The Indian automobile industry has emerged as the fastest growing auto market in the financial year 2010-11, leaving behind its closest competitor China on the second place. The major contributor to this massive growth is the skyrocketing demand in the domestic market - the Indian auto market registered a 29 percent growth in FY10-11.
The country’s large neighbor China grew at a rate of 25% during last fiscal as compared to 40% growth registered in the preceding financial year. On the other hand, the world’s second largest market – US – grew at 14 percent, showing a considerable rebound as compared to the previous financial year. However, the Europe’s largest car market Germany, which is home to a number of leading car makers in the world, saw a shocking decline of 14%.
As per a recent statement given by Sugato Sen, senior director, Society of Indian Automobile Manufacturers (SIAM), “The target was revised upwards quite a few times during the year and even then growth exceeded it by the end of the year. This year we expect a growth of 16-18% but will not be surprised if a similar thing happens again.”
