Auto Expo 2016 kick started with a BOOM!
The recent report published
by TechSci Research, “India
Tyre Market Forecast and Opportunities, 2020” depicts that India being
the seventh largest producer of automobiles, with an annual production of
around 20 million vehicles, consequently generating a significant demand of
tyres from OEM segment. Following to the dominance of two-wheeler tyre demand,
passenger cars and M&HCV tyre segments also holds a significant share in
OEM and replacement tyre market of the country.
Witnessing the huge untapped
potential in India Automobile Market, automobile companies have planned to
launch around 80 new cars collectively, in Auto Expo 2016.
The event was officially
started on February 3rd, 2016 by Union Minister of Road Transport
and Highways - Mr. Nitin Gadkari and Heavy Industries Minister- Mr. Anant Geete
at around 1100 IST, followed by the launch of around 50 new cars by major auto
makers including Maruti, General Motors, Hyundai, Mercedes, Honda, BMW, Jaguar,
Audi, and many others. Further, days 2 of the event is also slated to unveil
more new cars from makers including Scania, JBM, Mahindra & Mahindra, Fiat,
Maruti, Triumph, Volkswagen and some others. Additionally, the event also
unveiled models of two-wheelers and trucks by leading OEMs of respective
categories.
Apart from launches of cars
and two-wheelers, Auto Expo 2016 also witnessed a launch of an electric bus
called “ECOLIFE”, jointly launched by JBM and SOLARIS. The move might also pave
way for other leading bus makers to launch their eco-friendly vehicles in the
country.
As per TechSci Research,
these new launches of vehicles would further boost the automotive sales and
production in the country simultaneously fueling the demand for tyres in the replacement
and OEM segment.