Auto market size to reach over 2.6 million by 2014: JD Power

India’s auto market is likely to reach over 2.6 million by 2014, despite the global slowdown affecting consumer sentiment and demand. The current market size is around 1.5 million vehicles. It means that about a million new cars will be added in the market. According to research firm JD Power and Associates small cars such as the Tata Nano will foster growth of the auto market in India. JD Power and Associates (India) senior director Mohit Arora elaborated, “The prediction comes on the back of auto sales growing by a mere 0.13% to 1.55 million cars in fiscal 2008-09. Taking into account the flat growth in the domestic market in the last fiscal, JD Power has revised its projections for the Indian passenger car market to reach two-million units by 2012, a target which was to be achieved by 2010.”