Strong growth in vehicle demand due to rising income, middle class, and a young population is likely to propel India to be the third largest automotive market by volume in the world by 2020. South India, in particular, is expected to contribute at least a third of the output and about 40% of new investments. Strengthening the infrastructure and the competitiveness of the component sector will go a long way to support the growth of the automotive industry here. This region can be promoted as the most favoured destination for R&D in hybrid, and e-vehicles. With its software capabilities, it can be projected as a centre of excellence for autonomous driving technologies, Vikram Kirloskar, Chairman, CII – Southern Region, told Bhargav TS of Auto Components India in an exclusive interview.
Q: How do you see the current situation of the automotive industry in South India?
Kirloskar: The growth of the automotive market in the country is attracting more investment in production capacities in South India in particular. India has become the fourth largest vehicle market.The total vehicle sales during January-May this year was over 1.6 million units but we have a lot of headroom for growth as there are only 32 vehicles per 1000 people compared to around 800 vehicles per 1,000 people in the US. This makes it a very nascent market compared to other geographies and hence leaves immense scope of growth which attracted many players like Peugeot, Kia and SAIC.
Additionally strong growth in demand due to rising income, middle class, and a young population is likely to propel India to be the third largest automotive market by volume in the world by 2020. South India in particular is expected to contribute at least a third of the output.
Q: How do you see the growth in the Southern region in investments, employment and new business?
Denne historien er fra August 2017-utgaven av Auto Components India.
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Denne historien er fra August 2017-utgaven av Auto Components India.
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