THE FUTURE OF THE AUTOMOBILE INDUSTRY
Introduction, production, comparison, and future projection of Automobile Industry
The automobile industry plays a crucial role in the economy of India and is worth a multi-billion dollar industry. The growth of the Indian automobile industry and automobile firms has been inspiring due to the drastic changes witnessed in the value chain and the production patterns of the industry. The future of the automobile industry, even though its contribution to the economy has been increasing, the Indian auto industry has a large percentage of the reduction owing to the following reasons:
Increased Demand – the future of the Automobile industry
In 2017, the subprime data revealed a 60% increase in the birth rate and a 22% increase in married women in the Indian population.
Consumers in India are in search of a vehicle that gets them from place A to place B at a great speed. Manufacturers of vehicle systems in India are offering value for money in creating a product to meet the customer’s needs.
Due to this growth, the automotive industry is poised to do a lot of business in the coming years. On the other hand, the manufacturing rates have increased in a big way.
Rising number of the Automobile industry
The three-wheeler and three-wheeler scooters are not the most admired vehicles, as the top class tends to focus more on automobiles. The industry has seen a boom in 2015 when the sales of two-wheelers were 40% higher than the sales of three-wheelers. The sales of two-wheelers remain more prevalent than a three-wheeler
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The trend is set to continue with the rise in fuel efficiency (18.5 miles per gallon) and the rising oil prices. Thus, the automotive industry is expected to be strengthened further.
The rapid growth of new vehicles
The sales of trucks, buses and SUVs in India have been soaring over the last few years. The division of products between several vehicles such as commercial vehicles and passenger vehicles with the lower differentiation of these products is resulting in competition among manufacturers.
Therefore, the manufacturers are making efforts to offer new and improved models that offer a competitive advantage over the competitors.
Automobile Industrial Trend of hybrid and electric vehicles
In the last few years, there has been an increasing demand for hybrid vehicles. The sale of hybrid vehicles (which are integrated with an internal combustion engine and are linked to an electric motor) saw a 93% growth.
The demand for hybrid vehicles is growing with the demand for technologies such as hybrids, plug-in hybrids, and battery electric vehicles increasing.
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This research paper will describe the steps taken by manufacturers to cope with the changes in the industry by developing new models to provide more solutions to the requirements of the customers and better production capacities. It will also explain the trends that are likely to happen in the future and the current trends in the industry. The paper will also analyze the knowledge gap of the industry.
Summary of the Future of the Automobile Industry
In India, the automobile industry is booming because of the increase in the population and the increasing demand for vehicles. Both individual and corporate buyers are driving the demand. Manufacturers are offering a wide variety of commodities for consumers to choose from. It has seen the demand for products rise.
The increasing demand is forcing manufacturers to innovate as they aim to increase the market share in the coming years. Manufacturers are working to create products with unique features that satisfy the needs of their consumers.
The market of all the Indian product segments is growing.
Organizations producing vehicles for consumers, such as bus manufacturers, are also looking to expand further to accommodate the changing requirements of their customers. Some industry firms are specializing in high-performance vehicles, which possess a special function or performance that distinguishes them from their competitors.
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Some firms are also focusing on products that have little integration and design differences from the production of vehicles for commercial enterprises. The pursuit of brands is prompting manufacturers to introduce models of vehicles of more than one character so that they address the needs of the customers and meet the new consumer expectations in the market.
Although the production and sale of vehicles are not directly related, there are examples that demonstrate a link. Some firms are producing differentiated products such as the Class 4, Class 4A, and Class 5 vehicles in order to meet the needs of their consumers. Manufacturers of vehicles are continuously building up an association between their products and the environment and people’s emotions.
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The light vehicles offered in a city or in the country pose a wider range of challenges to the automotive manufacturing firms because they are in high proximity to consumers. If a manufacturing firm attempts to come up with a customized product for the cities in India, this is a difficult task as the products offered are highly requested.
The demand for car models manufactured for cities is intensifying because of the increase in the population. In addition, the growing urban population is resulting in a greater variety of products in the commercial, passenger, and tractor-driven markets.
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