According to a report by Booz & company (now that’s a name we love), Indian will surpass the European market to become the 4th largest car bazaar globally. The projections also go on to suggest that Indian auto sales will exceed that of US by mid 2030s, with the size of the market to be pegged at $150-200 billion. Asia is surging ahead, and by 2020, the Asian markets will account for 65% of the total global market.
Booz & Co., is one of the leading management consultancies in the world. “Our research portrays that with the rapid expansion of the automotive industry in India, it is expected to surpass the European nations by 2015 and generate sales upto 6+ millions units annually by 2020. With China and India ramping up in parallel directions, the global auto industry is sure to get reshaped, thus propelling Asia to capture 65% of the total market size by 2020,” says Vikas Sehgal, Partner, Booz & Company, India.
India has been termed as ‘an anchor of future growth for the global the auto industry’. To participate in the growing pie, global OEMs are revisiting their respective India business plans. The FDI in the auto sector is expected to exceed that in most other sectors. India is likely to attract $ 25-35 billion in FDI over the course of the next 10 years for the automotive industry. The report also suggests that India’s passenger car market will be among the top 3 in the world in the next 20 years.