ASEAN and India Automobile Market Analysis

Vehicle Type (2-Wheeler, 3-Wheeler, 4-Wheeler)

The ASEAN and India automobile market is segmented and analysed for demand and supply by vehicle type into 2-wheeler, 3-wheeler, and 4-wheeler. In the ASEAN automobile market, the 2-wheeler segment is anticipated to garner the largest volume of 18,544.8 thousand units by the end of 2032, growing with a CAGR of 3.77% over the forecast period. Further, the segment generated a volume of 12,409.5 thousand units in the year 2021. On the other hand, in India automobile market, the segment is projected to garner the largest volume of 21839.1 thousand units by the end of 2032, up from 13,447 thousand units in the year 2021. The growth of the segment can be attributed to the growing population of youth along with rising disposable income. Asia and the Pacific are home to more than 1.1 billion young people, or more than 25% of the world's population, who are between the ages of 15 and 29. 60% of the world's youth reside in Asia and the Pacific, making it the region with the youngest population. Further this growing youth population are expected to join workforces. Hence, with the rise of this youth population, which had discretionary income to spend on quality, luxury, and status symbols, the two-wheeler demand is expected to boost. Also, the two-wheeler industry has begun introducing new bike models which is further boosting the trend of two-wheelers among youth.

Fuel Type (Gasoline, Hybrid, EV)

The ASEAN and India automobile market is also segmented and analyzed for demand and supply by fuel type into gasoline, hybrid, and EV. In ASEAN automobile market, the gasoline segment is anticipated to hold the largest volume of 9,985.0 thousand units by the end of 2032, as compared to other two segments. However, the volume is still lower than that of 2021, which was 11,883.6 thousand units for gasoline segment. In the market in India, the This decreased in the growth of the segment can be attributed to the growing demand for electric vehicles (EV), backed by growing concern for rising air pollution. About 90% of the 4 billion people who live in Asia and the Pacific are exposed to air pollution levels that are dangerous to their health. Hence, growing adoption of electric vehicles is estimated to improve urban air quality. Fully electric vehicles emit no carbon dioxide when driving since there is no tailpipe. As a result, air pollution is estimated to decrease. Just one electric vehicle on the road could reduce CO2 emissions by an average of about 1 million grams over the course of an entire year. Therefore, in the automobile market in ASEAN region, the EV segment is anticipated to grow at the highest CAGR of 26.44% over the forecast period, while in the market in India, the segment is expected to grow with the highest CAGR of 38.35% during the forecast period.

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