Friday, 10 January 2014

Indian Market Shining Opportunities for Car Makers

Who is not aware about the potential strength of the Indian market, especially for automobile sector? In recent times, India has emerged as the strongest market for many imported products and services. Countries like China and USA, making every possible effort to appeal the huge market of India. Back then, many automobile companies used to import the auto parts in India from outside. Gradually, now all these companies have their own accessory vendors in India. Many automobile companies have begun seeing the major role of Indian customers in owing major international car brands.

In recent times, India was the ninth largest exporter of cars in the world and fourth in Asia, respectively. The increasing influence of India in Car market is making this country a big manufacturer also. In 2008, India stood at fourth place in Asia, just behind after Japan, South Korea, and Thailand in exporting the maximum number of cars worldwide. Moreover, we also gained the ninth place in the world producing more than 2.3 million units. If you look at the market potential of India you would automatically understand the inclined position of automobile industry.

The automobile fair organized in Pragati Maidan, Delhi every year in January is a strong witness of increasing craze of luxury cars in Indian market. Every year different automobile companies enthusiastically participated in this car fest and introduce their latest and brand new models. Simultaneously, many giant brands are also taking interest in Indian market. Car majors like BMW, Mercedes and Audi are strong players in India spreading their car segment market rapidly. However, demand for mainstream cars may be sluggish, but luxury car makers continue to find better growth prospects and higher income group people here.

The exceptional growth of luxury car makers depend on the higher income group individuals or businessmen, which is why all these brands are hitting the metropolis cities of India. The German car trio (Mercedes, BMW and Audi) increasing their footstep in India, making India a better place to sale their car units. The marketing head of these car manufactures have accepted that they have sold out their automobiles in big volume last year. They are equally positive for coming year and hoping to increase their sales by huge margin.

Last year, many car owners saw record sales figures throughout the country which is an encouraging factor for them. However, car owners in middle class segment like Hyundai, Toyota, and Honda are among few companies that have seen a little downfall in their sale figures. More importantly, we have also seen few signs of economic slowdown last year which was also a reason for dropped sales volume.

Irrespective of all results, there is a buzz around for these car companies that they will have a splendid year ahead in 2014 and could increase their sales volume apparently. There are no doubts about India becoming a giant market for car manufacturers from all over the world and auto ancillary companies, who manufactures auto parts in India in different states and cities.

The writer of this article is a journalist and have been writing on automobile sector for almost a year including the demand and growth of Auto accessories in India and Auto parts in India.

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