The ascendency of India as an economic world power

Toyota is the number one auto maker in Asia. It is always in battle with GM to be the top name in the global car industry. India was not considered to be an important market for Toyota until recently. However, the continuous high economic growth of Indian economy has changed that calculation. Now, Toyota officials are eager to make the most out of Indian car market. So, Toyota officials have set up an ambitious target of producing 600,000 cars annually in India by 2015. Toyota now produces just 50,000 units in India.

Financial Express reported:

Though refusing to give details, Toyoshima said the company had plans to introduce new models in India, including the big-volume small car, as it was finalising plans for a new plant in the country. He said the company, the world’s biggest automaker by market value, plans to boost its market share in the market to as much as 15% by 2015 from 3.7% last fiscal.

However, he refused to give details on the proposed investments that the company planned to make in India.

The local unit, Toyota Kirloskar currently manufactures the Sedan ‘Corolla’ and multipurpose vehicle ‘Innova’ at its plant near Bangalore while selling the ‘Camry’ sedan and ‘Land Cruiser Prado’ SUV through the import route.  

The good thing is that Toyota is a familiar name in Asian countries. Indian consumers also know about the brand. However, that does not mean that Toyota should not spend money on promoting its cars. Indian market is going to be very attractive for the auto makers. So, Toyota should spend some good amount of money to promote its cars among Indian consumers.