The Indian economy is steadily catching pace, and one of the biggest contributors to it is the automobile industry, which has been growing exponentially. Despite the challenges faced by various factors like increased crude oil prices, immobile supply chain and much more, the industry is showing signs of getting up on its feet like it was during pre-pandemic. There has been a surge in demand for passenger vehicles and electric-powered vehicles, especially two-wheelers, all of which have driven the market to the next level of growth. However, there are certain trends which have helped push the industry way ahead of others.
Digitalisation has impacted the sales of automobiles in India as customers are close to experiencing how their vehicle would treat them via digital interaction and services, which gets the goods delivered right up to their doorstep. This trend started off with the purchases of daily needs, but has now penetrated into other markets as well, especially the automobile industry. Car manufacturers and dealers are implementing latest technologies that offer exceptional customer experience that ranges from inquiry to delivery of the automobile as well as post sales services.
India is witnessing a huge electric vehicle wave, which has generated a lot of interest from car buyers. EVs are the thing of the future and many are already utilising its benefits as a few Indian carmakers have already come up with their own set of electrically powered vehicles which is disrupting the automobile industry in a big way. Moreover, hydrogen powered vehicles would also make a headway towards the Indian markets, and make a big change, predict industry experts.
Rising fuel prices and limited charging infrastructure for EVs have even accelerated the demand for CNG vehicles across the country as it costs nearly half the price of petrol making the vehicle more fuel efficient and above all it is environment friendly too. Given the growing interest of customers, makers have shifted their focus towards this area too. These are a few trends which have emerged of late which are revitalising the growth of India’s automobile sector.