Indian auto market pegged to be third largest by 2020: Reports

As per the estimates by JD Power and Ernst & Young, the country's automobile market is anticipated to be the third largest in the world by 2020.
The estimates further noted, as quoted in the National Electric Mobility Mission Plan 2020, the country's share of the global passenger vehicle market will move up from 4 per cent in 2010-11 to 8 per cent in 2020.
The report stated, ''in 2010-11 the total global demand for passenger vehicles was 73 million units of which was 2.4 million units.''
By 2020 the scenario is expected to see a dramatic change.
The global passenger vehicle demand is likely to touch 108 million units of which 50 per cent or around 54 million units will come from the Pacific and region. The country's passenger vehicle market is anticipated to touch 10 million units by 2020.
The report further noted, ''in 2020 market/production for commercial vehicles, tractors and two wheelers in India is expected to reach 2.7 million, 1 million and 34 million respectively making India the third largest market with a turnover of $162 billion and the component industry attaining a turnover of $113 billion.''

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