Indian economy is growing at a rapid rate of about 7% in the past decade, since 1997. The Indian urban population is growing at the rate of 2.4% per year and currently 29% of Indian population is urbanized. With this transformation, the Indian middle-class and upper middle class is growing. It is this growing middle class in the urban areas of India who are going for items like cars, scooters, motorcycles, designer clothes, air conditioners – which were once considered as luxury items. These upwardly mobile families are responsible for the huge domestic growth in sales of automobiles in India during the last decade. In Indian urban areas, penetration of cars has increased from 1.61% to 9.14% and two wheeler penetrations has increased from 2.93% to 28.2% in just last 10 years. Thus, Automobile Industry in India has seen a remarkable growth and at present it is one of the fastest growing sectors in the world. It’s no wonder why automobile leaders like Toyota, Volkswagen, Honda, General Motors, Hyunai, and Suzuki are now targeting Indian car market.
Technorati Tags: Indian economy, India, cars, scooters, motorcycles, Automobile Industry, Toyota, Indian car market
Tags: india automobile sector, india growing economy, indian automobile market, indian car market