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