India is one of the fastest-growing economies in the world and its automobile industry is booming. In this article, we will take a look at the growth of the automobile industry in India over the last 10 years.
Since the liberalization of the economy in 1991, the Indian automotive industry has been growing at a rapid pace. In FY2019, the automotive industry recorded a turnover of Rs 6.85 lakh crore (US$ 95.41 billion). The industry is expected to grow at a compound annual growth rate (CAGR) of 7-8 per cent over the next five years to reach Rs 10 lakh crore (US$ 139 billion) by FY2024.
The automobile industry is a key driver of economic growth in India. The sector contributes around 7 per cent to the country’s GDP and employs over 3 million people. The industry is expected to create nearly 65,000 jobs in FY2020.
The Passenger Vehicle (PV) segment is the largest in the Indian automotive market with a 51 per cent share. The Commercial Vehicle (CV) segment holds a 29 per cent share, while the Two-Wheeler (TW) segment has a 20 per cent share.
In FY2019, a total of 3,459,309 units were sold in the PV segment, growing at 5.32 per cent over FY2018. The CV segment registered sales of 811,929 units in FY2019, growing
History of the automobile industry in India
The automobile industry in India can trace its origins back to the late 19th century. The first car was imported into India in 1898 by a Mumbai-based company. However, it wasn’t until the 1950s that the industry really started to take off.
The 1950s saw the establishment of several car manufacturing companies in India, including Hindustan Motors and Premier Automobiles. The Indian government also introduced a number of policies to encourage the growth of the industry.
The 1960s and 1970s were a period of rapid growth for the automobile industry in India. A number of foreign companies, including Suzuki, Honda, and Nissan, set up manufacturing plants in the country. The Indian government continued to support the industry with a number of tax and export incentives.
The 1980s and 1990s saw a slowdown in the growth of the automobile industry in India due to a number of factors, including economic recession and political instability. However, the industry has since bounced back and is now one of the fastest growing industries in the country.
Growth of the automobile industry in India over the last years
The automobile industry in India has seen tremendous growth over the last years. In fact, it is now one of the fastest growing industries in the country. This growth can be attributed to a number of factors, such as an increasing population and a growing middle class.
There are now more people than ever before who can afford to purchase a car. In addition, the Indian economy has been growing steadily, which has also contributed to the growth of the automobile industry.
The government has also been supportive of the industry, providing various incentives and tax breaks. This has made it easier for companies to set up manufacturing plants in India. As a result, there are now many foreign companies that have a presence in the country.
The automobile industry is expected to continue growing at a rapid pace in the years to come. This will provide a boost to the economy and create jobs for millions of people.
Major players in the Indian automobile industry
The Indian automobile industry has seen significant growth in recent years. A number of major players have entered the market, including some global brands.
The most popular brand in India is Maruti Suzuki, which has a market share of around 50%. Other major brands include Hyundai, Mahindra & Mahindra, Tata Motors, and Honda.
There has been a lot of investment in the Indian automobile industry in recent years. This has led to the introduction of new technologies and products. As a result, the quality of cars being produced in India has improved significantly.
The growth of the automobile industry has had a positive impact on the economy. It has created jobs for millions of people and has contributed to the development of infrastructure.
The future of the automobile industry in India
The future of the automobile industry in India looks very bright. The industry is expected to grow at a compound annual growth rate (CAGR) of 7-8% between FY2019 and FY2023. This growth will be driven by factors such as the increasing number of young buyers, the growing economy, and the increasing preference for private vehicles over public transport.
The number of young buyers is increasing because the population of young people is growing. The median age in India is 27 years, which is much younger than in developed countries such as the United States (median age: 38 years) and Japan (median age: 45 years). This young population is more likely to buy private vehicles than older generations.
The Indian economy is also growing rapidly. GDP growth was 7.5% in FY2018 and is expected to remain strong in the coming years. This economic growth will lead to more people buying private vehicles.
Lastly, there is an increasing preference for private vehicles over public transport. This is due to the growing number of middle-class and wealthy households in India. These households can afford to buy private vehicles and are choosing to do so over taking public transport.
All of these factors indicate that the future
The Indian automobile industry has seen tremendous growth over the last 10 years. In fact, it is now one of the fastest growing industries in the country. This growth can be attributed to a number of factors, such as an increase in disposable incomes, easy availability of loans and financing options, and a rise in living standards.
With more and more people opting to buy cars, it is evident that the future of the automotive industry in India looks very bright. We can expect to see even more growth in the coming years as more and more people become aware of the benefits of owning a car.