India, one of the leading automotive markets in the world is known for its world-class engineering, electrical and capital goods. The nation is projected to be the world’s third-largest automotive market in terms of volume by 2026.
The sector is rising at a fast pace with a growth of 1.7% in the first quarter of the current year as compared to 2019-2020. A significant expansion has been witnessed in the exports of two and three-wheelers. Due to this, the growth in exports in the current year is seen to be 195%. Also, particularly in June, India’s engineering goods exports registered a growth of 52.4%.
Let’s get to know more about India’s automobile industry.
The Automobile industry in India is a significant driver of macroeconomic growth and technological development. The growth of the sector is marked by the enhanced interest of the companies in exploring the rural markets of the country. The sector can be categorized into sub-heads which include passenger vehicles, commercial vehicles, three-wheelers and two-wheelers. Two-wheelers occupy the dominant position, constituting a market share of 80 percent.
It is a matter of great pride that India is the largest manufacturer of 2 wheelers and 3 wheelers and the 4th largest manufacturers of passenger cars in the world.
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