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India to be world's 3rd biggest car market by 2020: JD Power
Administrator Tue May 03, 2011 10:13 am
March 2011
New Delhi: Market research firm JD Power said the Indian passenger car segment is expected to grow by over four-fold to 9.3 million units in 2020 to become the world's third largest car market.
"According to our projections for 2020, the passenger car segment of the Indian automobile market is likely to reach a size of 9.3 million units and it will become the third largest global car market," JD Power Asia Pacific executive director Mohit Arora said.
"India will possibly cross the Japanese car market by 2014. Only China and the US will be ahead of India in 2020," Arora said.
He said the growth in India will primarily be coming in from Tier II and III cities.
JD Power believes that the current market leader Maruti Suzuki India will remain the numero uno in India, but its market share will fall below 50 percent in the next decade.
Arora said that although there will be many new entrants till 2020, but primarily Tata Motors and Hyundai Motor India will gain significant market share.
New Delhi: Market research firm JD Power said the Indian passenger car segment is expected to grow by over four-fold to 9.3 million units in 2020 to become the world's third largest car market.
"According to our projections for 2020, the passenger car segment of the Indian automobile market is likely to reach a size of 9.3 million units and it will become the third largest global car market," JD Power Asia Pacific executive director Mohit Arora said.
"India will possibly cross the Japanese car market by 2014. Only China and the US will be ahead of India in 2020," Arora said.
He said the growth in India will primarily be coming in from Tier II and III cities.
JD Power believes that the current market leader Maruti Suzuki India will remain the numero uno in India, but its market share will fall below 50 percent in the next decade.
Arora said that although there will be many new entrants till 2020, but primarily Tata Motors and Hyundai Motor India will gain significant market share.
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