The Indian Automobile Market is expected to grow at a CAGR of 9.5 percent amounting to Rs. 13,008 million by 2010. The Commercial Vehicle Segment has been contributing to the automobile market to a great extent.
Many foreign companies have been investing in the Indian Automobile Market in various ways such as technology transfers, joint ventures, strategic alliances, exports, and financial collaborations. The auto market in India can boast of attractive finance schemes, increasing purchasing power, and launch of the latest products.
Total sales of major car manufacturers in India registered a figure of 0.674 million units at the end of March, 2007. The number of car exports in India was 39,295 units. General Motors, Maruti, and Honda accounted for 60 percent of the market sales at the end of April, 2007. There has been an increase in the purchase of motorcycles and cars both, in the rural as well as urban areas.
Some vital statistics regarding the automobile market in India has been mentioned below:
- Two wheelers - 2nd largest in the world
- Commercial Vehicle - 4th largest in the world
- Passenger car- 11th largest in the world
As such, the Indian automobile market comprises of a wide variety of vehicles such as light, medium, and heavy commercial vehicles, cars, scooters, mopeds, motor cycles, 3 wheelers, and multi-utility vehicles such as jeeps and trax.
The modern automobile market in India has been considering key issues in the process of growth:
- Customer care, and not just 'service'
- Domestic as well as multinational investments
- Searing through cut-throat competition
- Road safety
- Anti-pollution norms
- Coordination with the government to enable advancement
- Used vehicle trade
The future of Indian Automobile market is bright as it looks forward to manufacturing and implementing new innovations such as electric cars as provided by Reva, alternate fuels like CNG and LPG, and probably customized Internet automobile orders.
For further details on the Indian Automobile market and related features, please visit the following links:
Walchandnagar Industries
Bosch Chasis Systems
Bharat Forge
