GROWTH OF AUTOMOBILE INDUSTRY IN INDIA
Abstract
The Indian Automobile industry has had substantial expansion in the last five years, as indicated by data published by the Society of Indian Automobile Manufacturers (SIAM). This research piece seeks to analyze and comprehend the primary elements that contribute to this rise, by examining several segments within the industry, including passenger vehicles, commercial vehicles, two-wheelers, and three-wheelers. We analyze extensive data from SIAM to examine sales figures, production rates, export numbers, and market trends, in order to offer a thorough assessment of the industry's performance. The data indicate that the Indian Automobile sector has experienced growth due to factors such as rising customer demand, technological progress, government efforts, and favorable economic conditions. Passenger vehicles have become a significant catalyst for growth, with a substantial increase in sales across both the lower-end and higher-end market sectors. Commercial vehicles have had strong growth as a result of infrastructure development and increased demand for logistics services. Moreover, two-wheelers play a crucial role in the Indian market, serving the large population and meeting various transportation requirements. Three-wheelers, predominantly utilized for commercial applications, have experienced consistent expansion, bolstered by the process of urbanization and the need for last-mile connection. To summarize, the Indian Automobile industry's expansion in the past five years highlights its ability to withstand and adjust to shifting market conditions. The findings obtained from this study can provide guidance to stakeholders, governments, and industry participants in making well-informed decisions and formulating strategies for future expansion.
Keyword : Indian Automobile Industry; Growth; SIAM Data; Economic conditions; Analysis
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