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According to data presented in Hyundai Motor India’s RHP, India’s car market is substantially underpenetrated when compared with developed markets and even emerging economies. There is sizeable headroom for growth in India’s passenger vehicle market. India is projected to witness sales of 5.7 million cars in FY29, having grown at a CAGR of 6.5 per cent from FY24. With Indians preferring mid-end to top-end variants that are feature-rich, the growth in average selling price per car has outpaced the growth in volume sold. Car buyers are flocking towards SUVs and feature rich cars. BEVs (battery electric vehicles) and strong hybrid vehicles which make up less than 5 per cent of the market now are estimated to constitute one-third of the market by FY29.
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