Mumbai: India's automotive sector will become the fourth largest in the world by 2015, overtaking the European market, consultancy firm Booze & Company said on Thursday.
The auto industry will have sales of over 6 million units annually by 2020 and will definitely surpass the European market by 2015, the firm's Partner, Vikas Sehgal, told reporters in Mumbai.
Going forward, UIC (United States, India and China) will be the key markets in the global auto sector and by 2025, we will witness over 80 per cent of the total cars being designed in the three countries, he said.
Segment A and B cars will be designed with India in mind and sold the world over, C and D will be designed keeping China in mind and the higher segment ones with the US as the focus, Sehgal said This is a departure from the present scheme of things where global cars are being toned-down and sold in India, he said.
Domestically, the share of the country's largest carmaker Maruti will drop below the 50 per cent it holds currently as it starts facing intense competition from global players like Hyundai, Ford, Volkswagen and Toyota whose market share will keep inching up, Sehgal maintained.
The country will attract investments of over $2 billion in foreign direct investment every year over a sustained period as auto manufacturers set-up 1-2 plants every year, he noted.
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