MUMBAI: India has enough potential to emerge as the 2nd largest global hub for passenger vehicles, said Naresh Raisinghani, CEO and Executive Director, Breakthrough Management Group India Pvt Ltd (BMGI). Currently, India is the fifth largest auto hub in the world.
Raisinghani also threw light on the evolution of the Indian Passenger Vehicle (PV) industry. Indian auto sector has undergone tremendous changes in the last 50 years. Presently, India is considered as a major automobile hub due to the foray of major players have in India.
It was also informed that there exist more than 1-billion passenger vehicles on the roads across the globe and the emerging markets can absorb lot more. The main enablers of the Indian PV industry consist car density, disposable income, rising aspirations of Indians, capability to produce more, vehicle financing, rising interest in electric vehicles.
The prominent challenges witnessed by PV industry consists of fuel price changes, technological hurdles such as green fuel.