We all know how the Indian automobile market scenario has been continuously changing from last few years. Now, the Indian automobile market has really turned out to be dynamic, with various big and new brands pooling into it. Our growing economy has seen staggering spurts in the automobile sector. The Indian market has grown tremendously and is still on the growing path. Even though the rest of the market was shedding its tears because of the low downturn of the economy, the automobile market was running on the same scale as it was before. Automobile sales have always been on the ‘xy’ axis of the graph. Recently, in the very first month of this year, automobile sector recorded the highest sales figure ever in a month. Undoubtedly, Indian market seems to be the hot spot for every other business and especially for the automotive companies. Now, almost all the global companies are dying to open their own stalls (just the way of saying it) in India. According to some reports by some private survey institute, if this trend will continue then very soon Indian automobile market would turn out to be the fourth largest market, and in addition to that they also clarified it by saying that this trend ‘is’ going to continue.
In the recent reports by Booz and Company, by the year 2030, Indian automobile sales will give a tough call to the US automobile market. The expected revenue out of the Indian Automobile market by then is $150-200 billion and a sales figure of 11.7 million passenger vehicles. But to meet such high targets, Indian automobile sector will have to attract a FDI of $25-35 billion by the next 10 years. To add to this hthey also mentioned that after beating US automobile market, Indian automobile market will have a head to head competition with China. In a media session with Vikas Seghal, partner, Booz and Company, he quoted out many reasons as to why it will happen. He said that “the attraction centre is now being shifted to Asia from North America. If we look at the growth pattern of both the markets then, by the year 2020, the Asian market will grow two fold with major contributions by the Indian and Japanese market.” He also added that “if we talk about India and China, they might look like two totally different markets, but then they will turn out to be similar due to their current conditions and economic pattern, in the year 2030.
