Though the Indian auto industry stood below the greater economies in the world like USA and Japan in the past, it is expected to grow. It is also playing an important role in the Indian economy. Coming to the trends in the automotive industry, today, the Indian automobile industry is one of the most vibrant, modern automobile markets in the world. The Indian automobile industry is the second largest two wheeler market in the world. The global automakers are noticing the importance of the Indian automobile market as there is a huge demand for the four wheelers with the growing number of financially sound middle class families.
The below are the factors playing key role in the Indian automobile market trends:
Government:
The Indian government liberalized the foreign investments and the rule makers are providing infrastructure, conducive atmosphere to attract the foreign investments.
Customer:
The buyers for the automobiles in India are increased due to increase in the income levels and there is greater expectation for the products and services by the automakers from the Indian auto buyers.
Competition:
With the entry of the foreign automakers, some of the Indian companies established joint ventures with the foreign companies and some other invested a lot in the research and development to build their own brands.
Pollution:
The companies have to follow the stringent pollution norms to enter the Indian market, for this reason vehicles containing Euro II engines have become famous all over India. The other thing is the safety, but it is neglected in India because of the bad roads along with absence of safety measures in the vehicles..
Indian automobile industry is emerging and is set for exponential growth in the future.