According to the Ministry of Commerce and Industry, the automobile sector in India has witnessed a tremendous compound growth at the rate of 22 % between the year 1992 and 1997. Moreover,the annual turnover of the automobile industry in India, in the financial year 2002-2003, is said to have exceeded the capital investment of Rs 50,000 crore. With Indian automobile companies gaining international market, the turnover in the same year was calculated to be Rs. 59,518 crore.
Some of the important companies and their details include:
One of the oldest car manufacturing companies in India, it has produced cars like Ambassador and Contessa. Having collaborated with foreign companies like Mitsubishi, and General Motors Corporation of USA, it has made an irrefutable mark in the manufacturing cars like the Lancer. Apart from this, the company has impressive manufacturing statistics in the field of passenger Cars, utility vehicles, and earthmoving equipment.
Established in the year 1945, this company has given a cutting-edge dimension to the Indian automobile industry. It began as a general-purpose utility vehicle manufacturing unit and expanded its business to automative, tractor, MSL and inter trade. Presently, the largest company in the private sector, this company boasts of an advanced technological infrastructure and manpower.
Established in the year 1945, Bajaj Autos started off as a trading company. It was responsible for marketing two-wheelers from Italy in India. Presently, one of the front runners in market capitalization, Bajaj Autos attained its license to produce two wheelers in the year 1959. With the help of technical collaboration from Piaggio of Italy, the company now boasts of being the top five automobile companies when it comes to annual turnover.
As the company's contract with Piaggio expired in the year 1971, it became the sole manufacturer of two and three wheelers under the 'bajaj' tag. Its manufacturing hub in Maharashtra has an annual production of 1.35 million.
The first ever Indian company to manufacture low cost cars, in collaboration with Suzuki of Japan, Maruti is considered to be the largest automobile company in India. The company is known for producing high quality, fuel-efficient cars with Japanese technology, but adaptive to Indian roads. The company has attained the annual production mark of 3,20,000, which is a trend setter for any Indian company. Among the cars it has manufactured are the Maruti 800, Zen, Maruti Omni, Wagon R, Baleno and the like.
India's biggest manufacturer of commercial vehicles, the company boasts of an annual turnover of Rs 101.3 billion. It is counted among the top ten vehicle manufacturing companies of the world in 5-15 tonnes segment. Among its chief productions are light commercial vehicles, commercial vehicles, multi-utility vehicles, and passenger cars.