3% market share; whereas in the LCV Truck segment, Tata Motors lost its 2% market share. Among the Two-Wheelers market, Honda has improved its performance and increased its market share by 2%. While in the Motorcycle segment, Hero still manages to take the top spot by yielding a 50% motorcycle sales share in India.
Market segmentation based on type of vehicle (two-wheeler and four-wheeler), type of application is (passenger vehicles and commercial vehicles). On the basis of countries like India has recorded the highest growth in recent years.