Growth of the Industry
With India, one can witness the emergence of new and upcoming automobile manufacturing companies. Being in the midst of the fastest growing economic and capital markets, India has become a great destination for the manufacturers of cars and other vehicles. The growing number of car sales in India is evidence to the popularity of cars in India. The increasing demand for cars in India is supported by the rapid growth in the Indian economy and the resultant rise in population. The automobile industry in India is in the state of rising importance. New auto companies are set to enter the marketplace as the current players try to cash in on the growing demand for automobiles in India.
Automobile industry in India accounts for about 70% of the country’s Gross Domestic Product (GDP). The automobile sector in India has developed at a rapid pace and the government is making sure that the interests of the consumers are safeguarded. Government is keen to promote the manufacturing of vehicles and also to promote vehicle sales in the country. The central and local governments have made a number of policy initiatives that are aimed to promote automobile manufacturing. Policy frameworks have been formulated to improve the quality of automobile products and to ensure that their competition in the market is robust. A number of policy frameworks have been developed by the government for the overall well-being of the industry. Learn more information about Vietnam manufacturing
India automobile sector is experiencing unprecedented growth in the wake of the global economic slowdown. The growth rate of the industry has been fast catching up with the rest of the world. India’s domestic automotive sector is also experiencing rapid growth. The recent increase in the demand for vehicles in India has been fuelled primarily by an increase in urbanization and a desire among the masses for acquiring a vehicle of their own.
Automobile industries in India are providing a wide range of products including automobiles, trucks, buses, rickshaws, car-hire services and many more. In addition to this, automobile companies are offering services like scooter hiring, taxi services, motor cycle courier services etc. in various parts of the country. These services are provided to customers visiting the city centre on business purposes. Automobile industries in India are also making use of state-of-the-art technology for producing cars, trucks and buses.
With the advent of advanced technologies in the automobile sector of India, Indian automobile industry is not far away from the world leader, Toyota Motor Corporation. India is home to numerous small and mid-sized automobile manufacturing companies that are successfully competing in the global arena. The main reason behind the success of these companies is their focus on quality production, low overheads and timely delivery of vehicles to the customers.
Auto industry of India has experienced tremendous growth over the years. It is expected that the industry will further evolve and will achieve new heights of excellence. With the right kind of policies and plans by the government and by the respective states, the automobile sector of the country will witness a dramatic expansion and will emerge as one of the world leader in vehicle production and sales.