We are all well aware of the fact that, for decades the Indian automobile industry was way behind some of the most influential economies in the world like USA and Japan. The Indian automobile industry, though in its nascent stage, is expected to set the ball rolling in the Indian Economy as well. Coming to the automotive trends, today, the Indian automobile industry is one of the most vibrant, modern and upbeat automobile markets in the world. It is also the second largest two-wheeler market in the global map. With the emergence of the financially sound middle class,
the four-wheeler segment is set for tremendous growth and one can expect of more impetus to the economy from this sector. No wonder then that this industry has become the centre of attraction for most of the global automotive giants the world over.
The factors playing a key role in the Indian automobile industry trends are as follows:
- Government: Unlike in the past, the Indian Government has gone through a total role reversal by becoming the enabler rather than the controller. In the recent past it has started providing better infrastructure, conducive atmosphere to attract investments and implementing growth oriented economic policies.
- Competition: With the coming of the multinationals, an immense pressure has grown on the Indian companies. As a result, a lot of joint ventures have taken place, some others have invested heavily on R&D to build their own empires and the rest have perished.
- Customer: Armed with higher buying power and an ever increasing expectation from products and services, the customer is undoubtedly the king and has prOpelled a fierce competition among the major players in the market.
- Pollution and Safety Norms: cars as well as two-wheelers have met the most stringent international norms of pollution. Euro II vehicles have become the norm of the day all over India. Unfortunately, in the Indian context, safety in motor vehicles is a relatively neglected area. Bad roads coupled with the absence of adequate safety features in the vehicles such as airbag and crumple zone needs immediate attention. But awareness is on the increase and the use of seat belts while driving has been made mandatory.
- bikes: Keeping apace with the global trends the two-wheeler segment has witnessed tremendous growth both qualitatively and quantitatively. bikes with higher engine capacities have done commendably well on the Indian roads. bike styling and fuel efficiency has also seen major developments.
In short, the Indian automotive industry is set for exponential growth in the future.