Indian car market to grow higher as consumer expends increases
The Car market in India is going through a robust growth phase with its domestic car market jumped by more than 25 percent last month. According to a Recovery from Recession survey conducted by Datamonitor, the Indian consumers maintaining or increasing their level of expenditure while purchasing cars.
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The survey further reports that about 26 per cent of Indian consumers were ready to extend their budgets and maintain or increase their expenditure in the following three to six months for car purchases, in June 2009. The same figure was 26 percent in December 2009 and around 33 per cent in March this year.
The domestic car sales stood at 143,976 units in April 2010 as compare to 103,227 units sold in the same month of last year, accounted for a 39 per cent increase in sales. Almost all car makers in India have been registering a significant growth in the demand since the beginning of this year. The small car market claimed the majority of growth with accounting for more than 70 per cent of the total sales.
After organizing one of the biggest event in auto sector- the Delhi International Auto show, in January, the auto industry in India has witnessed a series of small car launches, which includes the Chevrolet Beat in January 2010, Ford Figo and Volkswagen Polo in March 2010 and New Maruti Wagon R in April this year. It seems that major car maker of the world are working hard to grab a significant market share in the small car segment in India, as more than half a dozen of new small cars are in their final stage of launch in India, in coming months, including Nissan Micra by next month, Toyota Etios in December this year, Honda's new small car by march next year and small cars from Fiat and Maruti by next year.
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