Brazil, Russia, India and China, also known as the BRIC, are one the fastest emerging economies around the world and the whole wide world has set their eyes on these nations. Car manufacturers are lined up in the same queue and have serious plans lined up for these nations. China and India are two strong contenders in the South East Asian region.
Last year, China surged ahead of the US market in sales figures and thereby became the nation with highest number of passenger vehicles sales. In commercial vehicle sales, the Indian market is now growing faster than the Chinese market – the sales figures in India have surged by 77 percent as against 60 percent of China. “We are expecting stronger growth in the segment in the coming months, as the market would be led by new-generation trucks being introduced by several global companies,” said Pawan Goenka, president of the Society of Indian Automobile Manufacturers, which compiled the data.
Sales in this sector have come from steady growth in the Indian economy and GDP growth has been 8.6 percent in the quarter to end-March. IMF forecasts this growth to touch 9.6 percent this year. Moreover, the economic surge has also led to demand in transport of bulk commodities further leading to rise in heavy commercial vehicles as well.
