Global Market Size, Forecast, and Trend Highlights Over 2023-2032
ASEAN and India Automobile Market size is expected to cross a volume of 22,538.6 thousand units and 27,256.0 thousand units by the end of 2032, growing at a CAGR of 3.62% and 4.19% during the forecast period, i.e., 2022-2032. In the year 2021, the industry size of ASEAN and india automobile was15,316.9 thousand units and 17,486.8 thousand units. The growth of the market can be attributed to the growing adoption of automobiles in both these regions. Both these regions have shown considerable potential for the expansion of the automotive industry owing to its diverse and quickly growing economies, high and steady GDP growth, dynamic demographics, rising levels of skilled labor, and high rates of urbanization. Hence, all of these elements have driven the use and sales of private vehicles in the area. For instance, the most developed automotive sector in ASEAN region is found in Thailand, which manufactured more than 2 million vehicles in 2018—a large number of which were exported to other nations.
Further growing adoption of electric vehicles is also estimated to boost the growth of the market over the forecast period. This growth in adoption could be attributed by growing fuel prices and growing consumer preference for clean and green mobility. Also, compared to gasoline or diesel vehicles, electric vehicles have significantly lower emissions. Moreover, electric vehicles are more efficient than gasoline or diesel cars, which are able to transfer only about 16% to 20% of the energy contained in the fuel to the wheels. Whereas, electric vehicles could convert about 50% of the electrical energy from the grid to power the wheels. Additionally, as part of efforts to combat global climate change, the Indian government has launched initiatives on a number of fronts to reduce carbon emissions. Owing to their ability to reduce emissions and the depletion of natural resources, EVs are becoming more popular in India. The Indian government aims to achieve EV sales penetration for all commercial vehicles reach 70%, for private vehicles reach 30%, for buses to reach 40%, and for two- and three-wheelers to reach 80% by 2030. In keeping with the goal of achieving net zero carbon emissions by 2070.
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