India is multi billion-dollar market for automobiles, accessories & components. It is the world’s largest two wheeler manufacturer, fifth largest commercial vehicles manufacturer and has the fourth largest passenger car market in Asia. India is seen as the biggest auto market in Asia. In fact global automobile player's have either set up base here, or are on the verge of doing so.
The auto parts and components sector, the auxiliary to the automobile trade has grown rapidly churning out an annual turnover of 15 Billion USD. A projected CAGR of 10% coupled with International OEMs finding cost-advantage factor attractive, this segment is preparing for a massive upward surge of 25% in exports alone.
March 2008 to April 2009 saw an increase of 10% in passenger cars and 15% in two wheelers. Three million vehicles were manufactured in India, sales of private vehicles rose by 10 percent to 1.5 million units. Continuing strong growth is being experienced in exports with a 12% increase in private cars and commercial vehicles .
With the industry on a growth trajectory, a stable economy, rising lifestyles and industry-friendly policies, the experts pegging a CAGR of 9.5% by 2012. In fact the auto giants have announced huge plans placing this industry on an overdrive.
The Government of India envisages this sector to emerge as the global destination of choice for design and manufacture of automobiles and auto components with output reaching a level of US$ 145 billion accounting for more than 10% of the GDP and provide employment to 25 million people by 2016.
SOUTH INDIA
South of India is truly the better half of International India. Historically, the southern ports have been an exchange point for ideas, innovation and technology. Considering a richer populace, a large pool of human resources, higher literacy level and a global outlook, the socio-economic factors in South-India is a more favorable than north.
South is also an accomplished automobile R&D venue for the biggest automotive giants With almost 90% of the manufacturing units and 80% of Foreign car assembly units of major automobile Manufacturers, along with A dominant share in the Auto component manufacturing industry lying in the south,
As the emerging commercial capital of South- India, Bangalore is the inevitable choice to host BIAE 2010. |
