The automotive industry is a wide range of companies and organizations involved in design, development, manufacturing, marketing, and selling of motor vehicles. It is one of the most prominent Economic Sector by Revenue.
Automotive Industry in India is one of the largest in the world with an annual production of 23.96 million vehicles in 2015-16, The automobile industry accounts for 7.1 percent of the country’s gross domestic product (GDP). The Two Wheelers segment with 80 percent market share is the leader of the Indian Automobile market owing to a growing middle class and a young population. India is also a prominent auto exporter and has strong export growth expectations for the near future. Overall automobile exports grew 13.01 percent year-on-year.
Market share: The auto industry is set to witness major changes in the form of electric vehicles. Electric cars in India are expected to get new green number plates and may also get free parking for three years along with toll waivers. India’s vision to see six million electric and hybrid vehicles in India by 2020.
Investments and Government Initiatives: 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. The industry has attracted Foreign Direct Investment also in the month of September 2017, The Government of India encourages foreign investment in the automobile sector and allows 100 per cent FDI under the automatic route.
Some of the recent initiatives taken by the Government of India are:
The Government of Karnataka is going to obtain electric vehicles under FAME Scheme and set up charging infrastructure across Bangalore, according to Mr. R V Deshpande, Minister for Large and Medium Industries of Karnataka.
- The government is planning to set up a committee to develop an institutional framework on large-scale adoption of electric vehicles in India as a viable clean energy mode, especially for shared mass transport, to help bring down pollution level in major cities.
The automobile industry is supported by various factors such as availability of skilled labor at low cost, robust R&D centers, and low-cost steel production. The industry also provides great opportunities for investment and direct and indirect employment to skilled and unskilled labor.
Automobile Companies in India: Starting from the era when there was too slim of a variety of cars available in Indian market, Indian automobile industry has come up a long way to have a diverse array of cars these days. There are a number of top automobile companies running their operations in India, which again have a range of models in different segments of cars. Top 10 Automobile companies in India, one name that would always lead to the top of the list is Maruthi Suzuki India. However there are also few lists in the top are Tata Motors, Mahindra, and Mahindra, Hyundai Motors, Hindustan Motors etc.
Automotive Industry also includes with Automotive Engineering, Aerospace Engineering, Vehicle Engineering and supplying many Design Engineers to the Industry. It also includes modification of vehicles. Manufacturing domain deals with the creation and assembling the whole parts of automobiles is also included in it. The study of automotive engineering is to design, develop, fabricate, and testing vehicles or vehicle components from the concept stage to production stage.
- There are a large number of Automobile Manufacturers all over the world, Among them, India is one who holds top record n the list.
- Automotive Industry also includes Automotive Electronics, electronic systems used in road vehicles, such as engine management, ignition, radio, computers, in-car entertainment systems and others.
- Automotive industry also provides spare Auto parts for many vehicles, like Body components including windows and trim, Electrical and Electronics, Gauges and meters, Ignition electronic systems, Lightening and signaling systems, Censors, Interior etc..,
This is a small part of Automotive Industry, many more to come…