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Automobiles

		The Indian automobile industry is one of the largest in the world with an annual production of 23.4 million vehicles in FY 2014-15, following a growth of 8.68 per cent over the last year. The automobile industry accounts for 7.1 per cent of the country's GDP. The two wheeler segment with 81 per cent market share is the leader of the Indian automobile market. The sector is driven by a growing middle class and a young population. Moreover, the growing interest of the companies in exploring the rural markets has further boosted this sector. The overall passenger vehicle (PV) segment has 13 per cent market share. India is also a prominent auto exporter and has strong export growth expectations for the near future. In FY 2014-15, automobile exports grew by 15 per cent over the last year. In addition, several initiatives by the Government of India and the major automobile players in the Indian market are expected to make India a leader in the two wheeler (2W) and four wheeler (4W) market in the world by 2020.