India is making frequent and astounding advancements in all fields in the race to be a superpower. Every sector has a huge impetus, from power generation to constructing modern roads. 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 annually—the Indian Automobile market witnesses large-scale manufacturing of cars, bikes, vans, buses, and tractors.
The Indian automobile industry is the tenth-largest in the world. Various leading manufacturers launch new and advanced cars, bikes, and other vehicles, suiting consumer needs. Occupied by multiple 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 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 improvement 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 change, pushing 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 is also an important source of employment. Innovation and new product launches are major factors 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 global market share.