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Indian Car Market
Indian Car Market attained a huge volume over the years with the increase in the opportunity for new investments in the manufacturing of cars in India. The increasing GDP rate, the rising per capita income, growing population and high ownership capacity led to the boom in the Indian Car Market.
Causes for the boom-
From the last 15 years due to the liberalization of the Indian economy the entire market scenario have undergone a change with the rich growing richer with time. Moreover, the rise in the income level, change in the general lifestyle, increase in foreign traveling and the easy accessibility of car finance on the basis of affordable installments and interest rates have been the main driving forces behind the flourishing Indian Car Market.
Car Manufacturers In India-
Once the most popular car dominating the Indian Car Market was the Ambassador, till the Indian car maker Maruti in the collaboration with the Japanese car giant Suzuki brought a change in the Indian Car Market. However, today, there are numerous car companies with new models coming up everyday in the car market of India. Some of the leading brands are like, Hindustan Motors, Reva Electric Car Co., Daimler Chrysler India Private Ltd, Fiat India Private Ltd., Ford India Ltd., General Motors India, Honda Siel Cars India Ltd., Hyundai Motors India Ltd.,Toyota Kirloskar Motor Ltd. and Skoda Auto India Private Ltd.
Luxury and super luxury car market-
In the Indian Car Market demand for luxury and super luxury cars are increasing continuously. Their attractive designs and brand names are the main reasons for the growing need among many Indians who can afford these cars. Several luxury models are to be launched in India in the coming years. As a result Indian Car Market is no longer alien to the luxury car companies like Mercedes Benz, Ferrari, Aston Martin and Rolls-Royce.
Small car market-
However, it is the small car segment which still rules the Indian Car Market. During 2006-07, over 7.5 lakh compact cars were sold, with total sales record being around 1.2 million. Taking into account the bustling business in the small car sector in the car market of India, Honda Siel Cars has planned to introduce an entry level compact car, in competition with the small cars like Hyundai Santro, Maruti Wagon R, Zen Estilo and Chevrolet Spark. Another company, Skoda Auto India Private Ltd., announced the launching of their first new small car model Skodafabia, in the car market of India this year.
The Government of India have taken some initiatives like the liberalizing the foreign exchange and equity regulations, relaxing the tariffs on imports and redesigning the banking policies which have boosted the Indian Car Market to a great extent. Thus, the demand for all types of cars from luxurious models, SUVs to mini-cars have reached a height in the Indian Car Market.
The attractive prospects of the Indian Car Market have prepared the ground for a large number of multi-national automobile companies from Japan, U. S. A., and Europe to come here and work in collaboration with the Indian firms. It is expected that with this growth rate of the Indian Car Market, it will be the third largest automobile market of the world by 2030 after China and the US.
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