The Association of Vehicle Manufacturers Association (TAYSAD) pays visit to automotive manufacturers in India
A delegation consisting of TAYSAD members paid a visit to India to meet the main industrial companies in India. Based on the observations from this visit mainly Mr. Alper Kanca, President of the Association of Vehicle Manufacturers Association (TAYSAD) made following comments.
“Indian market is showing a steady growth and a good potential for Turkey as well. When we look at the position of India currently, this country is the 3rd largest in the world in terms of purchasing power, with its $ 2.25 trillion economy. Moreover, the GD of this country increased by 7.6 percent between 2015 and 2016. This result supports India’s strengthening of upward momentum not to forget the fact it is also the world’s fastest growing economy. International Monetary Fund (IMF) forecasts this growth rate in the Indian economy will last up to 2020.
India is certainly one of the world’s largest motor vehicle manufacturers and markets as well, with motor vehicle production in the country increasing by 8 per cent in 2016 to 4.5 million. In India there are now 22 motor vehicles per thousand people, and the country’s car park is growing day by day with a forecast that it will be over 40 million people by 2017. Despite this, vehicle ownership is still rather low compared to the crowded population. Domestic sales are around 3.7 million units in 2016 and this figure is expected to surpass 4 million units in 2017. Maruti Suzuki holds the biggest share in the passenger car market while Mahindra holds 9.4 percent and Tata has 9 percent. It is highly recommended that Turkish companies operating in the automotive supply sector should not ignore this prospect in the Indian market and make the best out of this opportunity.
