MARKET DETAILS OF AUTOMOBILE INDUSTRY:-

Automobile Industry is one of the few industries which have shown a continuous rapid growth since the industrial revolution in early 20^th century. Also it has grown within itself, with the no. of manufacturing companies and types of vehicles increasing every year. Indian automobile industry is no exception with most of the major companies of the world investing in INDIA. With the Indian economy on boom, even the domestic companies are making rapid strides and competing with the international ones. The dramatic influence that automakers have on global economy is one of the indications of how widespread and significant this industry has become.

                                  The globalization of the Indian automobile industry continues, and their collaboration with foreign companies is flourishing. Gradual changes in the Indian economy and rising disposable income of the people is resulting in increased motorization. Global connections are seen as an effective way to respond to this trend, and will continue to multiply as the world’s automobile industries try to meet the increasing demands in a growing number of markets.

The main reasons for this exponential growth and revolution in Indian automobile industry (especially two-wheelers) are:-

1. Government’s initiative on rural roads and better connectivity with major towns and cities.
2. Improved agricultural performance.
3. Upward trend of purchasing power in the hands of rural people.
4. Better understanding between the world economies resulting in free and easy trade.
5. Increasing trend of cooperation between world class companies in the field of automobile industry with an approach to reduce the costing.

Filed Under: Automobile Engineering, Automobile Industry, Mechanical Engineering on Thursday, March 7, 2013