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Small Car Market Poised to Lead Global Auto Industry
Koncept Analytics, March 2008, Pages: 30
The majority of growth in the global automobile industry in the coming decade will come from emerging economies such as India, China and Eastern Europe. And the largest contribution to growth of auto market in these countries will be the fast-growing small car segment. The increasing disposable of middle class population is the key driver of small car market in developing nations. However, in developed regions like the US and Western Europe, stringent environmental standards are increasing the need for more fuel-efficient cars.
India is likely to evolve into a global hub for small-car manufacturing. Currently, India is one of the largest producers of small cars with the small car segment accounting for about three-fourths of the Indian car market. The fast-growing small-car market has encouraged several global auto companies (Renault Nissan, Toyota, Hyundai) to announced plans for launch of small cars in India. With the launch of Tata Nano, the stage is set for around a dozen new small and compact cars to be launched in India in the next two years. Maruti Suzuki India, largest passenger car manufacturer in India, has more than sixty percent share of the domestic small car segment.
The small car demand in China, was not very encouraging 2007, but is expected to bounce back in 2008. The narrow price gap between small car segment and medium car segment has made medium segment cars a more attractive choice for consumers.
Mini-cars account for more than one-third of the total volume sales in the Japanese auto market. Suzuki and Daihatsu are the market leaders in the small car market in Japan. A large number of Japanese consumers are moving from luxury cars to mini-cars due to environmental standards and increasing gas prices.
The report analyzes the small car market in India, China and Japan, besides providing an overall view of the global market. The report also profiles the major small car manufacturers, with a discussion of their key business strategies. It also analyzes the major trends prevalent in the small car market.
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