PRZOOM - /newswire/ -
Delhi, New Delhi, India, 2006/11/03 - The domestic Passenger Car Market is expected to grow by 50% within the next four years on account of shifting customer preference for four-wheeled vehicles as against two-wheelers..
Pricewaterhouse Coopers in its eighth annual Global Automotive Financial Review stated that the Indian Passenger Car Market is expected to reach up to 19 Lakh passenger cars in 2010, from a size of 7.5 Lakh passenger cars in the year 2000. This implies that by 2010 the market is likely to demonstrate a growth rate of around 51%.
Presently, two-wheelers constitute 77% of the Indian automotive industry's total production. However there is perceptible trend of customers graduating to four-wheeled vehicles. At present the penetration level is extremely low with around 8 cars per 1,000 individuals. With fat income levels and increasing disposable incomes among the middle-class populace, along with up scaling urbanization, the prospects for passenger car segment looks bright. Dealers and manufacturers are offering a bonanza of financing options at low interest rates and a host of price discounts. During the period 2000-2005,the automotive manufacturing sector had witnessed a sturdy growth of 12 % CAGR.
Small cars segment accounts for a major chunk of the revenue of the Passenger Car Market at about 70%. Industry experts assert that any future growth is likely to be driven by this segment as small cars offer fuel efficiency, and incur minimum operating costs.
RNCOS recent report, "Passenger Car Market: A Global Review (2006)" undertakes a review of the performance of the Global Passenger Car Industry. The report also analyses the Passenger Car market by geographical distribution.
Globally, automotive demand has seen up and down in different periods. The periods 2003-04 and 2004-05 have been significant revenue churners with robust rise in demands. It's expected that rising incomes coupled with affordable prices, increased buyer incentives and attractive financing packages will continue to support demand. Sales growth in the passenger car segment will hover around 12% annually between 2006-07 and 2010-11.
The key highlights of the reports are:
- Performance of the major developed & emerging countries in the Passenger Car Market
- The opportunities existing for the automobile players in Passenger Car Market
- The key challenges & driving forces for Passenger Car Market
- The major competitors in the Global Passenger car Industry.
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