India has become the most sought after market for luxury carmakers. Sales of luxury cars in the country are zooming ahead in top gear this year. Carmakers like Mercedes Benz, Audi, Land Rover, BMW and Jaguar have extensive plans for the country after this sudden increase in demand. This surge in demand can be attributed to the increase in per capita income.
It is official now – the Indian car industry is not only the fastest growing but now the 7th largest car producing in the world. A statement by the government says that India is now the seventh largest vehicle producing nation in the world. But the best part is the fact that the country has reached this target six years earlier than expected.
The Indian car market is booming and the total production has jumped by a whopping 23.4 percent from 3.12 million units at present to 3.85 million.
Recently, India’s largest carmaker – Maruti Suzuki – added another plant to its manufacturing facilities and announced an investment of about Rs 1925 crore for it. According to Osamu Suzuki, chairman and chief executive officer of Suzuki Motor Corp, the company has not been able to supply some car models on time due to capacity constraints.
The country’s largest carmaker, Maruti Suzuki India, is all set to share information and help out Volkswagen AG to come up with a brand new small car for the Indian market priced less than Rs 4 lakh!
There had been speculation of such a sharing of expertise in the past but no confirmation had been received. But Volkswagen understands the need to be present in the small car segment in India that constitutes 70 per cent of the total sales.
Chinese Shanghai Automotive Industry Corporation (SAIC) in association with General Motors India is likely to enter both the passenger and commercial vehicle segment by next year. General Motors is thinking of developing small engines and transmissions with China's SAIC Motor Corp. The Indian car market is dominated by smaller cars, which amount to about 70 per cent of the total sales. According to media reports, GM and SAIC would produce fuel-efficient engines between 1 to 1.5 litres for China and other parts of the world.
Suzuki Motorcycle India Pvt. Ltd is planning to launch a new model in the market on August 25. The information about the new model launch is just contemplative till now because Suzuki has sent an invitation to the press for an “upcoming formal announcement.” Presently, Suzukisells models like Heat, Zeus, GS150R and Access 125 in India.
The popularity of Nissan Leaf and Chevrolet Volt even before their launch is an indicator of the direction automotive market is going to take in the future. Electric cars are being perceived as the alternative to gasoline driven cars and efforts are being made to make people opt for them.
The Indian car market is doing very well and has posted good results for the month of July. Car sales for the month of July went up 38 per cent. The Indian car industry recorded a total of 158,764 cars sold in the month of July according to data from the Society of Indian Automobile Manufacturers (SIAM). Positive customer sentiment and strong hopes of food prices coming down kept the momentum going.
The month of July has been fast and furious for the Indian automobile market and the Car enthusiasts as the month saw some most awaited launches like that of Nissan Micra and some innovative strategies being employed by various car companies in the genre of marketing their products. Amidst all the news and activity cluster some cars caught everyone fantasies and became the most popular hatchbacks in the month of July. Of all Nissan Micra became the most popular and the most sought after car in July. The spot was closely followed by Maruti Alto, Ford Figo, Volkswagen Polo and Hyundai i10.
In the last one year the number of new car models being launched in the country has gone up. Since last year as many as 12 new cars like Ford Figo, Hyundai i20, Chevrolet Beat, Volkswagen Polo, Indigo Manza and Chevrolet Cruze have been launched in the Indian car market. This is a recent phenomenon in the country’s growing car market and the market is responding well for some of these models while others are still struggling to get the formula right.