The Indian Automotive Industry has transformed drastically in the recent past and is leaping forward to become the world’s third-largest automotive market in terms of volume by 2026. The Automotive industry’s evolution over the last few years is characterized by electrified, leasing, autonomous, shared, ownership and connected cars. Even the market segment for used luxury cars have also seen an upright trend.
Despite being hit with the socio-economically debilitating pandemic, the Indian Automotive Industry has emerged stronger and shown remarkable resilience. Even the Indian Used Car Market has been scaling progressively with the right amount of demand and supply for the premium used cars in Delhi. Widespread digitization and technology adoption has played a crucial role in transforming the automotive industry. The government of India has introduced product-linked incentives and a scrappage policy to provide a much-needed boost to the auto-industry.
In today’s times, the moment a consumer decides to buy and sell cars in Delhi, they come across an array of options and looking at the resale market, places for selling luxury cars have also increased in number and quality. One such big name in the used luxury car sale and purchase segment is PCH Auto World, which has made its mark in providing with the best-in-class luxury cars and offering the price that is the highest among other contenders.
Recent market trends in the Indian Automobile Industry to look for in 2022 are:
- Future of connectivity
In this ecosystem of connected mobility, the cars can communicate bidirectionally with a range of other systems outside their local area network to send digital data to enable remote diagnostics, vehicle health reports, data-only telematics, access Wi-Fi Hotspots, get turn-by-turn directions, car health warnings and directly intervene to prevent breakdowns and avert accidents.
- Electric Vehicles are the future
Over the past few decades, sustainable mobility solutions have witnessed increased acceptance and interest in consumers for electric vehicles (EV). EV has captured a greater market and exist in all major segments- scooters, motorcycles, compact SUV and a wide range of luxury EVs. EV manufacturing comes with various cost optimizations and reduction in the GST outflows for the consumer.
- Advanced Driver Assistance System
You talk about Indian as well as International Car manufacturing brands, all of them are putting their undivided focus on this key aspect- ADAS- Advanced Driver Assistance System. Though in its infancy in the Indian car market, but when talking about best place to sell high-end cars like PCH Auto World, you will come across numerous second-hand luxury cars that are already packed with such mean features. That makes them the safest bet for any buyer in the used luxury car segment. ADAS includes features like adaptive cruise control, lane-keeping assistance, emergency brake system, cost-effective sensors, radar and high-end cameras.
- Going Digital
Today’s high-end cars are some of the most digitally complex, requiring around 100 million lines of code. Automakers will make some tough decisions to bring software development in-house or partner with technology companies. Selling luxury cars that are AI-powered is the in-thing that the Used car market segment is experiencing at a large scale. This has forced automakers to think digitally first, while designing a best of a machine.
- Shortage of Semi-conductor
The three fastest growing applications are- Telematics and Infotainment, Powertrain and Safety. The strict standards and regulations are generating more demand for semiconductor components in safety and powertrain applications. this was further exacerbated by unexpected supply-chain disruptions in 2020-21, due to worldwide pandemic.
- Scrappage policy
Vehicle scrappage policy is recently launched to scrap old vehicles and reduce pollution. It expects to cover 51Lakh Light motor vehicles, aged more than 20 years and 34Lakh Light motor vehicles aged 15 years and above. This would eventually assist in reducing environmental pollution by phasing out old or unfit vehicles running without a valid fitness certificate. This move is sure to generate demand for new as well as luxury used cars in Delhi.
- Car Lease
Leasing a car has become an attractive option to drive a brand-new car with investing large sums up front, resulting in substantial savings and increased return on equity. Majority of the population today is interested in buying luxury cars in Delhi, instead of going all out to buy a brand-new economy. As they understand that by buying the best used cars in Delhi, they can enjoy the technically-advanced beast of a machine at merely no high cost.
The emerging trends like digitization, new government initiatives, electrified vehicles and technological advancements are sure to revitalize the growth of the automotive industry in India. The advent of newer technologies will help build sustainable manufacturing processes, generate employment opportunities and enhance penetration of the automotive industry. Keeping an eye at these trends and staying agile would help us to stay ahead of the curve and competition in the marketplace.