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Trends In The Automobile Industry

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Automobile industry is facing new trends every day all around the world, and with the potential to grow further it has now become one of the most important industries of the economy. The automotive industry accounts for almost 22% of country’s manufacturing gross domestic product (GDP). Industry is based majorly on tastes and preferences of people who are investing their valuable resources in the automotive industry. Customers today are well informed and aware of our industry and Carmakers thrive forward to meet the demands of their prospective buyers. With rising demands of customers from the automobile sector, continuous efforts are being poured in by the Global Car traders. Car makers are looking for better market conditions, and better …show more content…

Automobile Industry is enjoying the period of relatively strong growth and profits, yet there are many regions which are under the threat of uncertainty. Though new vehicle market might be facing slow expansion, used vehicles are turning into a source of revenue for dealers. Indian auto market is seen as the potential market which can dominate the Global automobile industry in coming future. Ranked at sixth number in auto sales, country has become the most sought after place for the Global Car traders. Moreover, giant dealers and manufacturers are inclining towards the country because of ease of financial norms as well as an environment so conducive to support in their …show more content…

Indian passenger market has expanded from 2.5 million in 2011-12 to 2.6 million in 2014-15 which is far less than the expected which are driving the Global Car Traders to take steps so as to achieve the target of 5 million sales annually by 2020. Car makers are now focussing on increasing the car models choice even if they have to compromise with the architectural designs of the vehicle so as to make them cheaper.
Government of India has come up with various initiatives along with great carmakers to make India a Leader in Automotive Industry by 2020 and 2016 is expected to be a strong year for the launch of new vehicles as well as an increase in the used car market.
With Narendra Modi’s Make in India Campaign, the automotive industry will witness the promotion of Energy and Hybrid Vehicles manufacturing. The major expected trend in future, for the automotive industry is towards delivering more fuel efficient vehicles and reduction in exhaust emissions. Hence, vehicle manufacturers are striving to improve emission systems with advanced

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