The Indian auto market has become the 6th largest automobile manufacturing nation in the world after overtaking Brazil. Organisation Internationale des Constructeurs d’Automobiles has revealed this considering the data of the first six month data 2011. The market has been growing at a rapid pace despite high interest rates and fuel prices.
Over the next five years, India is expected to become the third largest automobile market in the global chart. Leading the charts was China with a total production figure of 9.16 million units till June 2011. Following the lead are United States of America, Japan, Germany and Korea. US had production figure of 4.27 million units followed by Germany and India with production figures of 2.93 million and 2.73 million units, respectively.
Abdul Majeed, partner and head of automotive practice in the global professional services firm, PricewaterhouseCoopers, said, “Though vehicle sales have slowed down this year, the fundamentals remain strong. By 2017, India is likely to emerge as the third-largest market in the world after China and the US.”
The automobile sector of the domestic and global markets has been growing despite economic uncertainties. The total auto production has increased in all countries, except Japan where production declined to 6.71 million units due the tsunami and earthquakes.
India is expected to sell close to 7 million light vehicles, weighing up to 5 tonnes, by 2017. It is speculated that the Indian auto market will grow three times by the year 2020 by selling around 11 million vehicles. The share of the Indian auto market in the global arena has increased to 5% as compared to the earlier 4.5%. The country is all set to become the largest automotive producer as it is becoming the manufacturing hub of major OEMs.
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