Emerging India Auto market
India auto market is a promising industrial sector that is growing immensely every passing year. Passenger cars are referred to, through use of word "automobile." Whooping growth experienced by Indian auto market in last financial year itself, that is financial year end in February, 2007, was very close to a 18 percent over previous fiscal. This statistical fact is a glittering example of potential of growing auto industry in India.
As per survey conducted by Society of Indian Auto Manufacturers, total number of automobiles manufactured by auto industry in India, throughout financial year 2006-07, was very close to 15.5 lakh (1.5 million) margin. Huge of number of automobiles manufactured by auto industry in India was an enormous growth upon number of autos manufactured during previous fiscal, that ended in 2006.
Total number of cars that were exported from India were very close to 2.0 lakh (2.0 hundred thousand) margin, an encouraging sign for auto industry in India. Export of cars manufactured in India comprised nearly 13 percent of total number of cars manufactured domestically by auto industry in India.
India auto market looks set to prosper, largely due to growing market for automobiles that is developing in India. In financial year that ended in February, 2004, Indian auto markets were fastest growing in world, with registered growth rate touching nearly 20 percent.
Auto industry in India mainly comprises of small car section, which enjoys nearly a 2/3rd market share of entire market for autos in India. In this respect, Indian markets are largest in world for small cars, behind Japan.
Indian passenger car market which ranks amongst largest in world, is poised to become even more larger and enter top five passenger car markets in world in next decade