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Automotive Industry Overview

2019-04-09 Automotive No comment

The world's auto industry is enjoying a relatively strong period of growth and profit, but many regions are still under uncertainty. Automakers are looking for better economics and market conditions, which is ideal for a successful stay in the industry. The automotive industry has a number of large companies that dominate the world, including General Motors, Ford, Toyota, Honda, Volkswagen and DC. After the globalization period, the automotive industry has accelerated due to the convenience and convenience of countries and the merger between the world's giant car manufacturers.

In addition, advances in industrialization have led to growth and production growth in the Japanese and German markets. But in 2009, the global automotive and automotive sales industry experienced a convincing decline during the global economic downturn, as the industry was indirectly dependent on economic changes in employment and spending, and it was fragile. While mature markets [such as Japan, Western Europe and the United States] have seen a decline in demand for new and used cars during the recession, the industry is booming in developing economies in Brazil, Russia, India and China. The growth of global trade has driven the growth of the world's commercial distribution systems, which has also intensified global competition among automakers. In particular, Japanese automakers began innovative production methods by adjusting and modifying the US manufacturing model and using the technology to increase production and provide better competition. The world's automotive industry is vibrant and vast, with about one-tenth of jobs in developed countries.

Developing countries often resort to the local auto industry to seek economic growth opportunities, probably because of the huge links between the country's auto industry and other industries. China is by far the largest sales market, followed by Japan, India, Indonesia and Australia. Sales data from 2005 to 2013 showed that during this period, China's car sales doubled, while Indonesia and India also benefited. However, during this period, sales in Australia, New Zealand and Japan declined. Interestingly, competition in the trucking department has become more intense this year, with the three major US automakers striving for paramount performance and fuel economy. Japan has not given up, Toyota and Nissan will launch new pickups in 2015.

India is the seventh largest automobile producer in the world with an average production of 17.5 million vehicles and the automotive industry contributes 7% of GDP. It is estimated that by 2020, the country will sell more than 6 million cars a year. India is expected to become the world's fourth largest auto market, with two-wheeler production increasing from 8.5 million units per year over the past seven years to 15.9 million units. Tractor sales are expected to grow at a compound annual growth rate of 8-9 for the next five years, India Become a potential market for international brands. As the sector allows 100% foreign direct investment, India is expected to expand rapidly and is about to become the largest automotive industry. Although India is the second-largest two-wheeler and largest motorcycle manufacturer, it is estimated that by 2016 it will become the world's third-largest auto market, accounting for more than 5% of global auto sales. Since consumers in various market segments have access to a large number of products offering a wide variety of vehicles, the manufacturer's goal is customer satisfaction and loyalty.

According to the foreign direct investment policy, the entry of some foreign participants, the shortened life cycle of the entire product, and faster product release have become common phenomena in the automotive industry in the country. The Indian automotive market is seen as a potential market that can dominate the global automotive industry in the next few years. In addition, due to the convenience of financial regulations and the environment conducive to project support, giant distributors and manufacturers are leaning toward the country.

With Narendra Modi's Make in India campaign, the automotive industry is expected to undergo considerable changes, with 800 Cr allocated to drive energy and hybrid vehicle manufacturing. The move is expected to lower prices and make these electric and hybrid cars cheaper and more environmentally friendly. The move is expected to reduce CO2 emissions to 1.5% by 2020. The program will subsidize the purchase of new hybrid and electric vehicles as well as other types of vehicles. It stipulates a reward of up to 29,000 rupees for motorcycles and motorcycles, and a car reward of up to 138,000 rupees. Tricycles, light commercial vehicles and buses are also eligible for different amounts of rewards.

India's used car division has become one of the major industries due to ease of access and low interest rates. But the growth in used car sales is lower than new car sales, because people are still more willing to buy new cars than to buy old ones. An important reason for this may be the reduction in the supply of used cars, and the high prices of these used cars prompted consumers to choose low-priced new cars. Despite the lower growth rate compared to the new car market, the used car industry is still showing rapid and steady growth. According to industry analysts, sales of used cars are expected to increase in the next few years.

Until the last decade, consumers participated in the unorganized sector of the used car industry, there were no organized participants to help consumers buy used cars, and about 60% of used car sales were customers' trust in customers. The remaining sales are managed by local distributors. But in 2001, Maruti launched the first company selling used cars, Maruti True Value, in 2001. Despite the slow sales figures in the automotive industry over the past few quarters, used or used cars are growing at a rapid rate and may accelerate in the future. According to Maruti Suzuki India Ltd. and Honda Sail Automotive India Ltd., in fact, in the last fiscal year, more used cars were traded, 10% higher than the new car. With the involvement of organized participants, the used car market benefits from fair trade, guarantees, better retail networks, credibility, transparency, and easy access to finance. These make it easy to buy used cars. Organized used car showrooms offer potential consumers a platform to choose cars from a variety of brands and market segments. Automakers have realized the potential of the used car market and are making conscious decisions to operate in the used car sector. In addition to displaying multiple brands, the brand used car retailer also offers a one-stop shop to satisfy all inquiries and dissatisfaction. All major car dealerships have now established their used car retail showrooms, Maruti True Value, Ford Assured, Hyundai Advantage and Toyota U Trust are some of the major used car dealers.

The continued decline in fuel prices over the past year and better financial policies are expected to be the reason for the increase in the number of new buyers in the market, a factor that declined in 2013-14. But in the meantime, one part that benefited from this decline was the used car market, awareness raising, financial reforms and organized companies. Most of these used car buyers are young people who prefer to buy lower-priced used cars and they can get the same bargains. The used car market in India remains the same, with nearly a quarter of the new car market growing rapidly. In the next few years, the used car market is expected to grow by 15-18%.

In addition, as the number of organized players increases, so does the confidence of people buying used cars. These players not only offer a good collection of used cars, but also provide financial and extensive vehicle inspection facilities with 100% customer satisfaction.

The automotive industry is an important part of every economy because it is closely related to the growth of the economic sector. As one of the progressive economies, India is striving to make its automotive industry ultimately more successful and to link it to overall development. With the promotion of Indian manufacturing campaigns and environmentally friendly vehicles, India is expected to soon become the world's largest automotive industry. The used car industry is expected to gain huge profits. As the new car market grows, more and more people solve this problem. With more resources from buyers and sellers, the automotive industry is expected to eventually push the country forward in the future.

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