India is no more a backward country with bullock carts and horse carts running on roads. It has successfully developed and modernized at its own pace. The automobile sector is also growing but at a higher pace. Indeed it forms one of the fastest growing sectors in the Indian economy and so is the popularity of automobiles in India. Be it cars, mopeds, vans, buses or tractors, the vehicles are manufactured at large. A number of cars and other automobiles are imported and exported every year.
There are various major players in automobile sector in India. Sonalika Tractors, Ashok Leyland, HMT Tractors, Royal Enfield, Chevrolet LML India, BMW Kinetic Motor Co. Ltd., Force Motor, Monto Motors, Toyota, Kirloskar Motors, Ford Motors, Ford, Mercedes, Chevrolet, Volkswagen, Nissan Motors TVS Motor Co., Hero Honda, Reva Electric Co., Volvo, Hindustan Motors, Yamaha Motor etc. are among them. . Indian automobile industry is the tenth largest in the world. Every year new and advanced model of cars and other vehicles are launched by various leading manufacturers suiting the consumer needs.
With the increase in per capita income, the purchasing power of people has also increased. More and more people are turning to private vehicle and have become a successful affordable mode of transportation. The Indian automobile Industry is currently growing at the pace of around 18 % per annum which is remarkable. Such a tremendous progress has fueled and is a result of economic liberalization by Indian government. Progress has accelerated ever since the foreign direct investment has been allowed. International automobiles giants have helped Indian automobile sector to enlarge by setting up local basis.
The technological changes and progress successfully led to the progress of automobile sector in India. Automobile industry in India is one of the fastest growing automobile industries and has made its position in the world market.