“The future of the automotive industry looks bright, with sales expected to pick up in the festive season.”
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With the COVID 19 pandemic having impacted all aspects of the economy severely, the automotive industry saw a complete drop in sales and manufacturing of new vehicles. Since the commencement of the lockdown, the demand across the nation has fallen sharply.
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Where Maharashtra and Gujarat once contributed to 32% sales of new vehicles, i.e, over the last three financial years, they are expected to contribute only about 15-20% this year post lockdown.
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According to Kaushik Madhavan, Vice President, Mobility Practice, Frost & Sullivan, the sales in the Northeast are expected to rise from the usual 13% to 18%, owing to the lack of red zones in the area. He predicts a brighter future for the automotive industry given the customer sentiment towards private mobility in these times of coronavirus.
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Talking about different aspects involved in automotive production and trade, he addresses the need to enhance digital connectivity and the long road ahead for the industry.
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