India is expected to grow into one of the auto industry’s superpowers during the next decade, according to a new report by J.D. Power & Associates – and is likely to become the world’s third-largest automotive market by 2020.
The new study, “India Automotive 2020: The Next Giant from Asia,” noted that the vast subcontinental market already surpassed France, the United Kingdom and Italy to become the sixth-largest automotive market in the world in 2010. More than 2.7 million light vehicles were sold in India in 2010, up from just 700,000 a decade earlier.
By 2020, the report projected, India’s automotive volume will grow to 11 million, positioning the nation of 1.2 billion just behind China, with projected annual sales of 35 million units in 2020, and the U.S., where light vehicles sales are pegged to reach 17.4 million.
“India has quickly become one of the largest and fastest-growing automotive markets in the world,” said John Humphrey, senior vice president of global automotive operations at J.D. Power and Associates.