Market Developments
Indian Market on Way to Becoming Third Biggest Global Car Market by 2030.
It will cross 3.5 million cars by 2015.
Following on the heels of France’s Renault, German luxury carmaker BMW has short-listed at least six models, including the top–of-the-line 7 Series, to launch in the Indian market, which is one of the fastest growing in the world.
BMW’s move follows Renault, which recently announced that it would build a plant in India. It was reported that Mr Carlos Ghosn was of the view that “India offers important growth and profitability” at a recent event in India.
The two carmakers have joined a series of big names such as US automaker General Motors, Germany’s Volkswagen, Japan’s Suzuki and Honda, and South Korean’s Hyundai that are revving up their plans for India.
An Indian government mission plan indicates that auto manufacturers are aiming for sales of US$145 billion in 10 years or an average of 16% annual growth, up from US$36 billion now.
Booz-Allen Hamilton and McKinsey have estimated that the Indian domestic market of one million passenger cars (with 70 percent small cars) will double by 2010 and cross 3.5 million by 2015.
Reported by Danny Chow.