India is one of the few markets that saw growing passenger car sales during the recession of the past two years. In fact, in 2009-10, it recorded its highest volumes ever. A new KPMG report, The Indian Auto Industry: Evolving Dynamics, projects that the twin phenomena of low car penetration and rising incomes, when combined with increasing affordability of cars, will continue to drive India’s auto demand upwards. While quite a few new vehicles launched in the Indian market have been developed locally, vehicle affordability remains a significant concern. Although the price of an average motorcycle in India (about $900) is comparable to the average per capita income, the price of passenger cars have a long way to go. Although the entry level car (Nano) is priced at around $2,500, the passenger cars market could grow multi-fold if there is a breakthrough of another price level in the years to come.
In recent times, electric two-wheelers have ridden on the back of customer demand for vehicles with lower running costs, as well as some incentives to users in the form of little or no duties on electric vehicles (and parts) in areas such as New Delhi.
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