The scope for marketing cars in India has been flourishing at a prompt pace. The rising GDP rate, per capita income, economic independence and high ownership ability has made way to the sudden increase in the Indian Car Market. As India gets more and more economic liberty, the need for comforts becomes a priority and that is where, a car comes as a ‘precedence'. In India, about 1.4 million four-wheelers were sold in the 2006-2007 only.
Cars, once considered to be a style statement or status symbol have acquired the position of ‘needs’ of a common man. India has a majority of middle class population where owning a car was a dream. But, with cost effective small cars like Maruti and now, Tata Nano with a mere price of 1 lakh rupess, the market for cars becomes vast.
It is not only the small cars but the image of style statement still remains in India that has a fine market for luxury cars where the growth rate is 28%.
Another field to look at is the passenger car market with a growing rate of 18.3%. All over the country, one can see passenger cars running either intra-city or intercity or even inter-state, and the requirement for such vehicles grows with industrialization and better infrastructure. Companies like Tata, Suzuki, Hyundai, Bajaj and others are already in the race to explore this not so familiar market.
With increasingly new cars coming up on the prospect, the scope for used cars (second hand cars) cannot be neglected. Large numbers of cars are being sold out every day and you have buyers for them. This market is not fresh, but unrevealed. The scale for earnings is, therefore, highest.
India has a majority of young populace with growing income stages, an under discovered rural market, and an economy running at 9% plus increase rates. A major reason for this growing market is the easy availability of the cars. By availability, it means the access to cars and the ways to acquire it. Banks and other finance companies offer car loans to people at a considerable rate of interest and without much hassle. This is evident from the fact that 80% of the cars sold in India last year were financed by banks and other financial corporations.
In the last few years, only General Motor, Fiat, Honda, Nissan, and Hyundai have announced Indian venture valued at roughly $1.5 billion. India is considered as the most captivating promising market opening in Asia.
According to the consultancy Keystone - a subsidiary of LaSalle Consulting Associates, India has been predicted to become the world's third biggest automobile market by 2030, after China and the US. A very important aspect of this future success lies in the coordination between the car industry and government which seems to be going well until now. Take for example, like the duties on small cars were cut down from 24% to 16% and the government is willing to spread out the markets.
It is a right time for investments in Car Market to garner the maximum benefits. Start now before the occasion gets too far from you.
According to Mamkol, “I must own a car to $urvive, it is ONe of my ba-sick needs”.
Cars, once considered to be a style statement or status symbol have acquired the position of ‘needs’ of a common man. India has a majority of middle class population where owning a car was a dream. But, with cost effective small cars like Maruti and now, Tata Nano with a mere price of 1 lakh rupess, the market for cars becomes vast.
It is not only the small cars but the image of style statement still remains in India that has a fine market for luxury cars where the growth rate is 28%.
Another field to look at is the passenger car market with a growing rate of 18.3%. All over the country, one can see passenger cars running either intra-city or intercity or even inter-state, and the requirement for such vehicles grows with industrialization and better infrastructure. Companies like Tata, Suzuki, Hyundai, Bajaj and others are already in the race to explore this not so familiar market.
With increasingly new cars coming up on the prospect, the scope for used cars (second hand cars) cannot be neglected. Large numbers of cars are being sold out every day and you have buyers for them. This market is not fresh, but unrevealed. The scale for earnings is, therefore, highest.
India has a majority of young populace with growing income stages, an under discovered rural market, and an economy running at 9% plus increase rates. A major reason for this growing market is the easy availability of the cars. By availability, it means the access to cars and the ways to acquire it. Banks and other finance companies offer car loans to people at a considerable rate of interest and without much hassle. This is evident from the fact that 80% of the cars sold in India last year were financed by banks and other financial corporations.
In the last few years, only General Motor, Fiat, Honda, Nissan, and Hyundai have announced Indian venture valued at roughly $1.5 billion. India is considered as the most captivating promising market opening in Asia.
According to the consultancy Keystone - a subsidiary of LaSalle Consulting Associates, India has been predicted to become the world's third biggest automobile market by 2030, after China and the US. A very important aspect of this future success lies in the coordination between the car industry and government which seems to be going well until now. Take for example, like the duties on small cars were cut down from 24% to 16% and the government is willing to spread out the markets.
It is a right time for investments in Car Market to garner the maximum benefits. Start now before the occasion gets too far from you.
According to Mamkol, “I must own a car to $urvive, it is ONe of my ba-sick needs”.
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