According to a recent study conducted by Booz & Co, India will be the fourth largest global automotive market by year 2015. As per the study, India could surpass the European nations in coming years. The Indian automobile industry is expected to grow up to 6 million units per year by 2020.
While elaborating the findings of the study, Vikas Sehgal, Partner, Booz & Company, India, said, “Our research portrays that with the rapid expansion of the automotive industry in India, it is expected to surpass the European nations by 2015 and generate sales up to 6+ millions units annually by 2020. With China and India ramping up in parallel directions, the global auto industry is sure to get reshaped, thus propelling Asia to capture 65% of the total market size by 2020.”
The report further indicates that the increasing population of Indian middle class has provided the small car segment with an upswing. On the other hand, even the large car segment is also expected to drive in high. The report says that the Indian market could reach the revenues of $150 – $200 billion by year 2030.
By year 2020, Asia is expected to account for more than 50 percent of the total global automotive production. The light passenger market of the country is expected to be a part of global Big 3 in coming 20 years.
