India was the 4th largest auto market in the year 2017. Also, India was the 7th largest manufacturer of commercial vehicle in the year 2017. But in the year 2019, the automotive industry in India started to slowdown month after month in production and sales. A wide range of factors is responsible for the slowdown in the automobile industry. However, India is expected to become the top 5 producers in the automotive industry in the coming years. In this article let’s understand the overview of the commercial vehicle market and scope of automobile industries in 2020
Overview of Commercial Vehicle Market:
As mentioned earlier India was the 7th largest manufacturer of commercial vehicle in the year 2017. There are many factors for the growth of automobile industries in India. One among them is the growth in production and sales in the commercial vehicle. Commercial vehicles are used for carrying passengers and transport goods. Commercial vehicles include pickup trucks, buses, and coaches known as light-duty vehicles. Body chassis, Lorries, light trucks, heavy trucks, trailers, and semi-trailers referred to as heavy-duty vehicles. The Commercial Vehicle Market is segmented based on three factors including Vehicle, Fuel and Regional Analysis.
- By Vehicle – The Commercial Vehicle Market is segmented based on Light Duty, Medium Duty and Heavy Duty.
- By Fuel – The market is segmented based on Diesel, Gasoline and Others.
- By Regional Analysis – this market is segmented based on North America, Europe, Asia-Pacific and Rest of the World.
Owing to the growing tourism and increasing construction, mining, and logistics activities across several countries in the world, the demand for heavy-duty commercial vehicles is likely to increase during the forecast period. For these reasons, Commercial vehicles play a great role in production and sales in the automobile industries.
Investment in Automobile industries:
The demand in the automotive sector is increasing as the automakers have begun investing more in this industry. India has become a viable market to invest in with the growing number of car buyers in the country. Various companies like Ashok Leyland, Hyundai, Mercedes Benz, Mahindra, and many more have decided to invest millions of dollars in the Indian automotive industry. In today’s time, with the expansion of the automotive industry, various career paths have opened for people with a degree in automation can pursue; some of these are:
- Automotive Design Engineer
- Production Engineer at Automobile Plants
- Automotive Ancillary Development Engineer
- Production Planning & Control Engineer
- Maintenance Engineer at Automobile Dealerships
- Vendor Development Engineer
- Technical Consultant in Automotive Sector
- Value Engineering
With so many promising prospects of growth in the automotive industry in the upcoming years. You will have a lucrative and successful career in the future with plenty of scope for growth and success.
Thus, India is expected to become a leader in shared mobility in 2030, providing opportunities for electrical and automobile vesicles. The growth in production and sales of automobile industry is supported by various factors and also provides great opportunities for investment and direct and indirect employment to skilled and unskilled labour.