China and India are expected to emerge as future growth drivers as global automotive demand picks up further, said Ratan Tata, chairman, Tata Motors, addressing investors during the 65th annual general meeting here on Monday.
'The automotive industry is a barometer for economic strength of a nation and this sector was the worst hit during the meltdown, especially in the US and Europe. By contrast, the automotive sector in Asia experienced growth. China and India were the main drivers of this growth,' said Tata.
The domestic car markets of China and India remained exceptionally buoyant during the downturn. China, the world's largest car producer, saw its passenger car vehicle sales zoom 47.5 per cent from 5.7 million units in 2008 to 8.4 million units in 2009. India registered 24.5 per cent jump in passenger car vehicle sales from 1.5 million units in FY09 to about 1.9 million units in FY10 in the domestic market.
Commercial vehicle sales in India, too, registered a recovery of 40 per cent on the rapidly growing infrastructure needs.