New Delhi: Market research firm JD Power on Tuesday said the Indian passenger car segment is expected to grow by over four-fold to 93 lakh units in 2020 to become the world’s third largest car market.
"According to our projections for 2020, the passenger car segment of the Indian automobile market is likely to reach a size of 93 lakh units and it will become the third largest global car market," JD Power Asia Pacific executive director Mohit Arora said.
The country's car market is estimated to be 21 lakh units in this calendar year, he added.
"India will possibly cross the Japanese car market by 2014. Only China and the US will be ahead of India in 2020," Arora said, adding China would be on the top with sales of almost 3.5 crore cars every year.
He said the growth in India will primarily be coming in from Tier II and III cities, where infrastructure at present is a big impediment compared to China.
JD Power believes that the current market leader Maruti Suzuki India will remain the numero uno in the country, but its market share will fall below 50% in the next decade.
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