DUBLIN, December 22, 2015 /PRNewswire/ --
Research and Markets (http://www.researchandmarkets.com/research/sn7c9c/the_indian) has announced the addition of the "The Indian Automotive Supplier Report" report to their offering.
India recorded robust growth in vehicle sales during the previous decade which catapulted the country into one of the dynamic markets in Asia. Combined vehicles (comprising both light vehicles and medium- and heavy-duty commercial vehicles) sales in the country crossed one million units mark in 2003 and two million units in 2009. Sales shot over three million units the following year. However, since then vehicle sales have witnessed a roller-coaster ride and have hovered in range of three to 3.5 million units.
In 2014, India was the sixth largest market globally in terms of light-vehicle (LV) sales (comprising passenger cars and light trucks) after China, United States, Japan, Brazil and Germany. LV sales in India declined 1.8% y/y to 2.95 million units for the second consecutive year in 2014 amid an economic slowdown and high inflation-high interest rate regime. Before that in 2013, LV sales dropped 6.4% to three million units. In order to boost vehicle demand, the Indian government had reduced excise duty in the interim budget of 2014. The government lowered excise duty from 12% to 8% for small cars, from 30% to 24% for SUVs, from 24% to 20% for mid-sized cars and from 27% to 24% for large cars.
Sales, however, have improved so far in 2015. In the first ten months of 2015, LV sales in India totalled 2.57 million units versus 2.46 million units in the corresponding period of 2014. Prospects for the LV industry look better for 2015 and beyond, aided by an expected revival in economic growth and consumer sentiments, strong demand from rural markets, softening of interest rate and new product launches. IHS expects LV sales to grow to 3.13 million units in 2015 and exceed five million units mark by 2020.
This fifth edition of the Indian Supplier Report offers an account of the current volatile business environment in the country. The report, based on comprehensive first hand interaction with industry officials, gives an insight into how suppliers are dealing with the current market and economic challenges.
Companies Mentioned:
Report Structure:
1. Executive Summary
2. Indian Economy and Business Environment
3. The Indian Automotive Industry
4. Overview of Automotive Supplier Industry
5. Government Policies and Plans
6. Supplier Profile
For more information visit http://www.researchandmarkets.com/research/sn7c9c/the_indian
Media Contact:
Laura Wood, +353-1-481-1716, [email protected]
SOURCE Research and Markets
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