We are glad to share that we have started a new project on forecasting passenger car demand in India. These will be monthly forecasts at district level for every state of India. Initially we will forecast for next three years considering the current stability conditions of the economy. However, our intention is to revise the forecasts every year based on changes in the economic situation of the country as well as in the states.
The methodology we are using include hardcore and advanced econometric models and also advanced analytic models. Trying different models provide us with the opportunity of comparing the outputs as obtained from these models. It helps in identifying the best possible model that explains passenger car demand in the country as well as in various states. Since automobile demand reflects economic situation to a great extent, these forecasts are not only beneficial for the OEMs, but also to all other sectors in strategising their plans to capture as well as expanding market.
We will start sharing some of our results for Uttar Pradesh and gradually will share the same for other states also.