How each segment of auto industry got impacted due to COVID-19 | 3 Point Analysis
With $3.5 Billion, India To Develop "No. 1 Automobile Manufacturing Hub" 🔥 By 2025
The automotive industry in India is one of the largest in the world with an annual production of 23.96 million vehicles in FY 2015–16, following a growth of 2.57 per cent over the last year. The automobile industry accounts for 7.1 per cent of the country's gross domestic product (GDP). The Two Wheelers segment, with 81 per cent market share, is the leader of the Indian Automobile market, owing to a growing middle class and a young population. Moreover, the growing interest of companies in exploring the rural markets further aided the growth of the sector. The overall Passenger Vehicle (PV) segment has 13 per cent market share.
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