Deloitte | Fuels of the Future
India has overtaken Japan as the third-largest light vehicle market in the world in 2023. The
country sold more than 5 million units last year.
Over the past few years, India has made significant efforts to become one of the world’s leading automotive markets, largely driven
by increasing income, strong demand for personal mobility, and favourable government
initiatives.
The automobile industry currently contributes 7.1 percent to the country’s Gross
Domestic Product (GDP)ii and is expected to play a pivotal role in India's vision to become a
US$5 trillion economy by 2027.
