India Produces 2.7 Crore Vehicles, Valued at USD 108 Billion in FY23
Yes, that is correct. According to a report by Primus Partners, India produced 2.7 crore vehicles, valued at USD 108 billion in FY23.
The passenger vehicle segment accounted for 57% of the total value, followed by the two-wheeler segment at 77%. The commercial vehicle segment produced 10 lakh vehicles, generating a value of INR 1.7 lakh crore.
This is a significant increase from the previous year, when India produced 2.5 crore vehicles worth around USD 95 billion. The growth in the automobile industry is being driven by a number of factors, including rising incomes, increasing urbanization, and growing demand for personal transportation.
The report also noted that the Indian automobile industry is facing a number of challenges, including rising input costs, regulatory uncertainty, and competition from global players. However, the report also said that the industry is well-positioned to grow in the long term, given the strong fundamentals of the Indian economy.
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Here is a breakdown of the production of vehicles in India in FY23:
- Passenger vehicles: 1.5 crore units
- Two-wheelers: 20 million units
- Commercial vehicles: 10 lakh units
- Three-wheelers: 0.5 lakh units
The production of vehicles in India is expected to continue to grow in the coming years. The government of India has set a target of producing 30 million vehicles by 2026. This target is likely to be achieved, given the strong growth potential of the Indian automobile industry.
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