“This decision is important for TomTom to further grow our presence in an increasingly significant emerging market for us", said Alain De Taeye, member of TomTom's management board . "At TomTom we are committed to rolling out our products and services into new markets. India in particular, with its largely untapped car navigation market, represents a growing opportunity for us and this increased investment in our majority owned subsidiary together with our high quality Indian map database and our state of the art navigation technology will give us a greater ability to deliver on this,”
India has a population of 1.2 billion but only has 22 million cars on the road. New car sales are forecast to grow from 2.5 million in 2010 to 4 million annually by 2015. However, besides TomTom and NAVTEQ there is a strong local map data provider called Mapmyindia which data coverage is larger than the two global incumbents. As a matter of fact, Mapmyindia recently signed with Harman and BMW to include their maps in luxury cars (read here).