Posted On : 27-Nov-2017
The Indian auto industry is one of the most significant in the world. The industry makes up to 7 percent of the country's Gross Domestic Item (GDP). The Two Wheelers segment with 80 percent market share is the leader of the Native American Indian Automobile market owing to a growing middle school and young inhabitants. Moreover, the growing interest of the companies in exploring the rural marketplaces further aided the development of the sector. The general Passenger Vehicle (PV) part has 14 per dollar business.
India is also a prominent auto exporter and has strong move growth expectations for the near future. In April-March 2017 exports of PHOTOVOLTAIC and Commercial Vehicles (CV) registered a growth of 16. 20 per dollar and 4. 99 every cent respectively, over April-March 2016. In addition, several initiatives by the Authorities of India and the major automobile players in the Indian market are expected to make India a leader in the 2W and Four Wheeler (4W) market in the world by 2020.
Production of passenger vehicles, commercial vehicles, three wheelers and two wheelers grew at 5.41 percent in FY17 to 25,316,044 vehicles from 24,016,599 vehicles in FY16.The sales of passenger vehicles, commercial vehicles, and two-wheelers grew by 9.23 percent, 4.16 percent, and 6.89 percent respectively, during the period April-March 2017.