If we go by the predictions of German car manufacturer Audi, there is a bright future ahead for the Indian automobile industry. As per the anticipation, the India car demand in India will grow by more than three million by 2014. Audi in its recently released annual report is said to have banked its assumptions on the growing middle-class in India. It is said that just as the middle-class grows, the demand for individual mobility also increases giving a boost to the demand of cars. However, Audi’s foretelling seems to be a little inflated and needs to be somewhat rational keeping in view the increased fuel prices and the impending fuel hike in India.
In any case, Audi has sketched a bright picture for automobile companies hoping to enter India. It seems that there is enough ground for International automobile brands like Ferrari to justify its project to explore the Indian car market. Notably, international car brands such as Toyota, BMW, Volkswagen, Skoda, Mercedes, Ford, Hyundai and a couple of more names that we perhaps missed have already roped their resources in India to address the growing demand for different segment cars.
As per a survey, over 14 million Indians own a car in India. Accordingly, over two million Indians added a car to their name in 2010. Based on these figures, which may look quite promising, Audi has forecasted that at the current rate of growth, the demand for cars would increase to three million in 2014.
Besides India there is also a significant increase in population and demand for cars in China as well and so the demand for cars and particularly individual mobility will increase, Audi is said to have said in its report. Audi currently has various cars under its portfolio like Audi A4, Audi A6, Audi A8, Audi Q7, Audi R8 and the Audi TT, the company is heavily relying on Audi Q5 hybrid Quattro and the e-tron family that would be exactly catering to the future demands of individual mobility. As per the report, Audi produced 1,150,018 cars in 2010, as against 932,260 cars last year.