Several initiatives by the Indian Government and main automobile companies are expected to make India a global leader in the two-wheeler and four-wheeler market by 2020. Presently, India is among the leading auto exporter and has strong export growth expectations for the future.
Know About the Indian Automobile Sector
Automobile Exports in India increased by 14.50 percent during the financial year 2019 and is expected to grow at a CAGR of 3.05 percent till 2026. Many auto-companies have taken interest in the rural markets, and this also has increased the growth rate of this sector.
Growth Opportunities In The Automobile Sector In India
Factors like growing urbanization, economic expansion, social and cultural transformation, strong demographic interests, etc. have enabled India to grow at a sustainable growth rate. And due to these factors, there are numerous growth opportunities in the Automobile Sector in India.
Top reasons why you should choose Automobile Sector if you are planning to start a business
- Presently at $74 billion, the automobile industry is expected to reach $300 billion by 2026.
- Increasing growth and need for e-mobility in India.
- Initiatives like National Automotive Testing and R&D Infrastructure Project (NATRiP) centers as well as a National Automotive Board will help in the growth of the Indian automobile Industry.
- The government of India aims to set up incubation centers for startups working in the E-mobility sector.
Have a look at Some Indian AutoTech Startups to know about the innovations in the Automobile Sector.
List Of Some Auto Tech Startups In India
1. SUN Mobility
Working: SUN Mobility is associated in designing innovative solutions for Electric Vehicles and clean energy to create a fully electric mobility ecosystem.
Working: CarOK provides car care services like interior cleaning, denting and painting, car servicing, battery services, etc.
Working: Express Autocare provides multi-brand car service, repairs and detailing services.
Working: Transcent Labs works is in the electric bike market space in India. The company’s product roadmap includes the development of compact install-anywhere chargers, recyclable batteries, and block-chain based energy metering.
Working: Zen Drive uses technology to detect collisions, predict risk, improve fuel efficiency, and more. Zen Drive uses smartphone sensors to measure driving behavior, and with their patented machine-learning algorithms, they provide actionable insights.
Incubators and Accelerators for Automobile Startups
The rise in the growth of the Mobility sector has led to the inception of many incubators and accelerators in the mobility space. Now, so many incubators and accelerators provide services to startups to grow and launch their product.
Growth Forecast and Future of Indian Automobile Industry
With the present growth rate, the Indian automobile industry is forecasted to reach US$ 300 Billion by 2026. India is also expected to become a global leader in shared mobility by 2030.
As per a report on Shared Mobility Market in India (2019), the market is expected to grow at a CAGR of 9.7% between 2019-2025. With this CAGR, the shared mobility market will reach 4.7 million by 2025.
And with India shifting its focus on E- mobility, there will be many growth opportunities in the automobile sector. The Indian government is emphasizing the sale of electric vehicles by 2030 and is prioritizing to put a larger percentage of electric vehicles on the road by 2030.