Indian Auto Industry Expected to Grow Upto Rs. 18.9 trillion, USD 285 billion by 2026
Recent reports suggest that the automobile sector in India is expected to grow almost 4 times of its current value in the coming decade. According to a report published by the department of heavy industries on Wednesday, the auto sector would account for more than 12% of India's gross domestic product (GDP) and 40% of its manufacturing sector if the economy grows at 7.5% next decade. If this is so, the automobile sector value will hit Rs. 18.9 trillion (USD 285 billion) by 2026.
With more and more international brands making their way into India, the automobile sector in the country is witnessing a good international exposure. Brands like Jeep and JLR now see India as a growing market with great potential. Earlier this year, Fiat Chrysler Automobiles announced that the company has invested $ 280 million into Fiat India Automobiles Private Limited, with Tata Motors Limited for extension of Fiat’s Ranjangaon manufacturing facility. Fiat Chrysler promises that the investment will support the production of a new Jeep vehicle and is most likely to begin production in the second quarter of 2017. The now Tata-owned Jaguar Land Rover posted its strongest ever sales performance this year in March, by retailing 58,481 vehicles, up 6% against the previous year. They also launched the all new Discovery Sport at a price tag of Rs. 46.10 lac, Ex-showroom Mumbai.
Also Read: Discovery Sport Launched at Rs. 46.10 lacs
Other foreign brands like Mercedes is expanding its presence in the Indian market with a determined aimed of launching 15 new model in 2015. The latest 2 entries from the German have been the flagship 2015 Mercedes-AMG S 63 Sedan at Rs 2.53 crore, which was launched on August 11 and the C63 S AMG sedan which was launched earlier today and is priced from Rs. 1.3 Crore onwards, ex-showroom Delhi. Both of these cars cross the Rs. 1 Cr mark which shows the faith of the brand in the Indian market. Other than these, the automaker has also launched a New Auto Hangar in Raipur which shows the brand’s will to expand in the country.
Also Read: Mercedes Benz C63 S AMG Launched at Rs. 1.3 Crore! (