Industries:

Automotive

In 1897, the first car ran on an Indian road. Through the 1930s, cars were only imported, and in very small numbers. An embryonic automotive industry emerged in India in the 1940s. Following independence in 1947, the Government of India and the private sector launched efforts to create an automotive-component manufacturing industry to supply to the automobile industry. In 1953, an import substitution programme was launched, and the import of fully built-up cars began to be restricted. The automotive industry in India is one of the largest automotive markets in the world. It was previously one of the fastest growing markets globally, but it is currently experiencing flat or negative growth rates. In 2009, India emerged as Asia's fourth largest exporter of passenger cars, behind Japan, South Korea, and Thailand, overtaking Thailand to become third in 2010. As of 2010, India was home to 40 million passenger vehicles. More than 3.7 million automotive vehicles were produced in India in 2010 (an increase of 33.9%), making India the second fastest growing automobile market in the world (after China). India's passenger car and commercial vehicle manufacturing industry recently overtook Brazil to become the sixth largest in the world, with an annual production of more than 3.9 million units in 2011.From 2011 to 2012, the industry grew 16-18%, selling around three million units. "According to the Society of Indian Automobile Manufacturers, annual vehicle sales are projected to increase to 4 million by 2015, not 5 million as previously projected". Key Facts: India is the Seventh-largest producer in the world with an average annual production of 17.5 Million vehicles, it would be also 4th largest automotive market by volume, by 2015. India has 4 large auto manufacturing hubs across the country and it is 7% of the country's GDP by volume. Further it is likely 6 Million-plus vehicles to be sold annually, by 2020.

Disclaimer: This information has been collected through secondary research and 24MRC Network is not responsible for any errors in the same.