India has over 23% growth in car sales in 2004, China over 13%

With almost 24% growth in car sales in 2004, India has emerged as the fastest-growing car market in the world, outstripping China’s estimated 13.7% growth last year. But India’s potential looks even more promising, so much so that investment banking firm Goldman Sachs has predicted that it will have the largest number of cars by 2050. However, at this point, India is still far behind in terms of car sales compared to other Asian giants like China, South Korea and Japan. But considering that India’s auto industry really took off only as recently as 2000, it has done amazingly well.