If you are reading this which means somehow, you are related to the Automobile Industry. Maybe you just want to step up into this market, or even just wanted to expand your knowledge. Whatever the reason is. Here we are going to take a look at a bit of an overview of one of the biggest industries in India.
Automobile Industry was the epitome of one of the biggest sectors in the world. India positions 7th in the world Manufacturer ranking with 26.27 million vehicles getting sold in 2019.
4th on Exporting them throughout the world following Japan, South Korea, and Thailand. The motor vehicles, four-wheelers, two-wheelers, buses, cars, and three-wheelers play a crucial role in our economy. We are expected to grow 500 Million until 2040.
However, the year 2019 has been a challenging year for the automobile industry. It had witnessed headwinds due to the decelerating economy in the last 6 years.
The Industry had seen its worst-ever half-yearly performance, as sales of Motor vehicle fell to 1.83 million in 2019 from 2.25 million in 2018, recent data shows. The passenger vehicles segment saw an overall decline in sales of 23.60% in this period.
This is the huge downfall that has occurred. As we compare it to the year 0f 2017-18, the sale perks were on the peak at that point. The Two Wheelers segment used to dominate the market in terms of volume owing to a growing middle class and a young population.
Moreover, the growing interest of the businesses in exploring the rural markets further aided the growth of the sector.
This was the deceleration when the automobile companies started getting alert. The slowdown was so severe that it has led to inventory pile-up, stalled production lines, drying up of supply chains. Even languishing dealership operations postponed investments and hurtful job losses.
In order to keep up with the growing demand, several automakers have started investing heavily in various segments of the industry during the last few months.
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