The Registrations of Honda vehicles in India attained a value of 70,593 Units in 2020
The indicator recorded a historical decline (CAGR) of 26% between 2017 to 2020, and is expected to grow by...
GlobalData projects the indicator to decline at a CAGR of...
Vehicle industry in India post pandemic
The Indian car manufacturing industry has fluctuated between growth and decline in value and volume terms in recent years. The industry suffered a particularly steep decline in 2020 amid the COVID-19 pandemic. The industry looks set to recover in the forecast period. A key feature of the Indian industry during the historic period was the Indian government’s sudden decision to announce demonetization. The economic alarm that was ignited as a consequence of the government’s actions ultimately struck the country’s car manufacturing industry, as the sale of cars hit a 16-year low in December 2016. Though sales have recovered, it was on the back of heavy discounts in order to boost demand. As such, even though volume consumption levels recovered in the aftermath of the demonetization, the value of the market was not able to grow at the same pace.
Honda Motor Co Ltd (Honda) designs, manufactures and markets automobiles, motorcycles, power products, and products for the sea. The company produces passenger cars, light trucks, and mini-vehicles; and general-purpose engines, outboard marine engines, lawnmowers, riding mowers, water pumps, brush cutters, tillers, walking assist devices, snow blowers, robotic mowers, generators, and portable battery inverter power sources. It also provides financial services, retail lending, and leasing services to customers and wholesale financing to dealers. The company operates across North America, Europe, the Middle East, Africa, and Asia. Honda is headquartered in Minato-Ku, Tokyo, Japan.
Products & Services
Its products and services widely range into Passenger Cars, Sports Utility Vehicles, Hybrid Cars, Fuel Cell Vehicles, Walking Assist Devices, Motorcycles, Scooters, Electric-motor-assisted Bicycles, Sports Bikes, Large Touring Cycles, General Purpose Engines, Generators, Lawnmowers, Tillers, Snow Blowers, Water Pumps, Outboard Engines, Retail and Wholesale Financing Services, and Leasing.
Its major brand is constituted by Honda, Acura, Fit, Jazz, Civic, Accord, CR-V, NSX, Clarity Fuel Cell, CB1000R and several other.
Corporate Strategy and Initiatives
Honda devised a vision for 2030 focusing on serving people across the globe by expanding its potential. The company undertook initiatives in three areas, including driving towards a clean and safe/secure society, creating value for mobility and daily lives, and accommodate different characteristics of people and society.
Towards a clean and safe and secure society, the company undertook initiatives in various areas, such as the realization of carbon neutrality, the realization of zero traffic collision fatalities, and creating value for mobility and daily lives. In line with this, the company developed and worked toward the adoption of safety technology based on its philosophy to provide safety for everyone. Honda will work toward the goal of zero traffic collision fatalities involving the company’s motorcycles and automobiles globally by 2050.
Honda focused on mobility, robotics, and energy in order to provide people with freedom of mobility. In this regard, the company partnered with major players in various regions to begin new mobility services that provide mobility without restraint.
The company aims to provide optimal products and services for diverse societies, with a wide variety of cultures and values. As one of the initiatives in these directions, Honda began taking initiatives to realize Honda's eMaaS concept that strives to offer electric products such as electrified mobility and energy equipment. In this regard, it announced to launch three new EV models, including two scooters and one motorcycle by 2024 which will be equivalent to ICE two-wheelers.
Vehicle registration scenario
Honda has remained consistent in the fourth and fifth position in total vehicle registrations in India from 2015 to 2019. In 2020, it’s rank slipped to eighth position. However, GlobalData predicts its ranking to remain consistent or slip further below during the forecasted period.
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