India Emerge as the Largest Market for Super-compact Cars
India has overtaken Japan as the largest market for super-compact cars. Around 900,000 small cars are expected to be sold in India this year. The market is growing as except a small portion of population, most people in the country still do not own a car. The dream is there for the urban people. All the major automakers have set up production facilities. They invested a lot of money with the anticipation that the market will grow for foreseeable future. Their prediction is correct and they also invested rightly in the small car segment.
India is not a rich country and here, many people cannot afford cars more than $10,000. So, to match with the price, the size is always small. Economic recession caused the car market in Europe and USA to suffer a lot and car sale decreased in most of the rich countries. The new opportunity lies in Asia. China and India are now most attractive auto markets in Asia.