According to a report by a rating agency, two-wheeler sales are predicted to rise the most between 2023 and 2028 when compared to all other automobile categories.
The anticipated growth rate for this expansion is predicted to be between 9-11% compounded annual growth rate (CAGR), with a final total of 25.9 million to 26.1 million units sold during this period.
Sales are predicted to almost double to 30.7-30.9 million units by FY32 from 16.3 million units in FY23, according to the report. Sales are anticipated to rise as a result of rising income levels, positive consumer attitudes, and an increasing need for personal mobility.
Overall, it is anticipated that from 121 in FY23 to 136-140 in FY28 and 150-154 in FY32, there will be more two-wheelers sold per 1,000 people. The report said that sales of passenger cars should grow at a CAGR of 5-7% from FY23 to FY28, or 5.2-5.4 million units. Between FY28 and FY32, sales are predicted to increase at a somewhat slower CAGR of 4-6%, to 6.2-6.4 million units.
A number of factors, including improved financing options, improved road infrastructure, rising consumer incomes, robust order backlogs for automobile companies, the resolution of supply-chain issues for auto original equipment manufacturers (OEMs), and the anticipated impact of new model introductions, are responsible for the anticipated growth in the later period.
This means that it is anticipated that there will be more passenger vehicles (PVs) sold per 1,000 persons in fiscal year 2032—up from 25 in fiscal year 2023—between FY28 and 32 in FY28 and 35-39 in FY32.
According to Crisil, India would spend around Rs. 143 lakh crore (US$ 1.72 trillion) on infrastructure over the course of seven fiscal years until 2030, more than twice as much as it did during the preceding seven years, beginning with FY17. There will be green investments of Rs. 36.6 lakh crore (US$ 440 billion), which is five times more than in FY17-FY23.
