The Central Government has released it's 2016 "Make In India" Automotive Sector Achievements Report earlier today.
Highlights:
- The Indian automotive industry is estimated to be of USD 93 billion, at the end of FY 2015-16.
- The automotive industry contributes 7.1% to India's overall GDP and nearly 49% to the country's manufacturing GDP (for the fiscal 2015-16).
- The automotive industry sees an average production of around 24 million vehicles annually and employs over 29 million people (direct and indirect employment),
- India is the largest tractor manufacturer, 2nd largest two-wheeler manufacturer, 2nd largest bus manufacturer, 5th largest heavy truck manufacturer, 6th largest car manufacturer, and the 8th largest commercial vehicle manufacturer in the world.
- The Indian auto industry creates direct and indirect employment opportunities for 13 persons per truck, 6 persons per car, 4 persons per three-wheeler and 1 person per two-wheeler.
- The Automobile Mission Plan 2016-2026 initiative aims to create India as one of the world's top 3 automobile industries, with a gross revenue of over USD 300 billion by 2026.
- The automobile industry saw an FDI inflow of USD 5.5 billion between April 2014 to March 2016.
- Overall production increased by 2.6% in FY 2015-16. The automotive industry produced a total of 23,960,940 vehicles (including passenger vehicles, commercial vehicles, three wheelers, two wheelers and quadricycles) in FY 2015-16, against 23,358,047 vehicles produced in FY 2014-15.
- Sales of passenger vehicles increased by 7.24% in FY 2015-16 over the same period in FY 2014-15 - passenger cars grew by 7.87%, utility vehicles grew by 6.25% and vans saw a 3.58% rise.
- The commercial vehicles segment registered a growth of 11.51% in FY 2015-16 over the same period in FY 2014-15, boosted by a solid 29.91% growth for the Medium & Heavy Commercial Vehicles.
- Three-wheelers sales grew by 1.03% in FY 2015-16 over the same period from the previous fiscal year.
- Two Wheelers sales grew by 3.01% in FY 2015-16 over the same period in FY 2014-15, with scooters seeing a notable growth of 11.79%.
- The biggest growth was seen in the total production of electric and hybrid vehicles - from 17,107 (FY 2014-15) to 71,909 (FY 2015-16). Sales also jumped from 16,513 units (FY 2014-15) to 65,224 units (FY 2015-16).
- Automobile exports for the FY 2015-16 grew by 1.91%, with a total worth of USD 8.8 billion. Passenger vehicles saw exports growth of 5.24%, commercial vehicles witnessed 16.97% increase in exports, while two-wheelers registered a growth 0.97% over the same period from the previous year.
Although, two-wheelers accounted for the largest share of exports at 69.4% in FY 2015-16, while the passenger vehicles' share was 16.7% of overall exports. Three-wheeler vehicles came 3rd with 11.1% share in exports.
- The auto component industry registered an 8.8% increase in turnover from USD 38.5 billion in FY 2014-15 to USD 39 billion in FY 2015-16. It also contributed 4% to India's exports in 2015-16, with an earning of USD 10.81 billion.