Automotive Era

Indian Passenger Vehicle Market Set for Strong Expansion with Rising Middle-Class Demand and EV Adoption



The Indian passenger vehicle market is witnessing a period of rapid transformation and robust growth. Valued at USD 38.8 billion in 2024, the market is projected to soar to USD 96.0 billion by 2032, growing at a CAGR of 12.1% between 2025 and 2032. This significant rise reflects a combination of rising disposable incomes, increased urbanization, and evolving consumer preferences, especially with the growing shift toward electric and hybrid vehicles.

Demand Fueled by Economic Growth and Urbanization

India’s expanding economy and burgeoning middle class have led to increased vehicle ownership across urban and semi-urban areas. As cities grow and infrastructure improves, the demand for personal transportation continues to climb. Consumers today are more aspirational, prioritizing safety, comfort, and advanced features, which is pushing automakers to innovate and diversify their offerings.

Small hatchbacks and compact SUVs dominate the Indian roads, thanks to their affordability and suitability for crowded urban environments. However, demand is also increasing for premium vehicles, especially among younger buyers and tech-savvy consumers.


Electric Vehicles Driving the Future

One of the most transformative trends shaping the Indian passenger vehicle market is the rise of electric vehicles (EVs). With government support in the form of FAME II subsidies, tax incentives, and the development of EV infrastructure, the adoption of electric passenger cars is gaining momentum. Major automakers are investing in new EV models tailored to Indian conditions, and several startups have also entered the space with innovative and cost-effective options.

The Indian government’s push for clean energy and the target of net-zero emissions by 2070 is further encouraging this transition, making EVs a significant growth driver for the coming years.

OEM Investments and New Model Launches

Leading automakers such as Maruti Suzuki, Tata Motors, Hyundai, Mahindra & Mahindra, and Kia continue to introduce new models across segments. These companies are investing heavily in research and development, aiming to deliver high fuel efficiency, modern connectivity features, and enhanced safety standards.

Foreign investment in India’s auto sector has also risen, with global players seeing the country as a strategic manufacturing hub due to cost advantages and access to a large customer base.

Digitalization and Changing Consumer Behavior

The rise of digital platforms has transformed how Indian consumers research, compare, and purchase vehicles. From online bookings and virtual showrooms to AI-enabled customer service and financing tools, the digital experience is playing a growing role in influencing purchasing decisions.

Post-pandemic trends have also seen an increased preference for personal mobility over shared transportation, contributing to the surge in passenger vehicle sales.

Challenges in Infrastructure and Supply Chain

Despite the positive outlook, the market does face some challenges. Inadequate charging infrastructure for EVs, high initial vehicle costs, and raw material price fluctuations can pose hurdles. Additionally, global supply chain disruptions in semiconductors have impacted vehicle production timelines and availability.

However, both the government and industry players are working to address these gaps through policies, public-private partnerships, and investments in domestic manufacturing of key components.

Future Outlook

India is on track to become one of the top three global auto markets, driven by its massive population, rising income levels, and favorable regulatory environment. The passenger vehicle segment, in particular, will continue to benefit from a mix of traditional fuel-based models and next-gen electric mobility solutions. By 2032, the market will not only be larger but also significantly more diversified, sustainable, and technology-driven.

Train Battery Market Powering the Future of Sustainable Rail Transport


The train battery market is witnessing rapid growth as the railway industry embraces cleaner, more sustainable technologies. With rising concerns about environmental impact and the push for zero-emission transportation, battery-powered trains are emerging as a viable solution to reduce the carbon footprint of the rail sector. Battery electric trains (BETs) are designed to operate without relying on traditional fossil fuels, offering an eco-friendly alternative to diesel-powered locomotives.


In 2024, the global train battery market is expected to expand significantly, driven by advancements in battery technology, increased government initiatives for sustainable transport, and the need for energy-efficient solutions in rail operations. The market is also benefiting from ongoing research and development efforts aimed at improving battery efficiency, capacity, and charging infrastructure, which are essential for the widespread adoption of electric trains.

Key Drivers of the Train Battery Market

  • Environmental Regulations: With the tightening of emission standards globally, the transportation sector is increasingly focusing on green alternatives. Battery-electric trains help reduce greenhouse gas emissions and improve air quality, making them a favorable option for the future of rail transport.
  • Government Support: Governments around the world are investing in electric rail infrastructure, offering subsidies and incentives for the development of electric trains and battery charging systems.
  • Technological Advancements: Significant improvements in battery technology—including lithium-ion and solid-state batteries—are increasing the range, efficiency, and cost-effectiveness of battery-powered trains.
  • Growing Demand for Clean Transportation: As environmental awareness rises, there is a growing demand for sustainable public transportation options. Battery-powered trains are becoming an attractive choice for urban transit systems and regional rail networks.

Trends Shaping the Train Battery Market

  • Hybrid Electric Trains: Many rail operators are adopting hybrid systems, combining battery power with traditional overhead electric lines for a more flexible and efficient solution in regions without full electrification.
  • Advanced Charging Systems: The development of fast-charging stations and battery-swapping technology is addressing the challenge of charging time and enabling continuous operations for battery-powered trains.
  • Integration with Smart Grids: As smart grid technologies evolve, rail operators can optimize energy consumption and reduce operating costs by efficiently managing battery charging and discharging cycles.
  • Electrification of Remote Routes: Battery-powered trains are becoming a solution for non-electrified rail lines, particularly in rural and remote areas, where electrification may be too costly or impractical.

Market Outlook

The train battery market is set to grow as rail networks continue to transition towards more sustainable, energy-efficient solutions. With significant investments in battery technology and a growing focus on green transportation, the future of rail travel is poised for a major transformation.

Automotive Turbocharger Market is Led by APAC


The automotive turbocharger market was USD 15.2 billion in 2023, and it will rise to USD 26.2 billion, with an 8.2% CAGR, by 2030.
The growth is because of the rigorous emission rules executed by governments because of environmental worries and to succeed in sustainable development. A turbocharger assists in decreasing emissions and enhancing fuel effectiveness.
This wastegate category, based on technology, accounted for the largest share, of 55%, and it will advance at an 8.0% CAGR in the coming years. This is because of the industry's familiarity with wastegate turbochargers, which can be installed easily in different vehicles like trucks, SUVs, and cars. The diesel category, based on fuel type, led the industry, with a 45% share, and it will advance significantly, with 7.6% CAGR, in the coming years. This can be because of the extensive use of diesel engines in buses, trucks, construction equipment, and agricultural machinery. The LCV category, based on vehicle type, is likely to advance at the fastest rate, of 8.5%, in the years to come. This is because of the growing need for LCVs with the substantial expansion in e-commerce around the globe. This generates a high need for more effective transport solutions in urban areas.
APAC accounted for the largest share of the industry, of 45%. This can be because of the rising need for passenger cars as well as the stringent emission rules employed by the governments in this region. India and China are the two most populous nations globally, which is why they observe a widespread need for vehicles from both the commercial and private sectors. Europe will propel at a significant rate in the years to come. This is because of the existence of several of the world’s leading automotive manufacturers, including BMW, Mercedes-Benz, and Volkswagen. Moreover, the region is a leader in the acceptance of fuel-efficient automobiles owing to the costly fuel, rigorous emission guidelines, and rising consciousness of environmental problems among customers. With the rising emphasis on sustainable development, the automotive turbocharger industry will advance continuously in the years to come.

Offshore Wind Turbine Market Will Reach USD 24,603.5 Million by 2030

In 2023, the offshore wind turbine market achieved a revenue of USD 6,762.0 million, and it is projected to experience substantial growth, reaching USD 24,603.5 million by 2030. This advancement is expected to occur at a Compound Annual Growth Rate (CAGR) of 21.0% during the period from 2024 to 2030. This growth of the market can be credited to the execution of supportive government rules in numerous nations, huge expenditures on renewable power sources, and continuous technical growth in offshore plants.
The shallow water category is dominating the industry. This is mainly because it comprises offshore wind turbines fitted in water depths of up to 35 meters, and fixing wind towers in this deepness is much simpler and also decreases capital spending. Furthermore, shallow-water regions are best for manufacturing the base for wind towers and provide higher ease over deep and transitional-water installations. On the basis of installation, the floating category is estimated to witness significant development in the offshore wind energy industry during the projection period. As the power demand increases, key companies and nations are accepting renewable energy sources, mainly wind power, because they are clean power and obtainable in enormous amounts around the clock. The restriction of fixed foundation is generally restricted to waters less than 50 meters deep. This has encouraged the growth of floating offshore wind turbine farms. Turbines with a power capacity ranging from 3 to 5 MW hold the predominant market share based on turbine capacity, and this trend is anticipated to persist in the future. The popularity of these turbines stems from their extensive deployment, ranging from nearshore to transitional waters, coupled with their substantial power-generating capacity, making them highly efficient for large-scale energy projects. Global companies are making significant investments in the installation of these turbines, attracted by their cost-effectiveness in terms of both operating and maintenance expenses. During the projection period, the APAC region is estimated to witness the fastest development, growing with a CAGR of 21.6%. This is mainly because the continent is projected to experience a huge count of windmill installations on oceans, lakes, and seas, mainly because of the growing government initiatives targets to encourage wind energy; and the rising concentration on lessening the dependency on fossil fuels for the production of energy. As of 2023, China is at the forefront of the Asia-Pacific (APAC) offshore wind power market, boasting an installed capacity of 64.3 GW. This leadership position is attributed to the significant annual growth in the installation of offshore wind turbines in the country. Notably, regions such as Guangdong, Fujian, and Jiangsu have set ambitious targets, aiming to achieve 2 GW, 3.5 GW, and 3.5 GW offshore wind power capacities, respectively, by the year 2023.

APAC Is Dominating EV Battery Swapping for Two- and Three-Wheeler Market

The rising demand for two-wheelers in business-to-business services like hailing, scooter sharing, and last-mile transport armed with thriving electric three-wheeler (rickshaw sales) for passenger and load carrying has offered prospects for battery-swapping places to arise. Asia-Pacific is a center for electric three-wheelers and two-wheelers, which are utilized mainly for passenger transportation, particularly for last-mile transport. However, the deficiency of satisfactory charging amenities is a key issue for most electric three-wheeler and two-wheeler possessors.
In recent years, the subscription model category had the larger share in the EV battery swapping for the two- and three-wheeler market, based on service type. This can be credited to its advantages provided over the pay-per-use model, including, reduced price per swapping, battery rental, and affordability, due to which clientele have usually favored the subscription model. Furthermore, the battery in a two- or three-wheeler costs 30-40% of its entire price. The subscription model provides the suppleness to buy the vehicle without the battery, therefore supporting reducing the price of electric vehicles. The EV battery swapping for the two- and three-wheeler industry is projected to experience faster development in the Li-ion bifurcation, based on battery type, as Li-ion is being measured as the technology of the future. Internationally, APAC, dominated by China, is the leading region in EV battery swapping for the two- and three-wheeler industry. India and China are the two largest industries for electric two and three-wheelers in the globe. The successful acceptance of the battery-swapping idea in Taiwan has given a lift to the industry in the region. Moreover, the high populace density in key metropolises, armed with the massive two-wheeler user base, is promoting the industry in the region. Hence, the rising demand for two-wheelers in business-to-business services like hailing, scooter sharing, and last-mile transport are the major factors contributing to the growth of the market.

Energizing the Future: Exploring the Battery Management System Market


Making the Most of Battery Management Systems in the EVs A robust EV performance requires long life cycle, higher power, and a c lucrative battery battery. By the way, Li-ion batteries show up because of their superior energy, power and long-life cycle, and they are used in practically all-e- cars. Though, Li- -ion batteries have numerous issues like susceptibility to overheating and thermal disparity, affecting EV performance and safety. Installation a suitable battery management system is essential to take full benefit of the EV.
What is a Battery Management System? A battery management system (BMS) is an electronic structure that controls the charging and discharging of the battery, is responsible for the safety of its operation, monitors the state of the battery, and evaluates secondary performance data. Role of BMS in the Performance of EVs The battery management system offers individual control of the voltage and cell resistance, regulates the loss of capacity because of disproportion, and guarantees safe connection of the load. How Does a BMS Surge the Performance of EVs? The BMS is mainly accountable for monitoring the parameters of the battery. The analog front end gathers data for determining the battery's health, state of charge, and cell balancing. This advances the performance of an EV. The battery management system performs various functions to ensure the safe and effective operation of EV. SOC assessment helps in determining the battery's energy obtainability and its lifecycle. There are 3 approaches of determining SOC: direct measurement, coulomb counting, and a combination of these 2 methods. State of health State of health measures the general condition of the battery and aptitude to attain the specified performance relative to a novel battery. The state of health of the cell could be determined with the use of any parameter like cell conductance or impedance altering significantly with time. Communication The battery management system also eases communication of info to the driver, for instance, by activating an alarm or reporting the state of charge, in addition to to supplementary onboard equipment, for instance, for requesting changes in operation of the vehicle in response to the battery condition. The battery management system can likewise be put to use for monitoring diagnostics and performance of the EV or set parameters of the system. It is because of all these benefits that are associated with the battery management systems, the demand of the same will reach at a value of around $22,280 million by the year 2030, and that too at a healthy growth rate of 15% around the globe.

What Makes Shared Scooters So Famous Among People?

Rentable electric scooters are becoming increasingly popular among customers as a substitute for driving a personal vehicle for short trips in urban areas, particularly to and from transit hubs and tourist destinations. In congested locations, it is alluring for people to unlock a scooter, get on, and ride a few blocks or a few miles to their destination without being stopped in traffic or wasting time looking for parking. Three major factors are influencing the demand for shared scooters.
• First Mile/Last Mile Time Savings Just-right distances to go by car or public transportation are equally just-right distances to travel by foot. Waiting for the next bus or walking both need time-consuming solutions. Shared electric scooters excel in this situation. Since they don't have docks, you are not limited to parking lots. Get off the bus, locate an electric scooter, and head in that direction. You may be the scooter's next customer when you go home, so leave it there! A month's time savings might total several hours for first and final-mile travel. • Parking Spaces & Pollution If circumstances arose where using public transportation plus shared scooters offered an automobile-competitive answer, consider what it would mean to eliminate automobiles off the road. That would result in less air pollution, fewer parking spaces, and less traffic congestion on our roadways, particularly those leading to and from our urban areas. This has an intriguing long-term effect: when parking demand declines, prices fall, making parking less economical. As a result, parking spots are eliminated to create a place for other improvements. • Affordability The fact that most people can afford shared scooters is perhaps one of their most alluring qualities. Even accounting for the costs of taking public transportation for the middle portion of the trip, the average trip only costs a couple of dollars, which is far lower than the amount that would be spent on petrol, insurance, and parking if someone used their car to travel. Benefits Of Shared Scooters • Shared scooters have a large following and might be advantageous to the neighborhood. • Scooters are enjoyable, affordable, and practical methods to cover short distances in cities. • They advocate for an active, healthy way of life. • Accessible rentals promote increased scooter use, which forces towns to provide more routes and better bike lanes. • Sharing a scooter can reduce short-distance driving, lowering pollution, traffic, and parking needs. • Sharing scooters boosts consumer spending and local business activity. Demand for E-Scooter Booming E-scooters are undoubtedly commonplace among city dwellers and those who live close to college campuses. These vehicles, intended for short-distance transport, include a modest electric motor and a deck where one person may stand. Scooters are rented by the minute through ride-hailing services like Bird and Lime. Users drop them off at their destination for the next user to pick up or pick them up later for a charge.

Exploring Thailand's Emerging Micromobility Market: A New Era of Transportation

The word "micromobility" is relatively recent. It alludes to compact automobiles like scooters and electric bicycles. Micromobile vehicles can only move at slow rates and can only transport people over small distances. They use sidewalks, bicycle lanes, and roadways.
Due to Cost-Effectiveness, E-Mopeds Led the Industry E-mopeds dominated the market throughout the historical period and are anticipated to continue doing so in the future years. This may be attributed to the country's developing youthful population, which has led to an increase in the number of people using micromobility services as they are heavy internet and new technology users.
The desire for affordable alternatives to satisfy everyday commuting demands is mostly satisfied by these services since working professionals and young students are more attracted to modern methods of urban transportation.
Surging Requirement for Efficient Transportation Systems The distance commuters must go between a transportation center and the starting or ending point of their journey is referred to as the "first- and last mile."
The FLMs distances have typically been covered by individuals using their automobiles or walking to the destination because public or shared transportation does not link directly to a person's home.
According to a model, the first- and last-mile category in Thai micromobility market is anticipated to increase rapidly in the coming years. The increased consumer demand for shared transportation services, rising disposable income, and government worries about environmental pollution in the nation will mostly be to blame for this.
Key Market Trend Several businesses in the sector are concentrating on obtaining finance from significant investors, venture capitalists, and vehicle OEMs. In order to address customer demand for last-mile connections, this has increased rivalry among businesses and led to the launch of new goods and services.


Electric ATV and UTV Market to Reach above $3,845 Million by 2030

The size of the electric ATV and UTV market was around $708 million in 2021, which will reach above $3,845 million by 2030, at a mammoth growth rate of approximately 21% in the years to come. The growth is reinforced by the increasing acceptance of adventurous and fun sports and activities, the low noise emissions and low ownership costs of these automobiles, and their increasing use by militaries. Two-seater variations of quad bikes are the most-widely sold UTVs, with an approximately 50% market share in 2021; their sales will advance at a rate of about 21% till 2030. Two-seaters are generally purchased owing to their adaptability and great value. These vehicles can be ridden solo and in tandem and utilized for fun riding, conveying cargo and passengers, and towing purposes.
UTVs have the larger revenue share in 2021 in the electric ATV and UTV market, and this category will grow at a rate of above 22% in the near future, majorly because UTVs are more powerful and swifter. Because of their capability to carry goods, along with navigating trying terrain, UTVs are becoming increasingly popular among ranchers, farmers, and hunters. These vehicles are also common at universities, where they are generally employed for commuting, ferrying athletes and sports, and other simple jobs. Outdoor recreational applications had an about 50% revenue share in the electric ATV and UTV market in 2021, and this category will grow at a CAGR of above 20% in the years to come. This can be credited to the increase in ATV riding activities as a form of outdoor recreation, predominantly in the developed regions. Europe and North America, which are seeing a rise in the usable income and living standards, are home to varying terrain, ranches and farms, and unpaved roads.
Electric ATVs and UTVs are also popular for agricultural activities, mainly in hilly terrain. Being completely electric, they produce lesser noise compared to non-electric vehicles and almost no emissions. They support farmers in surveying fields, supervising field crews, inspecting livestock and crops, plowing fields, and transporting machinery, produce, and supplies. The electric ATV and UTV market in North America generated the highest revenue, of about $458 million, in 2021. This is mainly credited to the acceptance of adventure sports and the presence of market stalwarts manufacturing and marketing quad bikes. Furthermore, government bodies in North America have augmented the investment for the construction of cross-country trails, in an effort to boost outdoor tourism and improve the adventure sports offerings in North America.

Mushrooming Popularity of Electric Vehicles to Propel Demand for Electric Vehicle Supply Equipment in India in Future

Since the last few years, the world has seen a sharp rise in the adoption of electric vehicles (EVs), on account of the rising environmental damage being caused due to the widespread usage of oil and gas-powered automobiles. In the developing nations such as India, the sales of EVs have skyrocketed in the recent years, due to the rising public awareness of the harmful emissions released from the fossil fuel-powered vehicles. The total sales of EVs in India rose from 576,000 units to more than 760,000 units from 2018 to 2019, registering a growth rate of 32.0% during that period. The Indian government is providing purchase rebates, financial incentives, and tax exemptions to the buyers of electric vehicles. For example, the government launched the Faster Adoption and Manufacturing of (Hybrid & Electric) Vehicles in India (FAME) scheme in March 2015 and later revised it in 2019 for promoting the sales of battery and hybrid electric vehicles in the country. Under this scheme, the government is providing subsidies and various financial incentives to EV manufacturers and infrastructure providers, thereby boosting the sales of these vehicles and electric vehicle supply equipment in the country. Hence, with the growing popularity of electric vehicles in the country, the Indian electric vehicle supply equipment (EVSE) market will exhibit rapid expansion in the future years. DC and AC are the two types of chargers used for charging electric vehicle batteries. Of these, the sales of AC chargers were considerably higher during the last few years, due to the lower costs of installation, operation, and production of these charging devices than the DC ones. Moreover, the charging costs at AC stations are much lower than that in the DC facilities, which make the AC chargers extremely popular in India. Geographically, the Indian EVSE market recorded rapid progress in the western region of the country during the years gone by, as per the findings of the market research firm, P&S Intelligence. This is attributed to the heavy government support for the adoption of EVs, especially in Maharashtra and Gujarat and the existence of major electric vehicle component and electric vehicle manufacturing companies in the region. Besides these, the high per capita income of the people bolstered the sales of electric vehicles, which, in turn, fueled the requirement for electric vehicle supply equipment and facilities in this region in the past. Hence, due to the burgeoning sales of electric vehicles in India, on account of the rising pollution and the increasing implementation of favorable government policies regarding the adoption of these vehicles, the requirement for EVSE will surge in the country in the upcoming years.