Automobile Innovation System

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The automobile industry in India is world's 4th largest manufacturer of cars and 7th largest manufacturer of commercial vehicles in 2017. Indian automotive industry (including component manufacturing) is expected to reach ¿ 16.16-18.18 trillion (US$ 251.4-282.8 billion) by 2026. Two-wheelers dominate the industry and made up 81% share in the domestic automobile sales in fiscal year 2018. Overall, Domestic automobiles sales increased at 7.01% CAGR between fiscal year 2013-2018 with 24.97 million vehicles getting sold in fiscal year 2018. Indian automobile industry has received Foreign Direct Investments (FDI) worth US$ 18.76 billion between April 2000 and March 2018. Comprehensive automobile export from India was developed at 6.86% of the total annual growth rate between the financial years 2013 to 2018. In this addition, various initiatives by the Government of India (GOI) and automobile companies in Indian markets are projected to make India a front-runner in two wheelers and four wheeler segment markets in the world by 2020 (IBEF, 2018).