“Indian passenger car market is on a path of growth”, said Klaus Bräunig, Managing Director, German Association of the Automotive Industry (VDA) addressing a Press Conference along with the German Ambassador Dr. Martin Ney, at the German Pavilion at Auto Expo 2018 Components. VDA is representing the official participation of suppliers, promoted by the German Government under the slogan “Made in Germany.”
This is the seventh time that the VDA has initiated a German pavilion at the Auto Expo in New Delhi with the slogan “Made in Germany”. The pavilion is supported through the official foreign trade show program by the German Federal Ministry for Economic Affairs and Energy and AUMA, the Association of the German Trade Fair Industry. It is being realised by the trade show organizer IMAG.
Commenting on the growing interest of German companies in India, Braunig said, “India is on a path of growth. With the growing GDP and industrial production combined with falling inflation rate, there is a considerable potential in this large country with just over 1.3 billion people. The population is young – more than half of all Indian citizens (54 percent) are under 30, and only 6 percent are over the age of 64. The per capita gross domestic product has also shown a positive trend during recent years, with annual increases of between 6 and 7 percent.”
“In 2018 the Indian passenger car market will overtake the German market in terms of volume for the first time. In the period from 2014 to 2017 this market grew by a good quarter (+26 percent) to 3.2 million new cars. In our forecast we assume that in the current year the Indian passenger car market will expand by 10 percent – to a volume of almost 3.6 million units. This means that for the first time the India passenger car market will overtake the German car market in terms of volume. And the potential has not yet been exhausted – not by a long way. The number of passenger cars here is still low by international comparison. At present India has 24 passenger cars for every 1,000 inhabitants, while Germany has 560 passenger cars for every 1,000 inhabitants”, he added.
Source: Newsvoir
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