What Role Does Automobile Franchise Contributes to Growth of India”s GDP?

The Indian automobile industry is one of the largest in the world, with regards to sales volume and production. If we talk about the historical roots of this industry in India, the first time that a vehicle ran on an Indian road was in 1897. Until 1930, India did not have any manufacturing facility and vehicles were imported directly from foreign countries. The turning point in the manufacturing process took place in the 1940s, in which Indian companies like Premier and Hindustan Motors started to produce cars for other firms. During that era, Mahindra & Mahindra also started to produce utility vehicles. Since then, the Indian automobile market in India has highly developed and it has shown a considerable amount of progress which is proven by the fact that almost all major companies are present in the country. India has now become a nucleus for automobile makers to set up their plants for manufacturing vehicles. The three prominent regions in which the majority of the Indian car manufacturing industry is concentrated lies in the southern, western, and northern regions.

Related image

India is expected to emerge as the third largest passenger-vehicle market by 2021. It has become the fourth largest exporter of passenger cars behind South Korea, Japan, & Thailand and is also the sixth largest country in the world in terms of production. India is the world’s largest two-wheeler, three-wheeler, and tractor manufacturer, the second largest bus manufacturer, third largest heavy truck manufacturer, and fourth largest car manufacturer.

As far as its contribution to India’s GDP is concerned, the automotive sector contributes more than 7 percent. Further, the “Automotive Mission Plan” 2016–26 has set a goal to increase this contribution up to 12 percent. In view of this, most of the large players in this domain have already entered the market in the country and remaining others are taking bold steps to enter the market.

During the past decade, the Indian auto engine parts industry has also emerged as one of India’s most rapidly growing and internationally competitive manufacturing sectors. The country’s auto engine parts industry has also shown enormous progress in recent years in terms of quality, adoption of newer technologies, and flexibility. The overall auto engine parts industry has seen a compound annual growth rate of nearly 15% for the period 2007-11 and is expected to increase at 11% during the period 2011-21. In the same way, the growth rate in the field of exports has been 11% during 2007-11, and exports are also anticipated to grow by nearly 19% during 2011-21.

Auto parts franchise opportunity in India is immense as the customer base in the automotive industry is increasing at a rapid pace than ever before. Hence, the demand for auto engine parts franchise opportunities– and automobile franchise business are intended to dominate the market in the coming years. For automobile franchise opportunities.

Get Registered with getdistributors to connect with new opportunities and free registration join now. for more information visit our site: https://www.getdistributors.com/join-free/user-reg-step1.html