Indian automobile market and production 2015 forecast
- In 2014, India's automobile (PC+UV) market is forecast to be on par with that of last year at 3.25 million units. While economic recovery was expected after the new government led by Narendra Modi took office in May 2014, the market did not respond as forecast despite reduced automobile commodity tax and lower fuel prices.
- In 2015, market recovery is anticipated in India based on dropping crude oil price and stable inflation. Sales are projected to reach 3.35 million-3.4 million units. The government's commodity tax reduction measure on some automobile types, which is scheduled to end at the end of 2014, may continue in 2015 which is expected to boost demand.
- By carmaker, Maruti-Suzuki (Suzuki ownership) remains the leader of the Indian market, with nearly 1.2 million registered vehicles in 2014, accounting for 36% of the market last year. Followed by the local group Tata Motors that sells almost three times fewer vehicles (14% of the market). Tata is ahead of the Korean Hyundai-Kia group, which also manufactures on-site (13% of the market) and Mahindra, another local producer (12% of the market). Other carmakers (Honda, Toyota, Renault-Nissan, Ford, VW, GM) are detached and each of them account for less than 6% of the Indian market, even if their ambitions are much greater ...
- In 2014, India's production volume is forecast to decline 0.7 percent to 3.85 million units, dropping for the second consecutive year. Amid a lukewarm recovery of the domestic market, primarily commercial vehicle manufacturers, which were especially hit by the market slowdown, were forced to implement production adjustment.
- In 2015, anticipated production improvement especially by passenger vehicle makers and export to Africa, the Middle East and elsewhere are projected to boost production in 2015 by 2.8 percent compared to the forecast level of 2014 to 3.96 million units.
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