The year 2008 has been a defining year in some aspects for the Indian auto industry, with the unveiling of the world’s lowest-cost car, the Nano, in January 2009 and the acquisition of the Jaguar and Land Rover brands in March 2009—both events heralding India’s presence on the global stage.
The industry has witnessed an influx of both global OEMs as well as Tier 1 component manufacturers, who are setting up their manufacturing bases in the country. This has fuelled automobile production in the country, taking it to a level of 11.2 million units during FY09. Further, the Indian auto components industry has also grown more than five-fold over the last decade. This report predicts that India could be among the top five vehicle producers by 2014.
The full report is available from the Ernst & Young website.