Ownership of cars to double by 2009-10

  • 19/06/2005

  • Business Standard (New Delhi)

The rapid rise in the country's middle and upper income classes, more than overall GDP growth per se, is likely to lead to a dramatic hike in the demand for big-ticket items like motorcycles, refrigerators and cars/jeeps, according to the National Council of Applied Economic Research's (NCAER's) latest report, "The Great Indian Market'.The report is based on an extensive all-India survey of over 300,000 households and contains projections till the end of the decade. As a result, the number of households owning cars will more than double from around 4 per cent right now to over 9 per cent by the end of the decade, that for scooters will remain stagnant at around 8 per cent, will double for motorcycles to over 28 per cent.In terms of demand, this will mean demand for cars/jeeps will easily cross the 3 million mark, motorcycles will nearly touch the 8.5 million mark and regular sized colour TVs the 10 million mark.