Industry 4.0—enabling innovative processes, digital manufacturing and automation—has the potential to disrupt the industrial value chain and push automotive sector to rethink the way they do business. Moreover, stringent regulations are evolving so rapidly that the automotive sector might need to rethink about their operational aspects to comply with regulatory and other guidelines
India is the fourth largest automotive market and the seventh largest automotive manufacturer (Fig. 1), according to India Brand Equity Foundation (IBEF) report, and is expected to emerge as the world’s third-largest auto market by 2021, according to IHS Auto Market. In the last seven years, the country has increased annual production of vehicles by one million, resulting in four million vehicles produced last year. However, considering rapid economic development, ongoing urbanisation, a burgeoning consuming class, and supportive regulations and policies, the five-million milestone is expected to be met within the next five years. The market is even expected to get stronger day-by-day, both with respect to domestic demand and exports backed by the presence of established domestic and international original equipment manufacturers (OEMs).
According to the IBEF report, automobile exports grew 20.78 per cent year-on-year during April-November 2018. It is expected to grow at a CAGR of 3.05 per cent during 2016-2026. The Indian automotive industry (including component manufacturing) is expected to reach ̀ 16.16 to 18.18 trillion (US$ 251.4 to 282.8 billion) by 2026. The Indian automotive industry is also targeting to increase exports of vehicles five times during the period 2016 to 2026.
Unprecedented growth of the Indian automotive sector is mainly supported by four factors: favourable policy, growing demand, rising investment and marketing opportunities. The Automotive Mission Plan: 2016-26 indicates a clear vision of the government for this sector. The government aims to develop India as a global automotive manufacturing centre.
Moreover, India has significant cost advantages that result in savings of around 10 to 25 per cent on operations by Indian automotive manufacturers vis-à-vis those in Europe and Latin-America.
This story is from the March 2019 edition of Electronics For You.
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This story is from the March 2019 edition of Electronics For You.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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