Path-breaking trends in the automotive industry could be responsible for the transformation of this segment, opening doors for the franchisors.
The automotive industry in India is one of the largest worldwide, with more than four million cars and commercial vehicles produced, India is one of Asia's largest markets.
The automotive sector is growing and becoming more important for Indian citizens with 14.9 million jobs projected to exist by 2022.
Innovations and investment from the stakeholders in the industry will boom the sector, setting up the stage for franchisors for a successful business. Offering numerous opportunities, the automotive industry is witnessing continuous evolution with trends re-defining the industry. The latest trends carry the calibre to define your business strategy, attaining to your growth and success as an expert.
A constant rise in the demand for crossover vehicle is recorded, as people expect the comfort of an SUV with fuel and cost-effectiveness. These vehicles have emerged as one of the most practical ways to commute without compromising on comfort and style.
Franchisors could enter the segment with huge investments, discovering the new technologies for the sturdy crossover vehicles.
Over the past couple of years, industry people claim that people are losing the emotional attachment to cars. They believe that this decrease in attachment has given rise to car sharing, proving it to be a great step.
Car sharing is considered to be very successful, reducing traffic, and contributing to the environment by various means.
Uber, which is proving to be a major player in the industry, is already allowing passengers to use car features, along with snacks and drinks on special occasion, enhancing the riding experience.
The sales of electric cars have reached 10 million units, which explain the opportunities for franchisors in this lucrative sector.
The declining resource of nonrenewable energy sources is a major push for the production of electric vehicles, which is reflecting as the market share of the electric car is increasing.