Promising Future for India’s Automotive Industry Through 2021 by BizVibe
LONDON—India’s automotive industry is growing at a rapid pace, with innovation being key for automobile manufacturers to keep up with changing consumer preferences and increasing issues related to safety, population density, and the environment. Details on this promising market and its changing nature are some of this week’s top stories on BizVibe.
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India’s Automotive Components Market is Booming
The market is currently valued at over USD 44 billion, and is continuing to grow rapidly thanks to demand from both domestic and international consumers. India’s location near major markets such as Japan and Korea has made it a major destination for manufacturers and buyers alike.
India’s fast-growing economy also plays a role in encouraging the growth of the automotive components market in the country. India has quickly become a leading manufacturing location for small capacity diesel and petrol engines, and as well as engine- and transmission-related automotive components. Additionally, the country has become a major manufacturer of small cars: more than 30% of all small cars sold globally have been manufactured in India.
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Microcars Increasing in Popularity in India’s Automotive Industry
To combat issues related to traffic and pollution, Indian car manufacturers are increasingly developing advanced and sophisticated microcars that can navigate population-dense urban areas with greater safety and ease than conventional full-sized cars. Microcars use less fuel, take up less parking and road space, and are typically sold as a substantially lower cost than full-sized cars, making them particularly appealing to price-sensitive consumers in India’s urban areas.
India is one of the leaders for microcars in APAC. Though the majority of the demand for microcars produced in India is domestic, consumers United States and Europe have begun to import hybrid and electric microcars from India due to their low costs compared to full-sized hybrid and electric vehicles available in other markets.
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