Automatic Vehicle Wash Market In India
The Standard of Living of an average Indian Citizen has increased significantly in last decade. With one of the fastest growing economies in the world, clocked at a growth rate of 8.3% in 2010, India is fast on its way to becoming a large and globally important consumer economy. The Indian middle class was estimated to be 250 million people in 2007, by McKinsey & Company. It will reach 600 million by 2030. According to Deutsche Research the estimates are nearly 300 million people for all Middle Class.
With the increase in Standard of Living, people are now investing more and more amount of their earnings into luxuries. Almost every middle class family owns a car. And it is a tedious process to clean the car by self in the busy lifestyle. Hence, an Automatic Car Wash System will definitely be an essential breakthrough in Vehicle Wash Sector. Thanks to the rise in disposable incomes, customers don’t mind paying extra bucks for car washing.
The automobile industry in India has quickly caught on to the growth of the transport sector and produces nearly 4.6 million vehicles each year. On an average, there are about 933 cars added to the roads of the capital city of New Delhi on a daily basis. Experts predict that by the year 2020, there will be 450 million vehicles plying on Indian roads. At the moment the total number of vehicles in India stands at about a 100 million. Most of the vehicles are owned in the urban areas with a maximum density in the metropolitan cities. The truck market, which is estimated to be around 3 – 4 lac units annually, is slated to witness a tremendous growth of about 5% per annum until 2020.