Posted by Maspion Labels: Automotive News
Car market in India is now ranked sixth largest in the world. But, less than a decade, not the essence of this country might not get past the French, British, and Italian. In fact, in 2020 will enter three of the world behind China and the United States.
Once estimates of global research institute JD Power and Associates said in a report titled "Automotive 2020 India: The Next Giant from Asia" delivered yesterday (06/15/2011). Last year alone, India recorded 2.7 million light vehicles (passenger and commercial), sped away from the position in 2000 that only 700,000 units.
With a growing economy, rising consumer culture and the total population of 1.2 billion people, the automotive market in India is predicted to reach 11 million units in 2020. In the same year, the number of market in China reached 35 million units and U.S. 17.4 million units.
"India continues to develop into the largest and fastest growing markets in the automotive world. This momentum is increasingly driven by market conditions become more open, stable economy, labor unions were minimal risk, a large culture of consumption and production base of small cars in the world," said John Humphrey, senior vice president of global automotive operations JD Power and Associates said in its official statement.
To achieve this, India has to face the three biggest challenges that may become obstacles in the future. The economist and auto industry executives believe that much remains to be done to help smooth the way and creating the developed world.
These three issues are: international trade deficit; government budget deficit is small, and the availability of infrastructure including power generation and distribution infrastructure distribution. "Most of India's future growth in the automotive sector will depend on successfully creating an infrastructure to support the economy," said Humphrey.