Retail in Asia

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India: Fastest growing auto market in the world next to China

India’s domestic auto industry recorded a growth of 26 percent in 2009-10 on the back of stimulus measures and launch of new models. Total sales touched a whopping 12,292,770 units compared with 97,24,243 in the previous year, making India the fastest growing auto market in the world next only to China, which grew 42 percent. According to industry body Society of Indian Automobile Manufacturers (Siam), the auto sector is set to grow at 10-12 percent in 2010-11, despite concerns of tightening money supply and escalating raw material costs.

Siam president Pawan Goenka said the growth in the domestic market was spearheaded by passenger car and two-wheeler sales, growing at 25.10 percent and 26 percent, respectively.