Passenger vehicle industry: India made four million cars in FY18

India was projected to become third-largest PV market by 2020; it stood fifth in 2017 after China, US, Japan, Germany

It took the Indian passenger vehicle (PV) industry seven years to go from three million to four million in annual production. It produced and sold a record four million vehicles (cars, utility vehicles and vans) in the year ended March 31, 2018. The next milestone of five million vehicles might not take that long but is unlikely to happen by 2020, unlike some earlier forecasts.

Between March 2013 and March 2018, domestic PV production saw a compounded annual growth rate (CAGR) of 4.42 per cent. Assuming this rate stays for the next few years, it could take another five years to