New Delhi, June 13 (PTI) India will become the third largest market in the world after China and the US for light vehicles, including passenger cars and light commercial vehicles (LCVs), by 2020, according to market research firm JD Power Asia Pacific.
The country, however, will have to improve its infrastructure, as well as resolve component supply chain issues, in order to realise its huge potential.
"Our forecast is that by 2020, India will become the third biggest market for light vehicles, that includes passenger cars and LCVs, with total sales of nearly 12 million units," JD Power Asia Pacific Executive Director Mohit Arora told PTI.
In a report -- 'India Automotive 2020: The Next Giant from Asia' -- the firm said India would have jumped from sixth place at present to be slotted after China and the US by 2020, with total sales of 11.9 million light vehicles.