How big is the Indian Automotive Sector?
What are the Indian Automobile Industry Trends and the current car service market?
Among India's largest employers in the nonagricultural sector, it is the world's fifth-largest automotive industry. Some consider it the fourth largest depending on which vehicles are considered in automotive production.
One clear thing is that the Indian automotive industry is expected to go up the order in this decade. It is currently behind China, the USA, Japan, and Germany.
Trends in Auto Industry
Trends observed recently are electrification, ottoman as driving, and shared mobility. In the Indian context, the trends are related to pollution, safety, and the luxury market, which are very specific to India.
Emission norms: Emission norms got strict from 2020 with the ever-increasing pollution in major cities. The government of India decided to bring in Bharat state's six norms from 2020. This is interesting, considering that India skipped Bharat stage 5 and went directly from Bharat stage 4 to stage 6.
These norms will help reduce harmful by-products from the automotive industry, namely particulate matter, and carbon monoxide.
Safety Norms: BNVSAP or Bharat NCAP has been introduced as a safety norm in which the vehicles sold have a star-based rating based on their safety performance. Unfortunately, India has the world's most unsafe routes, and this movie is also in line with the Global end cap.
Luxury market increase: The market is expected to increase in India. The rich and efficient are expected to drive the luxury market sales as Indian GDP is expected to increase as we move ahead in the decade. The Indian luxury market is dominated by Germany's three Mercedes Benz, Audi, and BMW. There is a British luxury brand Jaguar Land Rover with these companies.
Such repair services have become the need of the hour because many more prominent brands have had their exposure in India, and repair and services for these cars have become a priority for its users.
This segment has increased significantly over the past decade and is further expected to increase.
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