Delhi, India (PressExposure) June 21, 2007 -- As per RNCOS' recent report "Passenger Car Market: A Global Review (2006) ", the rising income, affordable price, lower ownership cost, increased buyer incentive as well as fascinating funding packages in India would continue to support its passenger car market demand, with car sales growth averaging about 12.9% yearly between 2007-08 and 11.6% in 2009-10.
During 2006-2011, India would become the fastest growing automobile manufacturer amongst the top 20 car making countries of the world, as per a New York based accounting company Price waterhouse Coopers LLP, reports Bloomberg on May 24, 2007.
"Everyone is looking at India after what happened in China,'' says Ashvin Chotai, who works in London as director of Asian automotive research for Waltham, Massachusetts-based Global Insight, reports Bloomberg on May 24, 2007. ``There's no other place that even comes close.''
In India, General Motors Corp., Volkswagen AG, Honda Motor Co. and few other companies are planning to spend no less than US$ 6.6Billion on new plants to benefit from the country's auto desire. Fiat SpA, Renault SA, Nissan Motor Co. as well as others is connecting with local producers. Every one is gambling in a country where among 1,000 people only 7 possess a car in contrast with 450 for every 1,000 in US and 500 for every 1,000 in Western Europe.
As per the report "Passenger Car Market: A Global Review (2006)", the automotive sector of India is amongst the largest and fastest growing manufacturing sectors. A large domestic market and constant liberalization since the early 1990s have made India a leading target for the international automotive players. The sector's share of GDP rose from 2.8% in fiscal year 1992-93 (April-March) to 4% in 2004-05. Total passenger car production reached 1.36 Million units in year 2005 as compared to 1.24 Million units in 2004.
The report addresses some interesting issues for today's global business environment such as is the passenger car industry in the developed and the emerging countries performing well, how attractive is the passenger car industry for investors, key challenges and the driving forces in the passenger car industry as well as the key competitors in the global passenger car industry.
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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.