Indian auto market, which is the seventh largest car market in the world, is all set to advance to the position of the sixth largest car maker in the world by the end of this fiscal. According to senior officials of the auto mobile companies, the total production of the car will touch the 3 million unit mark by the end of this financial year which will make India the sixth largest car market in the world.
In the first eleven months (April 2010 to February 2011) of this current financial year, the Indian auto mobile industry registered a production of over 26.78 lakh cars. It is to be mentioned here that SIAM (Society of Indian Automobile Manufacturers) had earlier projected that India will become the 6th largest car maker in the world by year 2015, but due to extraordinary growth in sales this fiscal and rapidly growing demand for luxury cars in India the feat will be achieved much earlier than expectations.
Speaking to the reporters, Sugato Sen, senior director, SIAM said, "Actual sales are much higher than all our projections made in the past. The strong fundamental of the economy and new cars hitting the market are likely to keep the momentum going that should lead to a high growth of 14-16 % in the next fiscal despite the high base of current fiscal."
