Published On:October 20 2020
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India's Passenger Vehicle Industry Set To Experience Huge Growth

India's Passenger Vehicle Industry Set To Experience Huge Growth

The latest statistics released by the Society of Indian Automobile Manufacturers (SIAM) reveal that passenger vehicle sales across the country increased by 26.45% to 272,027 units in September compared to 215,124 the same month last year, according to The Indian Express. Automobile segments continue to witness sequential recovery, but ICRA says the sale of passenger vehicles for FY2021 will decline by 22-25%. Nonetheless, the industry should expect to witness more than 15% growth in FY2022. 



Ashish Modani, ICRA VP, says, "We expect a capex cut of 35-40% during Fiscal Year 2021-2022, and incremental investments geared towards new product development and platform improvisation." This comes weeks after Toyota Kirloskar pledged Rs.2000 crore investment in the current financial year. Here are some of the functional dynamics in the automobile sector during the post-pandemic phase.



Car Dealers Embrace Digital Marketing 



Automakers and dealers are taking advantage of the internet to expand their market outreach and stay relevant in the industry. Currently, car sellers provide enhanced features like price and spec comparison tools on their websites. Ideally, you can compare consumer rankings on various truck models, SUVs, and even sports cars. When comparing consumer ratings, car buyers can make informed decisions based on automobile gas mileage, comfort, price, and safety. Experts predict the pandemic will speed up the auto industry's adoption of augmented and virtual reality technologies. By embracing these innovations, sellers can easily enhance the online user experience, hence attract buyers with a preference for contactless vehicle buying processes.  



A Shift in Consumer Preferences



Health and safety are top concerns for everyone, but more specifically, daily commuters. For this reason, many consumers are settling for personal mobility. As a result, the demand for personal vehicles will increase dramatically in the next coming years. Consumer behavior is also likely to change, with aspiring automobile buyers displaying a preference for contactless mode of vehicle purchases. To meet customer needs, auto dealers will need to create effective digital sales and marketing mediums. Building a robust digital channel for adverts and sales is one of the best ways to enhance the car buying experience, build consumer trust, and increase car volume sales.  



As the country reopens its economy, auto manufacturers and sellers must find ways to cope with the new challenges in a post-pandemic world. This entails enhancing their social media presence and creating robust digital marketing channels. Auto dealers also need to adopt advanced technologies like augmented and virtual reality to promote personalization. 



 





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