Being Asia’s fourth-largest exporter, India is expected to top the world in car volumes accounting approximately 611 million vehicles by 2050.
The automotive industry is among the fastest evolving business worldwide. Post-2016, this industry has witnessed drastic evolution in terms of investment and development where technology played a major role in transforming the industry.
Digital is driving the revolution in the automotive industry that is expected to continue for a long time.
The old-fashioned four-wheelers that were earlier equipped with basic equipment are transforming into connected cars along with several advanced features that have proved to be essential in this modern era. Cloud computing, Internet of Things, big data, are among others.
The Indian automotive industry is among the largest in the world that records an annual production of 23.96 million vehicles in the fiscal year 2015-2016. Being Asia’s fourth-largest exporter, India is expected to top the world in car volumes accounting approximately 611 million vehicles by 2050.
Mentioned below are few top automotive industry trends that hit the roads in 2018.
Carpooling and Shared Cabs
Every single person loathes traffic jams. But keeping the number of vehicles sold every year and the rate at which the vehicles are increasing on roads, there is no better outcome to expect. Indian automotive franchisors/entrepreneurs took this matter under consideration and introduced carpooling and share cab services in order to reduce traffic on roads.
These services will not only reduce the traffics on roads, but also the pollution level that the nation is currently witnessing.
Blockchain: The New Entrant
Blockchain technology has been invading almost every business sectors, leading to path-breaking innovations. This technology is gradually catching automotive franchisors attention, allowing them to deal with counterfeits part challenges.
Franchisors have realized the benefits of this technology in order to rectify problems at their companies. Additionally, automotive franchisors are bringing transparency into the system that is improving the pricing strategies.
The rise of millennial has disrupted many industries in terms of their offerings. Today’s millennial and baby boomers are more into adventures that have helped multi-terrain vehicles to gain popularity recently.
These vehicles offer comfort and ease of operation in difficult terrains. In addition, the various elements of these vehicles like leather seats, five-door utility, and high-end audio systems are creating a roar among the young customer segment.
Crossover vehicles have proven to be a huge success among the customers who are looking for a comfort of SUV along with cost-effectiveness. These vehicles are a mixture of Sedans and SUVs that are stylish and comfortable both at the same time.
In fact, crossover vehicles are expected to continue to dominate the automotive industry in the upcoming year as well.