India is the second-biggest market for small cars after Japan. It accounts for 60% of the domestic market.
• India represents one of the largest two-wheeler markets in the world, with an estimated size of 5.4 million units a year.
• India is the two-wheeler capital of Asia with an average of 27 two-wheelers per thousand people, compared to China's 8 two-wheelers per thousand people.
• India became the fastest growing car market in the world in 2004, growth rate of 20%.
• India is being recognized as potential emerging auto market.
• Foreign players are adding to their investments in Indian auto industry.
• Passenger vehicles sales crossed the mark of 1 million in 2004-05.
• Automobile industry expert predicts that by 2050 every sixth car in the world will be for Indians.
• 2/3rd of auto component production is consumed directly by OEMs.
Facts & Figures
It seems that India has finally arrived in the big league of Asian car markets. Steady and impressive annual growth rate, presence of international automakers, relaxation of foreign exchange and equity regulations, reduction of tariffs on imports and few others are the components of its booming auto market. The country has now come to be recognized as a potential emerging auto market. The perception of foreign investors has changed, everybody wanting to be here.
For the first time, in the financial year end in 2005, the total sales of passenger vehicles - cars, utility vehicles and multi-utility vehicles - crossed the one-million mark to touch 1.06 million, with exports of 166,000 vehicles. Study says that by 2010 India will take over Germany in sales volumes and Japan by 2012. And by 2050, Indians will buy every sixth car produced in the world.
Apart from serving the domestic market, the auto sector has turned as a sourcing base for the global auto majors. The auto component... [continues]
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