Growing Indian Automobile Industry

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In the race to be a superpower, India is making frequent and astounding advancements in all fields. From power generation to constructing modern roads, every sector has a huge impetus. Rising above all in a very distinct and appreciable way is the Automobile Sector of India. The automobile sector forms one of the fastest-growing sectors in the Indian economy, and so is the popularity of automobiles in India. Several cars and other automobiles are imported and exported every year—the Indian Automobile market witnesses large-scale manufacturing of cars, bikes, vans, buses, and tractors.

Growing  journeyThe Indian automobile industry is the tenth-largest in the world. New and advanced cars, bikes, and other vehicles are launched by various leading manufacturers suiting the consumer needs. Occupied by various major automobile manufacturers like Tata Motors, Ford Motors, Volkswagen, Maruti Udyog, Hero Honda, Bajaj Auto, Yamaha Motor, etc., the Indian Automobile industry has become a battlefield of technology, performance, and styling. The automobile industry in India is one of the fastest-growing automobile industries and has made its position globally.

The Indian automobile industry is currently growing at a remarkable pace of around 18 % per annum. The technological changes and progress successfully led to the progress of the automobile sector in India. The main reason behind this tremendous progress is the economic liberalization by the Indian government.

Since foreign direct investment has been allowed, the automobile market has got its foot on the accelerator. The growth of the Indian middle class with increasing purchasing power and availability of a trained workforce at a reasonable cost is another reason for the eminent growth and has pushed it to new capacities. International automobile giants have helped the Indian automobile sector to enlarge by setting up local bases. The increasing competition in auto companies has opened up many choices for Indian consumers at competitive costs. The Indian Automobile industry is growing in all respects, and it is also serving as an important source of employment. Innovation and new product launches are a major factor driving growth in sales of cars. A wide distribution & service station network is a key to growth in India. The automobile sector is expected to witness strong growth and improve its share in global markets too.