|The economy of our country is thriving these days. There was a time when only the affluent crème of the crop people of the country could afford to buy a car, but these days a majority of the population boasts of multiple vehicles (cars and bikes). This change in scenario may be due to the increase in disposable income in the household, the desire to drive around in comfort, a yearning for something expensive that can give the individual a sense of pride, and the need for a safe and private mode of transport. The ever-growing popularity and necessity of private vehicles has given rise to many automobile companies in India. According to Wikipedia source, the Indian automobile industry manufactures over 11 million vehicles and exports about 1.5 million vehicles each year.|
Indian automobile manufacturers are making a distinctive mark on the global market for their strong engineering base and expertise in producing vehicles that are low in cost and high in fuel efficiency. There are a few Indian automotive companies that are especially known for their work in the sector. These are the celebrated companies that make budget cars ranging from SUVs to Hatchbacks. The produced cars have state of the art interiors, a variety of useful safety features, and rank high on comfort. A large number of these vehicles are manufactured by keeping a target market, infrastructure in terms of roads, necessities, and many more aspects in mind, making them ideal for Indian use. Unlike many cars available in foreign countries, such cars come in various models with specific features. For example, the high end model is bound to have all the features the company wishes to provide, while the cheaper models of the same car may be missing features like dual airbags, power windows, power steering, ABS, etc.
Besides these, there are many foreign automotive companies in the country that manufacture or assemble the vehicles. The Indian automotive sector has seen a phenomenal growth in the past ten years or so. Its current contribution to the total national GDP is more than 5%, but this figure is estimated to see further growth in the years to come, thanks to the ever-increasing demand. While a major market demand determining factor is the price of the vehicles, other aspects like individual income, interest rates, car loan processes, preferences in vehicles, running cost of the automobile, affordability, demographics, product quality, fuel prices, cost-effectiveness, scrapping rates, etc, also play a significant role.
These may be the reasons why these days, most automobile companies in India are coming up with low-cost vehicles that comply to the consumers’ needs and desires, making the country’s automotive market highly competitive.