Project Report for Automobile Industry
Project Report For Automobile Industry is as follows.
The design, development, production, marketing, and sale of automobiles are the main activities of the wide range of companies and organizations that make up the automobile/automotive industry. The vehicle is a lifeline for people because it is used for both passenger and cargo transportation. There is a wide range of autos, including cars, buses, trucks, bikes, etc. The two types of businesses in the automotive/automobile sector are those that produce cars and those that produce automobile parts. Compared to previous years, current vehicles are more complicated and contain more technological components. As a result, it encourages suppliers rather than manufacturers to produce more components.
It is one of the largest economic sectors in the world in terms of revenue. Businesses that are dedicated to maintaining cars in functioning order after they are delivered to their final owners, including auto repair shops and fueling stations for motor vehicles, are not included in the automotive sector. The phrase “automotive,” which is derived from the Greek autos (self) and the Latin motivus, is used to describe any kind of self-powered vehicle (of motion).
One of the primary economic pillars in India is the automotive industry. It is a significant growth engine with strong backward and forward linkages. A vibrant, competitive market and the introduction of several new companies brought about by liberalization and deliberate governmental interventions over the past few years led to an increase in the capacity of the automobile industry and the creation of significant employment. Over 19 million people are employed through it directly and indirectly. India is quickly becoming a major automobile hub.
Market Potential Of Automobile Industry
The auto sector in India is currently valued at more than $100 billion, produces 8% of the total exports, and accounts for 2.3% of the country’s GDP. The market for passenger cars in India was estimated at US$ 32.70 billion in 2021, and by 2027, it is anticipated to have grown to US$ 54.84 billion, with a CAGR of nearly 9%. According to statistics from 2021, India has the fourth-largest automobile industry worldwide. India became the fourth-largest nation in the world by automobile industry worth in 2022. India will overtake Germany as the world’s fifth-largest auto market in 2020 in terms of sales.
The two-wheeler segment dominates the Indian vehicle market with an 81 percent market share thanks to a young population and an expanding middle class. The corporations’ growing interest in researching rural markets also contributed to the sector’s expansion. The Passenger Vehicle (PV) segment as a whole holds a 13 percent market share. India exports a lot of cars, and in the foreseeable future, exports are expected to grow quickly.
India is the world’s top producer of two and three-wheel vehicles. The top two-wheeler producer was Hero MotoCorp. Maruti Suzuki, which has a market share of more than 50% in the area of passenger vehicles, is the market leader. The business became the sole manufacturer to cumulatively sell over 20 million passenger vehicles. In the meantime, Tata Motors had a commanding 40 percent or more of the commercial vehicle market. The road transportation industry contributed the most gross value added to India’s economy in the fiscal year 2020, at about 4.32 trillion Indian rupees. The overall number of automobiles on the subcontinent quickly increased due to the expansion of the road network and steady economic growth. The industry includes vehicles including two-wheelers, trucks, cars, buses, three-wheelers, and more that are essential to the nation’s economic growth.