India is emerging as one of the fastest growing markets for foreign cars. With the people earning more, investments to lead a luxurious life-style with an expensive car is also increasing. Imported cars are the top choice for most business executives.
India's automotive trade is set to double by 2010 and then double again by 2016. India is turning into one of Asia's major car markets. Automotive industries from Korea, Japan, and the US are in tough competition with each other to make a place for themselves in the Indian automobile segment. Renault in joint venture with Mahindra & Mahindra launched Logan and Hindustan Motors is in collaboration with Mitsubishi. The automobile industry is witnessing a growth of 10% annually. Foreign manufacturers invest heavily on Indian automobile market because of their ensured knowledge of good returns.
Indian economy's growth rate is allowing its citizens to change their life-styles. Many Indians are ready to spend on chic and flamboyant cars, which enhance their style of living and play a major role in signifying the societal status of a person.
However, most foreign cars are imported to India rather than being manufactured here, such as the Audi Q7, Mercedes-Benz SLK, and so on. This is mainly because even though luxury cars are in high demand, only a small segment of people can afford to buy such expensive cars. Indian manufacturers feel that it is not feasible to manufacture cars in small numbers. Importing a car causes further increase in prices. However, this does not deter the rich in India - the higher the car price, the more the prestige that goes with it.
India's automotive trade is set to double by 2010 and then double again by 2016. India is turning into one of Asia's major car markets. Automotive industries from Korea, Japan, and the US are in tough competition with each other to make a place for themselves in the Indian automobile segment. Renault in joint venture with Mahindra & Mahindra launched Logan and Hindustan Motors is in collaboration with Mitsubishi. The automobile industry is witnessing a growth of 10% annually. Foreign manufacturers invest heavily on Indian automobile market because of their ensured knowledge of good returns.
Indian economy's growth rate is allowing its citizens to change their life-styles. Many Indians are ready to spend on chic and flamboyant cars, which enhance their style of living and play a major role in signifying the societal status of a person.
However, most foreign cars are imported to India rather than being manufactured here, such as the Audi Q7, Mercedes-Benz SLK, and so on. This is mainly because even though luxury cars are in high demand, only a small segment of people can afford to buy such expensive cars. Indian manufacturers feel that it is not feasible to manufacture cars in small numbers. Importing a car causes further increase in prices. However, this does not deter the rich in India - the higher the car price, the more the prestige that goes with it.
Labels: Audi-Q7, Foreign car manufacturers to launch more vehicles in India, Logan, Mercedes-Benz
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