New Delhi: India is poised to become the world's fourth largest passenger vehicles (PV) market in three years, with an investment requirement of around US$ 20 billion for the construction of nine new plants to address the growing demand, according to global consulting firm Booz&Co.
The Indian PV market is expected to touch 3.5 million units mark in the next three years.
Booz&Co Partner Vikas Sehgal said that the Indian PV market, currently the seventh largest, is expected to grow at 15-20 per cent every year till 2013. He added that India will even cross Japan by selling about five million PVs by 2017-18. He further said that in the next three years, India will need 6 to 9 new car plants with an average annual capacity of 1.5 lakh units, requiring an investment of at least US$ 15-20 billion.
According to Society of Indian Automobile Manufacturers, the PV market stood at about 2 million units in 2009-10 and is expected to reach 2.4 million units in this fiscal.
The Indian market had earlier set a target to become a US$ 145 billion market by 2016, under the Automotive Mission Plan (AMP).
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