From 21 – 24 January, SMMT will be taking a UK delegation to attend the SIAT Symposium in India. As one of the world’s fastest growing economies, companies have already identified the huge potential for business in the country.
Here are five facts that help demonstrate the scale of that opportunity.
India has a thriving new car market – in 2013 3.2 million vehicles sold in the country. To put that into perspective, that’s a million more than were registered in the UK. This makes the country third in the BRIC (Brazil, Russia, India, China) group of newly advancing economies.
The vehicle market is set to double over the next five years, so that by 2020 it will be worth £64 billion.
India has a growing and increasingly prosperous middle class. In the next decade this will quadruple from 5% to 20% of the total population.
Currently India’s economy is the 11th largest in the world. However over coming years the country’s economy will boom so that by 2028 it will be the 3rd largest by GDP.
There are already 15 UK automotive companies operating in India, including JCB, MIRA, Ricardo, Johnson Matthey and GKN.
