Read by: 100 Industry Professionals
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The excerpts:
Q: After two consecutive years of record high sales performance, what is your outlook for 2024?
Post pandemic with the foreign investment increase in India, we can expect the Indian Automobile market to grow in 2024. On the other hand, the GDP increase is not directly relating to all industries but centered around certain infrastructure-related investments. It is essential to improve the rural economy for the market to expand further.
Q: What are the key micro and macro factors that will play important roles in shaping up 2024?
The demand for different products, based on the needs and tastes of the young people leading the next generation, will drive the consumptions trends. We believe it will become increasingly important to respond quickly to the ever-changing needs of the market. Moreover, the increase in women employment has enhanced their purchasing power. It becomes very important to cater to their mobility needs. Under these conditions, we expect the market to expand further.
Q: What is your view on electric vehicles for 2024?
Advances in battery technology and charging infrastructure, as well as increasing environmental awareness among consumers, are expected to further expand the electric vehicle market in 2024. The shift from ICEs to EVs will accelerate, especially in urban areas where charging infrastructure is better developed. On the other hand, in rural areas, where charging infrastructure is not yet sufficient, shifting from ICE to EV should take more time.
Q: What will be the key technologies that will shape the next decade of the mobility industry?
In addition to technologies such as safety, connectivity, and sustainability, there will be a growing demand for mobility technologies that can support multiple alternative fuels such as electricity, bio-fuels, and hydrogen. Moreover, connected technology, Autonomous driving, and features using OTA for software and system updates in automobiles shall play important roles in future mobility solutions that would revolutionize the auto industry.
Q: Do you think the Indian auto industry has potential to become the global manufacturing hub and play an important role in the global value chain?
In addition to the world’s largest population, we believe that India has great potential due to the large number of young human resources who will lead the next generation. Moreover, the easy geographical access to Africa, which is the next market in addition to Asia and Europe, plays a vital role in India becoming a global manufacturing hub.
Q: What are the key factors that work in favour of India and what limitations does it have as a country.
In India, there is large-scale domestic demand to support export competitiveness, and there is a sufficient young and high-quality workforce. On the other hand, the domestic distribution infrastructure and energy supply such as electricity are still not at par with some developed countries, and to realize the full potential, major improvements in social infrastructure may be required.
Q: What is your vision for 2030 for the automotive industry?
For 2030, in addition to technological innovations such as EVs, connectivity, and autonomous driving, sustainable technologies that make efficient use of limited resources will also be important. Moreover, the need of customers to move freely when they want is universal, and the automotive industry will continue to be important as a means of transportation that co-exists with public transportation and personal commuting while continuing to innovate.
