“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.
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