Reasons for boom in car sales

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Reasons for boom in car sales : 

Reasons for boom in car sales

AGENDA… : 

AGENDA… STUDY HISTORICAL ASPECT AND CURRENT SITUATION. WHERE THE INDIAN INDUSTRY STANDS GLOBALLY? REASONS FOR THE BOOM IN THE INDUSTRY.

HISTORICAL ASPECT… : 

HISTORICAL ASPECT… Initially, the Indian car Industry was not competitive enough for the global market due to its:- Inferior quality Lower labour productivity High cost of raw materials However, a change came after the liberalization of the India economy in 1991 with: Abolition of licensing Approval given to up to 51% foreign investment

CURRENT ASPECT… : 

CURRENT ASPECT… Indian Automobile Industry’s turnover in 2008-2009 was US$ 35 billion. The industry is growing fast with a CAGR [compound annual growth rate] of 28.9%. Currently, India is the fourth largest commercial vehicle market in the globe. Besides this, the nation is also the 11th largest market in the category of passenger car segment.

GLOBAL STANDING… : 

GLOBAL STANDING… Indian manufacturers are gaining recognition as “global quality” players. The Indian Automobile Industry is expected to grow by 13 percent till 2016. With this 13 percent growth, the Indian Automobile Industry will reach a mark of US$ 150 billion. India is also becoming a global hub for R&D

REASONS FOR BOOM. . . : 

REASONS FOR BOOM. . . Increase in income Increase in standard of living. Have become a means of transport for a family. Reduction of tariffs on imports. Better recognition of customer wants and preferences.

CONCLUSION : 

CONCLUSION For the same pace of growth in future ,the Indian automobile industry has to try for new initiative to lure customers. And should indentify their preferences early.

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