India became the fourth largest auto market with sales increasing 8.3% year-on-year to 3.99 million units in 2018. It was the seventh-largest manufacturer of commercial vehicles in 2018. India is also a prominent auto exporter and has strong export growth opportunities for the near future. However, in 2019, a slowdown in the auto sector has been witnessed still companies are investing significantly in the new plants by anticipating a significant growth in the upcoming period, which will create a significant demand for the automotive industry during the forecast period. For instance, in December 2019, Force Motors planned to invest $85.85 million in order to develop two new models over the next two years. In addition, the industry has attracted FDI worth $23.89 billion during the period April 2000 to December 2019, according to data released by the Department for Promotion of Industry and Internal Trade (DPIIT).

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Recent/planned investments in the automobile sector in India-

In January 2020, Tata AutoComp Systems entered a joint venture with Beijing-based Prestolite Electric to enter the electric vehicle components market.
In December 2019, Morris Garages (MG), a British automobile brand announced plans to invest $429.25 million in Indian automobile industry.
Hyundai is planning to invest $1 billion in India by the end of 2020.
SAIC Motor has also announced to invest $310 million in India.
Mercedes Benz has increased the manufacturing capacity of its Chakan Plant to 20,000 units per year, highest for any luxury car manufacturer in India.
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The major factors for the growth of the automobile industry in the country include rising government initiatives and subsidies on the electric vehicle, increasing options of the electric two-wheeler among the customers, expansion by the electric vehicle startups, the entrance of the well-established market players, among others. The government of the country is motivating the electric vehicle industry and has allocated around $1.4 billion in February 2019 under the FAME II (Faster Adoption and Manufacturing of Electric Vehicles) scheme for a period of three years.

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