Indian Automotive Industry is a thrilling journey through the Indian automotive industry’s dynamic growth, securing the global top three spot. Explore the 500% surge in electric vehicle sales, challenges, and the path to sustainability
Indian Automotive Industry Growth On Vehicle Production 2024
At Vibrant Gujarat Global Summit 2024 According to Nitin Gadkari, India has now raced past Japan to secure the third spot in the global automobile market. Gadkari, our Union Minister of Road Transport and Highways, shared this fantastic update during a session on electric vehicle manufacturing, titled ‘Charging Ahead to 2047,’ organized by FICCI.
In a groundbreaking revelation, Gadkari proudly declared a remarkable 500% surge in electric vehicle (EV) sales throughout 2023 compared to 2021. Looking ahead, he projected an annual growth rate of 50% by 2030. India’s journey in the automotive realm is electrifying, and the future seems to be steering us towards a greener and more sustainable road.
Indian Automotive Industry Growth
India has seen significant growth in its automotive industry in recent years. Even with the challenges of the COVID-19 pandemic, the fiscal year 2020-2021 saw an impressive 13.6% year-on-year growth. What’s fueling this acceleration? Well, factors like growing disposable income, a booming middle class, and a supportive government Initiative to promote the Industry.
Factors Contributing to Indian Automotive Industry Growth Growth
Many reasons have contributed to the growth of the automotive industry in India. One of the major reasons is the increasing number of middle-class people. They are now able to buy better quality vehicles which increases the demand for tax and other vehicles. happened.
The second main reason is that roads are developing very rapidly in India and many new highways and every road are getting connected, every state is getting connected, due to which nowadays people prefer to have their vehicles.
And the highway connects one city to another in such a short time that people are now forced to take buses there. Another factor contributing to the growth of the industry is the government’s focus on promoting the industry.
The Indian government has launched several initiatives over the years to promote the automatic industry, including the Make in India campaign and the National Electronic Mobility Mission scheme. In these initiatives, many people have got their own and people have been provided with electronic vehicles in case of shortage due to this, electronic vehicles have also spread very rapidly in India.
The COVID-19 pandemic had a significant impact on the Indian automobile industry, as did all industries across the world. Factories were closed and sales declined during the lockdown imposed to control the spread of the virus, although the industry adapted quickly. and came back strongly after lifting the lockdown
Impact of COVID-19 on the Indian Automotive Industry Growth
The COVID-19 pandemic had a significant impact on the Indian automobile industry, as did all industries across the world. Factories were closed and sales declined during the lockdown imposed to control the spread of the virus, although the industry adapted quickly. and came back strongly after lifting the lockdown
Launch of Electric Vehicle on Indian Automotive Industry Growth
India’s auto industry is shifting gears with the electric vehicle boom. The government’s backing cleaner rides for a greener tomorrow. Tata Motors, Mahindra & Mahindra, and Hyundai have already rolled out electric vehicles, and more are revving up for the electric revolution.
READ MORE ABOUT: Toll Tax Rate List 2023: Price, Rules & Regulation.
Indian Automotive Industry Growth Challenges
Even though India’s auto industry is cruising ahead, it’s not all smooth roads. One big bump is the shaky infrastructure – our roads need some serious TLC. Poor conditions mean higher costs for making vehicles and slower delivery of goods.
Then there’s the tax trouble. The government’s putting the brakes on with high taxes and tariffs, making it tough for our homegrown companies to race against foreign competitors with lower tax rates. It’s like navigating through challenges on the road.
Conclusion:
India’s auto industry is accelerating, hitting the global top three, and embracing electric vehicles with a 500% surge. Despite COVID-19 bumps, growth revs up with a 13.6% YoY boost. Challenges like shaky infrastructure and high taxes persist, but the journey towards a greener road is uniquely Indian, filled with triumphs and ongoing adventures in the automotive industry.
