PRZOOM - /newswire/ -
Delhi, New Delhi, India, 2007/06/29 - Despite a drop in car exports from India during April 2007, car sales are expected to grow at an average rate of almost 12.9% during the next couple of years (2007-2008).
In its recently published market research report on “Passenger Car Market: A Global Review (2006)" RNCOS has found, “Affordable prices, increased buyer incentives, attractive financing packages, lower costs of ownership, and most importantly rising incomes will continue to support the demand for cars in India. Car sales are expected to grow at an average annual rate of around 12.9% between 2007 and 2008, and 11.6% during 2009-10.”
From the perspective of exports, April 2007 didn’t prove out to be a good month for Indian automobile industry, as auto exports went almost 9.5% down during the month. This decline came as a disappointment for India at a time when they are attempting to portray its image as a global hub for small cars’ manufacturing. SIAM (Society of Indian Automobile Manufacturers) has reported that the country exported about 14,021 units during this April, whereas it was 15,497 units in the same month last year (2006).
On the other hand, exports of three wheeler, including passenger & goods carriers, witnessed a robust growth of almost 54.41% to reach around 14,326 units in April ’07 in comparison to approximately 9,134 units during last April.
While country’s car making giants Hyundai Motor India Ltd and Maruti Udyog Ltd showed growth in export volumes, Tata Motors had to suffer a drop in its sales overseas during the month. Hyundai remained the country’s largest car exporter with 11,341 units, representing almost 4.6% increase compared to the same month last year. On the other hand, Maruti exported 1,667 units, an increase of about 11.43% from last year.
As per the RNCOS report “Passenger Car Market: A Global Review (2006)”, “The automotive industry is amongst the largest and most rapidly growing manufacturing sectors in India. Ongoing liberalization that began in the early 90s combined with a large local market has made the country a major destination for automotive players across the world. Share of automotive industry in country’s GDP almost doubled to 4% in the FY 2004-05, around 2.8% up from FY 1992-93.”
The report looks into the details of worldwide passenger car industry. Key questions it attempts to answer include: is the passenger car industry in the developed and the emerging countries performing well, how attractive is the passenger car industry for investors, what are the key opportunities and challenges in the passenger car industry, and so on.
About RNCOS E-Services Pvt Ltd.
RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.