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Light-Vehicle Sales in Millions, 2010 vs 2020 |
India surpassed France, UK and Italy to become the sixth-largest automotive market in the world in 2010, and it is expected to become one of the three largest automotive markets in the world by 2020, according to a special report titled “India Automotive 2020: The Next Giant from Asia,” released by J.D. Power and Associates today.
More than 2.7 million light vehicles (passenger cars and light-commercial vehicles) were sold in India in 2010, up from just 700,000 light vehicles sold in 2000. Due to increased economic activity and a more consumer-driven culture that has developed during the past 20 years, India—a country with a population of nearly 1.2 billion—is expected to reach 11 million light-vehicle sales by 2020. This would make India the third-largest light-vehicle market in the world, behind China (expected to reach 35 million light-vehicle sales in 2020) and the United States (expected to reach 17.4 million sales in 2020).
“India has quickly become one of the largest and fastest-growing automotive markets in the world,” said John Humphrey, senior vice president of global automotive operations at J.D. Power and Associates. “This momentum has been driven by a more open and market-driven economy, an empowered and less risk-averse work force, a more consumer-driven culture and an emphasis on small car production.”
In 2010, nearly 80% of all new passenger vehicles sold in India were classified as either mini cars or subcompact passenger cars. By comparison, the mini car and subcompact segments accounted for only 24% of passenger-vehicle sales in China in 2010, and just 3 percent of passenger-vehicle sales in the United States.
