The Indian auto industry has grown at an impressive 16.82 per cent over the last year with total sales of vehicles reaching around 10 million vehicles till November 2006 as against 8.5 million in 2005. Spurred by a huge demand from the market, the increase in production is set to improve further driven by a buoyant economy, with increasing purchasing power, new product launches, coupled with attractive finance schemes from automobile manufacturers and financial institutions.
Economic Survey 2006-07 says:
The installed capacity of the automotive industry has been growing at a compounded annual rate of over 16 per cent since 2001-02. It produced a wide variety of vehicles including 1.7 million four wheelers (passenger cars, light, medium and heavy commercial vehicles, multi-utility vehicles such as jeeps), and over 8 million two and three wheelers (scooters, motor-cycles, mopeds, and three wheelers) in 2005-06. The cumulative sales of the major players in the car industry for the fiscal ending March 2007 were up 20 per cent and stood at 0.674 million units as against 0.561 million units. Exports for the fiscal year stood at 39,295 units.
Passenger car sales have also shown increasing rate of growth at the start of the new fiscal year. For example, Maruti, Honda and General Motors, which account for 60 per cent of the market, jumped 16 per cent in April, 2007 over the same month last year.
Signs of economic development are becoming more visible both in rural and urban India with the number of households owning cars and motorcycles increasing significantly in recent years.
The number of rural households possessing cars or jeeps has grown four times between 1993-94 and 2004-05, according to the 61st survey conducted by the National Sample Survey Organisation (NSSO). Similarly, motorcycle or scooter owners have increased from 11.6 per cent to 26.0 per cent.
In urban areas, households possessing cars or jeeps have gone up from 1.2 per cent in 1993-94 to 4.6 per cent in 2004-05. Similarly, motorcycle or scooter owners have increased from 11.6 per cent to 26.0 per cent.
Destination India
India is on every major global automobile player's roadmap, and it isn't hard to see why:
India is the second largest two-wheeler market in the world
Fourth largest commercial vehicle market in the world
11th largest passenger car market in the world
Expected to be the seventh largest by 2016
Economic Survey 2006-07 says:
The installed capacity of the automotive industry has been growing at a compounded annual rate of over 16 per cent since 2001-02. It produced a wide variety of vehicles including 1.7 million four wheelers (passenger cars, light, medium and heavy commercial vehicles, multi-utility vehicles such as jeeps), and over 8 million two and three wheelers (scooters, motor-cycles, mopeds, and three wheelers) in 2005-06. The cumulative sales of the major players in the car industry for the fiscal ending March 2007 were up 20 per cent and stood at 0.674 million units as against 0.561 million units. Exports for the fiscal year stood at 39,295 units.
Passenger car sales have also shown increasing rate of growth at the start of the new fiscal year. For example, Maruti, Honda and General Motors, which account for 60 per cent of the market, jumped 16 per cent in April, 2007 over the same month last year.
Signs of economic development are becoming more visible both in rural and urban India with the number of households owning cars and motorcycles increasing significantly in recent years.
The number of rural households possessing cars or jeeps has grown four times between 1993-94 and 2004-05, according to the 61st survey conducted by the National Sample Survey Organisation (NSSO). Similarly, motorcycle or scooter owners have increased from 11.6 per cent to 26.0 per cent.
In urban areas, households possessing cars or jeeps have gone up from 1.2 per cent in 1993-94 to 4.6 per cent in 2004-05. Similarly, motorcycle or scooter owners have increased from 11.6 per cent to 26.0 per cent.
Destination India
India is on every major global automobile player's roadmap, and it isn't hard to see why:
India is the second largest two-wheeler market in the world
Fourth largest commercial vehicle market in the world
11th largest passenger car market in the world
Expected to be the seventh largest by 2016
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