Emerging Trends in Indian Automobile Industry
India has become one of the largest automobile markets in recent years. Sales of two and four wheelers are increasing at a rapid speed. Even, in terms of manufacturing commercial vehicles, India remains within the top ten countries in the world. The two-wheeler segment usually dominates the market share due to its ever-growing popularity among the young generation while car sales also not far behind. Although some rough patches were seen in 2019 where the entire automotive industry experienced a considerable drop in sales, it has bounced back from the first quarter of 2020. And the projection for the coming 2-3 years is optimistic. This industry has every reason to leap in joy.
The automobile industry is coming with new some interesting news like the introduction of Audi Sedans and SUV’s in near future same as the new launch from the world-famous Morris Garage. It’s really interesting to find so many big international automobile players are looking for the Indian market. Mercedes Benz has already increased its production and Hyundai is also believed to invest a good amount for manufacturing new cars. Indian players like Maruti, Tata Motors, Mahindra are also in the race to come up with fresh investments. Overall, the scenario is very positive and one can rely on this particular industry to bounce back what it had suffered last year. The growth path is visible on the cards and everyone is ecstatic to witness a steep growth curve.
Several New cars are on the cards to be unveiled this year and auto enthusiasts are eagerly waiting for that release. For Indian companies, Tata Motors is ready with Altroz, Mahindra is coming up with the new SUV, Thar. The good thing is the introduction of new models from companies like Hyundai, Skoda, Volkswagen which creates a ripple among buyers. The premium segment is even also ready to come up with new variants of BMW, MG, Toyota, Kia Motors, Porsche cars which truly interesting news for the Indian automobile segment.
Used Car Market
Even, the used car market is also gearing up at a great speed. Forget those days when people only thought to buy brand new cars. There is a considerable increase in sales of used cars and people are going for that for multiple reasons. If one thing is the cost of new cars then the other cause is to have a new car within a few years. Combining all those features, all the outlets of Maruti Suzuki’s True Value Stores, Mahindra’s First Choice are registering a good number of pre-owned cars for sale. Even some startups like cardekho, carwale and cars24 with solid funding from various quarters are coming up to ease any difficulties.
Overall, the automobile industry is one of the strongest pillars in the Indian economy and it is expected to provide returns at a good rate to keep the trend upward. Millions of people are associated with this industry in technical or non-technical ways and they are working relentlessly to gear up the entire process. The accelerator is pressed and your vehicle is moving first in the right direction