The Rapidly Growing Automobile Industry
Owning a car is no longer a privilege like it used to be a couple of decades ago
. Owning a car is a necessity today. However, in todays world buying a car is much easier then it used to be back in the day. Banks now offer one all sorts of loans and financial options which can make ones dream of owning a car, a reality. The only thing you need to worry about after taking a loan is the amount of interest you would have to pay when paying back the loan. The amount of interest you have to pay depends on various factors such as, your credit history, the amount of the loan you have taken and the time frame within which you have promised to pay back the loan, there could also be any other conditions that your bank has included when you have taken the loan.The scheme of easy monthly installments (EMI) has also become very popular over the last few years. EMIs are available on all sorts of products right from laptops to cars. You have to pay a specific amount every month and within a certain number of months it adds up to the total amount you would have paid to buy the product. Even EMIs have a certain amount of interest and things as such. Keeping such things in mind, it is no surprise why there is such a sudden surge in the number of cars on the streets. Car manufacturers have capitalized on this by launching new cars across all segments. Car giants like Volkswagen and Toyota have started manufacturing cars which are specifically made for the Indian market and are more focused towards economical pricing and mileage. Manufacturers like Hyundai and Toyota have set up their production plants in India itself in order to avoid import duties and other such things that would increase the overall price of the car.
This demonstrates the extent of potential the Indian market has and also how much it has already grown from a niche market to what it is today. Premium car makers like Aston Martin, Porche, and Jaguar have also opened their showrooms in the main metropolitan cities.
Indian car makers like Maruti Suzuki and Tata are facing stiff competition as car makers from the world over have entered the Indian market with the hope of grabbing a fair share of the market. Maruti who has been known to make the best cars in India for decades is now facing competition from the lights of Toyota, Honda, Volkswagen and there such international car manufacturers.
by: Tanya Collins