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Automotive Industry

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AUTOMOTIVE INDUSTRY

Overview


Most people understand that the automotive industry is a primary player in global economy; however, few people understand why. Many economists use sales within the automotive industry as an indicator of consumer confidence. The dramatic influence that automakers have on global economies is only one indication of how complex and significant this industry has become.

Manufacturers' ever-changing needs for new and faster technology, more reliable processes, and original manufacturing approaches have positioned the automotive industry on the verge of a revolution.

The automobile industry is going through a technological change where each firm is engaged in changing its processes and technologies to sustain the competitive advantage and provide customers with the optimized products and services. Starting from the two wheelers, trucks, and tractors to the multi-utility vehicles, commercial vehicles and the luxury vehicles, the automobile industry has achieved tremendous amount of success in the recent years. Consequently, it is even more important for automotive manufacturers to employ skilled, adaptable, creative, and knowledgeable employees.

World-wide the auto industry is important and, one of the key sectors of the economy.

The industry comprises of automobile and the auto component sectors and encompasses commercial vehicles, multi utility vehicles, passenger cars, two-wheelers, three-wheelers, tractors and related auto components. It has deep forward and backward linkages with the rest of the economy, and hence, has a strong multiplier effect.

This results in the auto industry being the driver of economic growth and India is keen to use it as a lever of accelerated growth in the country.


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