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The Indian Car Industry at its Peak

It was in the year 1898, the first car rolled out on the Indian roads heralding the emergence of the Indian automobile industry. Initially, as every other new business, car market in India did not experience much boom. However, the positive side is that with the involvement of the constructive government policies, the car market is now witnessing uplift and developments.

India is not far away from being the third largest car market in the world after China and USA with the established financial market, availability of skilled labour and stable government policies. The Indian automobile industry has a brighter opportunity today; the reasons for a vital growth in the car market in India are many. A good network of roads and transportation system that has emerged recently in India has definitely added to the growth in the car market.

From the economy point of view, it is observed that with the growth in the GDP (Gross Domestic Product), per capita income and high ownership capacity are the reasons that several foreign companies are venturing in to the Indian market. The sudden change in the lifestyle of the people and growing consciousness to maintain high living standard is one of the major factors that has paved a new path for the industry and is also expected to raise new heights in the future.

Over the last few decades, the Indian car market has been in a mushrooming stage with cars from every car segment pouring in the market in order to meet the demands of Indian customers.

Another reason for the growth of Indian auto industry is the cracking of the geographical limitations through the interference of media. Globalization has bought a new revolution and increased the thirst among the Indian mass to own a car.

The liberal policies of the Indian government have also invited several foreign investors to come in and invest bigheartedly in the Indian automobile market. The relaxation in the duties on small cars has also encouraged a momentous boom in the sector.

The foreign car manufacturers see a great potential for their products in India, which leads to the launch of more and more models, setting up new plants in the country. The automobile sector is growing in a good pace with all segments of car models like the small cars, mid-size cars, luxury cars, super luxury cars, and sports utility vehicles. The king of yesteryear that ruled the Indian roads for some time was the Ambassador. Now we have numerous new car models like the Maruti, Fiat, Hyundai, BMW, Honda, Mitsubishi, the Mercedes Benz and many others.

Some of the leading car brands that are currently ruling the Indian car market are the Maruti Suzuki, Tata Motors, Hyundai Motors India Ltd., Honda Siel Cars India Ltd., Fiat India Pvt. Ltd., Daimler Chrysler India Pvt. Ltd, Ford India Ltd., General Motors India, Skoda Auto India Pvt. Ltd., and Toyota Kirloskar Motor Ltd. The demand for luxury cars in India is also growing with time and big brands like Aston Martin, Ferrari, and Rolls-Royce also eye the country as a potential platform for their products and soon expected to foray into the Indian car market.