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Spirethoughts

Spire's six most recent Spirethoughts.

Countries fight Covid-19 crisis with economic bailout packages
EU offers more market access to Vietnam
EU offers more market access to Vietnam
The Coronavirus spells trouble for the pharma industry in India and gl...
Will electric cars be more enjoyable to drive
Will electric cars be more enjoyable to drive?
Drones: Winging it like a bird
The World Bank’s USD212 million Green loan for Vietnam
The World Bank’s USD212 million Green loan for Vietnam

Rent-a-car market offers some respite in India

According to the Society of Indian Automobile Manufacturers, automotive sales in India are expected to rise by a mere minimal of three to five percent in the upcoming 12 months. This slowing growth is attributed to the on-going economic downturn and increase in interest rates.

This could be a sign that Asia’s third-biggest economy, India, is slowing down. The gloom represents a turnaround from the scorching growth in most years up to year 2010/11, when automotive sales expanded 20 to 30 percent annually. This has prompted foreign automakers to enter the market to offset weakness in developed markets; offering more to boost the consumer demand in the market.

On the other hand, the USD3 billion Indian car hire market has accounted for 14 percent growth; illustrating a rising trend. This is a profitable emerging industry – especially through corporate leasing in the 42 metro areas where they can serve over one million of the population.

Will the rental market revive India’s automobile industry?

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