Automobile
sector in India has achieved consistent growth of 15% in the last
five years. Most of the leading automotive manufacturers from all
over the world seeing India as a large market, with vast scope for
industry growth.
According
to Praful Mehta, Minister of Heavy Industries, the automotive &
auto components industry is more likely to touch $ 145 billion by the
end of the year, 2016. He proposed these figures while addressing the
annual convention of ACMA. Auto sector in India amounts up to 10% of
GDP creating employment opportunities for over one million people.
Though
we have already introduced you the rapidly growing automotive industry. Today, we bring some more of it, read on:
Growth
drivers in Automobile Sector
- The constantly developing middle class, rise in incomes and the purchasing power of people has increased.
- Youth is escalating the demand for world class cars.
- With the developed infrastructure, commercial vehicles can access distant markets very easily. And thereby their demands have enhanced by multiple folds.
- Availability of auto-finance made vehicle purchases more easy.
- Escalating Investments
- Favourable government policies
- Robust
production
- Innovative Opportunities
India's
contribution in automobile industry:
- World’s 2nd largest manufacturer of 2-wheelers
- 5th largest manufacturer of commercial vehicles
- Globally competitive, well-developed and auto ancillary industry
- Well-established automobile testing and R&D centres
- Manufactures largest number of tractors in the world
- 9th largest car manufacturer in world
The
Road Ahead
Automotive and auto-component industry future outlook:
- India’s auto component sector is predicted to reach gross revenue of $113 billion (2020-21) from $43.4 billion (2011-12).
- As per RNCOS report, tyre production is predicted to touch 191 million units by the end of fiscal year 2016. Manufacturers will have to invest massive amounts for the next few years.
- According to the ACMA reports, the exports are expected to increase at a CAGR of 17% by 2021.
- Global demand for tires to reach 3.3 billion units in 2015.
What
are the potential opportunities in this business?
The
importance and size of the automobile sector has created numerous
opportunities for people to get involved. Other than buying a
franchise, you can become a distributor too. There is a need of
distributors always in every business venture and turning one requires a very simplified process to follow.
Automobile offers the distributorship opportunity in various allied sectors.
Check the few of them:
- Auto Accessories
- Tyres & Tubes
- Car Cleaning Products
- Automotive Parts, Components & Spares
- Two/Three Wheelers, Parts & Accessories
Indulge
in this bankable business venture and add handsome profits to your
wallets.
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