India
will become the third largest automotive market in the world by 2016
ahead of Japan, Germany and Brazil, riding on its domestic automotive
sales, according to IHS Automotive, a global market information
provider.
Although the economic growth vulnerability and lower sentiment resulted in market slowdown in 2012 and 2013, India is expected to regain strong growth trend from 2014 onwards, said the Colorado-based firm.
"We expect that by 2016, vehicle sales would surpass Brazil, Germany and Japan making India the third largest market," IHS Senior Principal Economist Charles Chesbrough said.
In 2012, China, the US and Japan were the top three global automotive markets and India was ranked six after Brazil and Germany in the fourth and fifth positions respectively.
Sounding bullish on the Indian market in the mid to long term, IHS said: "Investment reform policy will induce better environment for domestic and foreign enterprises. India light vehicle production (is) expected to reach 7 million by 2020."
The implications for auto demand are huge in India and the country has been moving along the penetration path, it said.
"With demand for vehicles declining in most mature markets in the face of the global recession, high fuel costs and urban driving restrictions, the industry is turning its attention more strongly towards the expanding middle classes in the new powerhouse of China, India, Brazil, Russia and other growing nations," Chesbrough said.
The growth of automobile sales will not be restricted only to mass market vehicles, IHS said.
Sounding bullish on the Indian market in the mid to long term, IHS said: "Investment reform policy will induce better environment for domestic and foreign enterprises. India light vehicle production (is) expected to reach 7 million by 2020."
The implications for auto demand are huge in India and the country has been moving along the penetration path, it said.
"With demand for vehicles declining in most mature markets in the face of the global recession, high fuel costs and urban driving restrictions, the industry is turning its attention more strongly towards the expanding middle classes in the new powerhouse of China, India, Brazil, Russia and other growing nations," Chesbrough said.
The growth of automobile sales will not be restricted only to mass market vehicles, IHS said.
Although the economic growth vulnerability and lower sentiment resulted in market slowdown in 2012 and 2013, India is expected to regain strong growth trend from 2014 onwards, said the Colorado-based firm.
"We expect that by 2016, vehicle sales would surpass Brazil, Germany and Japan making India the third largest market," IHS Senior Principal Economist Charles Chesbrough said.
In 2012, China, the US and Japan were the top three global automotive markets and India was ranked six after Brazil and Germany in the fourth and fifth positions respectively.
Sounding bullish on the Indian market in the mid to long term, IHS said: "Investment reform policy will induce better environment for domestic and foreign enterprises. India light vehicle production (is) expected to reach 7 million by 2020."
The implications for auto demand are huge in India and the country has been moving along the penetration path, it said.
"With demand for vehicles declining in most mature markets in the face of the global recession, high fuel costs and urban driving restrictions, the industry is turning its attention more strongly towards the expanding middle classes in the new powerhouse of China, India, Brazil, Russia and other growing nations," Chesbrough said.
The growth of automobile sales will not be restricted only to mass market vehicles, IHS said.
Sounding bullish on the Indian market in the mid to long term, IHS said: "Investment reform policy will induce better environment for domestic and foreign enterprises. India light vehicle production (is) expected to reach 7 million by 2020."
The implications for auto demand are huge in India and the country has been moving along the penetration path, it said.
"With demand for vehicles declining in most mature markets in the face of the global recession, high fuel costs and urban driving restrictions, the industry is turning its attention more strongly towards the expanding middle classes in the new powerhouse of China, India, Brazil, Russia and other growing nations," Chesbrough said.
The growth of automobile sales will not be restricted only to mass market vehicles, IHS said.
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