Cars in India: The New Arena of the World Manufacturers

Nano's arrival in the market has certainly triggered the hopes of auto manufacturers of seeing a greenshoots in few months time. Quite rightly so, taking cue from past automobile manufacturer are making sure that they provide huge variety of cars to their Indian customers.

Loaded with a new enthusiasm and vigour, car makers are making sure that their product fulfils every expectation of the customers. This is the very reason why they are giving so-much prominence to factors like customers taste and preferences.

Moreover, with market being due to get flooded in with small-family cars in few years from now. Price factor is something that is sure to take a beating. Although additional taxes and other duties do add-up to the cost of these cars yet the demand for them are rising.

Already auto manufacturers from all corners of the world know that India is a potential market for small-segment cars. This is the prime reason why most of the latest entrants in the segment are debuting with family car(s), very much on the line of Nano.

Passion of owning new cars is making crowd go mad however, there is a high number of customers that are still interested in buying used cars.

Used cars (better known as the second hand cars) still have a considerable customer base. This is mainly due to the fact that it is not possible for everyone to actually buy brand new cars. These cars are low on price and also on maintenance part which easily makes them a desirable property.

However, the upsurge that has been noticed in the buying trends of new cars in India is an encouraging sign for the manufacturers.

The growth in market can be observed from the fact that within 10 days of launch of Toyota Fortuner, around 5000 bookings has been done so far. The staggering stat of 5000 bookings symbolizes that it is not only small segment new cars, used cars or second hand cars that have been rocking the market but also the luxury segment cars are now getting the attention that they need.

Manufacturers knowing that India hosts one of the largest pool of young crowd that has everything going in its favor be it money or lifestyle. Needless to such people take pride in spending lavishly on the necessities. Such people have been on radar of manufacturers who aim to flood Indian roads with sports cars, SUVs and MUVs. This is another prime reason why car makers are making it a point to increase the number of their new cars outlet in the country.

Some of them are even throwing an opportunity to exchange their old cars/second hand cars/used cars with the brand new cars.

Talk about car financing and most of the banking institutions are even offering cheap car loan products to attract more customers. Since car loans and car industry are inter-related therefore, it is quite evident that growth in overall car loan portfolios of banks and lending institutions (taken collectively) directly indicates growth in car industry.

Thus, it can be easily concluded that car scene in India is definitely on its way to complete makeover.