Within a duration of mere 12 months, the automobile industry has recorded whopping sales of 3 million units all over the passenger vehicles segment. For the first time, the data has gone this far in numbers. Sales of cars, UVs and vans increased more than 9% in fiscal 2017, as is recorded cumulatively out of the independent dataset released by various auto companies. It seemed out of the picture post demonetization that shook the very base of the auto sector, but it seems to regain the bridle of the horse in 2017. Retail inflation is smooth now, and the government is investing heavily in infrastructure.
India entered the list of top 5 PV markets in 2015 and was the third fastest growing in the world in the same year. It aims to top the list of largest auto sectors of the world by 2020 and seems to be heading in the right direction. As was told by the chairman of Maruti Suzuki, RC Bhargava, the company the sells every second car that runs on Indian roads, the auto economy will continue to improve unless something unexpected happens and that is always good for the car business.
If we look at the trends, we notice that within last 15 months there were as many as 42 new launches, including facelifts and refreshes, by mainstream automakers and another 30-36 by luxury-car makers in India. Recently, Lexus paved its way successfully in India with 2 SUVs and a sedan. Other car majors around the globe like Tesla, Peugeot, and others from China, France, South Korea and other countries are also preparing well to set their foot firmly in Indian auto sector. They see a huge potential in terms of profit making in here, and the reasons are very well visible to all of us. Other advances in the sector include:
-Datsun will be launching 1-litre RediGo in the entry car space.
-All new-gen sedans will be unfolded in 2017, including Maruti Suzuki Dzire, the Tata Tigor, facelifted Hyundai Xcent and the Chevrolet Beat Essentia.
-Tata Motors will enter the compact SUV segment with the Nexon and is readying for the launch its most talked about product, sports car TAMO RaceMo based on C Qube concept.
-Hyundai will bring a new generation Verna to challenge Maruti’s Ciaz and Honda’s City, and Toyota's will Vios.
-Renault will bring the SUV Kaptur, to challenge the Mahindra XUV as it is known for its performance in this segment.
-Volvo is bringing its sedan Polestar s60 on April 14th, the first by the brand in this segment.
-New electric technology is to be brought to Indian customers at a cheaper price by Tesla, and 3 electric cars shall be offered by Audi by 2020
-PSA group shall bring smart cars to India soon.
