The Indian Automobile industry including component manufacturing is expects to reach at Rs. 16.16-18.18 trillion by 2026. The Auto industry in India is expected to record strong growth in 2021-22, after recovering from the COVID-19 effects.
Generally, the automobile industry include; two-wheelers, four-wheelers, passenger vehicles and commercial vehicles. The two-wheeler segment is dominating the automobile industry with a share of 80% in India.
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Fig: Car manufacturing robots
Similarly, Europe, China, the USA and Japan are core markets for the mechanical industry sector. The Mechanical Industry is considered as one of the dominant industries all over the globe. This industry is also making significant contributions to a country’s economy because of its high volume production all around the globe.
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Regional Growth & Market Scope of Automobile and Mechanical Industry
The use of electric motors in automobile has been witnessing a steady rise over the past few years. Rising importance on optimizing design and manufacturing processes with the improvement in the efficiency for delivering better products is expected to bode well for the product demands. The market witness enormous growth imputes to the increase in automobile production and the number of motors that are used in a particular vehicle in the global market.
Fig: U.S. Automobile Motor Market Share by vehicle type, 2018(%)
The measured market size, by revenue, of the Global Automobiles Manufacturing & Mechanical Industry is $2.7tr in 2021. The e-vehicle market is forecasted to grow at a robust CAGR of 43.13% from 2019 to 2030, which means the Automobile & Mechanical Industry will going to face a boost in the up-coming years as well.
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The automobile industry has made some significant leaps towards growth and development with the advancement of technologies like Artificial Intelligence, Robotic and Internet of things.
One of the most important drivers of economic growth of India is the ‘Automobile & Mechanical Industry’ and is also one with high participation in global value chains. India was the fifth-largest auto market in 2020, with ~3.49 million units combined sold in the passenger and commercial vehicles categories.
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According to IBEF, the Government of India and major automobile players in the Indian market are taking several initiatives to make India a leader in the two-wheeler and four-wheeler market in the world by 2020. Also, Passenger vehicle (PV) sales in India stood at 279,745 units in march 2021, compared with 2,17,879 units in march 2020, registering a growth of 28.39%.
The automobile industry is supported by various factors like:-
-availability of skilled labour at low cost,
-robust R&D centers,
-and low-cost steel production
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The Automobile & Mechanical Industry provides great opportunities for investment and direct and indirect employment to skilled and unskilled labor. Also, the Indian automotive industry (including component manufacturing) is expected to reach Rs. 16.16-18.18 trillion (US$ 251.4-282.8 billion) by 2026.
A study by CEEW Centre for Energy Finance acknowledged US$ 206 billion opportunity for electric vehicles in India by 2030.
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Reasons of Growth
There are some major reasons that are shaping the future of Automobile & Mechanical Industry in the Global Market which are listed below;
· Internet connectivity in cars: Cars with internet connectivity can communicate with other internet connected devices inside and outside the car. These technologies are going to make the driving experience more flawless than it ever has been.
· Manufacturing of autonomous cars: A lot of R&D is being dedicated towards manufacturing autonomous cars so to avoid human mistake while driving.
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· 3D-LiDAR technology: 3D-LiDAR technology is being developed to move to the Level 3 of automation. The LiDAR system emits its own laser light and maps the surroundings according to the input car-mounted sensors receive from the reflected light. This system work well in situations where cameras fail.
· Shared car services: Due to this service people wouldn’t have to invest substantial money into owning a car.
· Invention of batteries and charging stations: With the invention of more powerful batteries and growing number of charging stations, the e-vehicle market is expected to grow at a robust CAGR of 43.13% from 2019 to 2030.
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Conclusion
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