India's automotive industry has traditionally been a good indicator of how well the economy is doing, especially in terms of contributing to the country's manufacturing output and job creation. Today, with the post-Covid recovery, India's car industry is on target to turn into the world's third biggest auto market having the Best Automobile Parts Manufacturer in India. In this evolving landscape, we have identified some trends that will define the future of the automotive industry.
Digitization: Promote improved customer experience
Customers are constantly searching for vehicles on the web. Right from enquiry to conveyance, the computerized change in the automobile business hopes to take different client touchpoints on the web. Customers seem to be benefitting by more customized and easy to understand insight, while carmakers and sellers can target and draw in with them better.
This digitization and innovation is fueled by a much needed customer centric approach. This has resulted into the use of social media platforms more and more and innovative technologies like Augmented Reality (AR) or Virtual Reality (VR) that can add value to the overall consumer experience and journey. To make the overall process convenient and hassle free, the retailers are also providing post sales services online such as maintenance, insurance etc.
The used car market expands as the ownership period shortens
The used car market grew steadily by 6.2% between 2016 and 2020, but new car sales slowed during the same period. This trend is due to an increase in the millennial workforce and availability of Best Auto Parts Provider in India.
Changes in consumer behavior have been reflected in the shortening of car ownership, which is now about 35 years. Other factors such as the transition from BSIV to BSVI and the difference in GST tax rates when buying used and new cars have also contributed to this trend, as more and more people prefer private cars to public transport. The trend is still rising.
Electric Vehicles: A fast-growing reality
With a growth rate at a CAGR of 44% from 2020 to 2027, lots of new players are entering the Electric Vehicle market. This makes it a great opportunity for corporates and business to change their game plan by moving towards greener vehicles. This will not only result in reducing the overall cost but also help the businesses in achieving their sustainability goals in the long term.
Vehicle Connectivity: Beyond just a car
This is too early to say but India has already started witnessing an increasing number of ‘connected’ vehicles.
With car brands launching successful models with factory fitted connectivity features that allow internet access and data sharing with external devices, consumers seem to have taken to the trend. This is reflected in the projected number of about 1.7 million connected cars on Indian roads by 2022.
Telematics: Use Tech to Optimize Fleet
Companies and businesses are constantly working to improve mobility, especially when it comes to vehicle fleets. Technology is at the heart of this modernization, as evidenced by the growing tendency to leverage telematics and data to optimize enterprise fleets. One of the fastest growing sectors, CAGR is growing rapidly at around 16% (201620).
Telematics enables navigation, security, and communication while providing useful data about fleet performance.
Scrappage Policy: Impact and opportunities
There could be a rising demand for new vehicles in the market as this scrapping policy has left the companies into thinking carefully about their car plans. The policy not only plan to phase out the old vehicle but also plans to reduce vehicle pollution with this step. This will eventually result in the improvement of road safety and efficiency.
Emerging profit centers and the rise of car leasing
In recent times, we`ve seen that new models and mobility solutions such as car leasing, subscription, data monetization and shared mobility etc. have emerged as new profit centers. This can be attributed to the rise of vehicle utilization due to shared mobility and the saturation of vehicle ownership in developed countries.
In conclusion, these disruptive trends across areas like changing customer preferences, digitization, electrification, government reforms, technological advancements and evolving financing models offer a chance for the auto industry to reinvent.
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