In April-January 2016, exports of Commercial Vehicles registered a growth of 18.36 per cent over April-January 2015. The Indian automobile market is expected to make India a leader in the Two Wheeler and Four Wheeler market in the world by 2020.
The auto industry produced a total 19.84 million vehicles in April-January 2016, including passenger vehicles, commercial vehicles, three wheelers and two wheelers, as against 19.64 million in April-January 2015.
Domestic sales of Passenger Vehicles grew by 8.13 per cent in April-January 2016 over the same period last year. Within the Passenger Vehicles, Passenger Cars rose by 10.18 per cent, during April-January 2016 over April-January 2015.
The domestic sales of Commercial Vehicles increased by 9.43 per cent in April-January 2016 over the same period last year. Sales of Medium & Heavy Commercial Vehicles (M&HCVs) increased at 30.19 per cent.
The Indian Automobile industry has attracted Foreign Direct Investment (FDI) worth US$ 14.32 billion during the period April 2000 to December 2015, according to data released by Department of Industrial Policy and Promotion (DIPP).
The Indian automotive sector has the potential to generate up to US$ 300 billion in annual revenue by 2026, create 65 million additional jobs and contribute over 12 per cent to India's Gross Domestic Product, as per the Automotive Mission Plan 2016-26 prepared jointly by the Society of Indian Automobile Manufacturers (SIAM) and the Indian government.