By 2016, India to be the 3rd largest automobile market: IHS
As per IHS Automotive, a global market information provider India will become the 3rd largest automotive market in the world by 2016 ahead of Japan, Germany and Brazil with its domestic automotive sales. China, the US and Japan were the top three global automotive markets and India was ranked 6th after Brazil and Germany in the 4th and 5th positions respectively in 2012. India is expected to recover strong growth trend from 2014 onwards.
Expectations in the coming Years:
- With enhanced growth Indian citizens will acquire wealth and demand for automobiles will increase as the need of personal transportation rises.
- The growth of auto-mobile sales will not be restricted only to mass market vehicles and
India light vehicle production is expected to reach 7 million by 2020.
- In terms of production volume, India would move to fourth position in 2020 ahead of Germany and Brazil from its current 6th spot.
Month: Current Affairs - July, 2013