The automotive market in India is projected to grow to $1 trillion by 2035, making it the fourth largest in the world. As the country transforms itself into a worldwide automotive centre, it is expected to bring in an additional $400 billion or more from design, development, and other technology fields.The automotive market in India is projected to grow to $1 trillion by 2035, making it the fourth largest in the world. As the country transforms itself into a worldwide automotive centre, it is expected to bring in an additional $400 billion or more from design, development, and other technology fields.
Management consulting firm Arthur D Little has produced a report outlining what the various participants in the sector need to do to improve their reliability and competitiveness in the global manufacturing market.
According to Barnik Chitran Maitra, managing partner (India & South Asia) at the consultancy, the Indian car manufacturing industry needs to invest $100-150 billion between now and 2035 in order to reach the $600 billion milestone. "A lot of this investment will come from homegrown automakers that aspire to become global by then."
He also noted that when these businesses expand internationally, they would use the private capital they have raised in creating innovative new platforms.
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