The dragon eying India
There is no denying that the Chinese automotive market is one of the fastest growing markets in the world but the Chinese automobile and component manufacturers are queuing up to drive into the Indian market. In fact, many of them are using the Indian market with a view to set destination as their low-cost export base.
It may be noted here that almost 90% of the cars that are being produced in the Chinese market are sold on the dragon land and hence there is very little space for the Chinese players to fulfill their exports dreams.
It may be noted here that the automotive industry in the Indian market is in its one of best growth phases as in May, the industry grew with a growth rate of 30% in car sales on new launches and increased consumer spending.
AIC, Foton, FAW, Chery, Geely and Great Wall are the few names from the Chinese market that have been lining up products for introduction in India. In fact, it is believed that the growth momentum in the Indian market will stay intact for many more years to come.