Climbing out of the abyss: Nine game changers in the next decade for the Indian automotive industry
Each time a crisis has engulfed the automotive industry, it has come out stronger, more efficient and better prepared to harness the opportunities of the future. The emergence of fuel efficiency after the oil crisis of 1973 or the fast growth in the developing economies after the financial crisis of 2008 are cases in point. This time around, Covid-19 has battered the industry across the world as well as in India.
The domestic volumes of all segments declined steeply in FY21. (The fall for cars was 2.2% from FY20 and 19.7% from FY19; for two-wheelers, 13.2% from FY20 and 28.6% from FY19; for three-wheelers, 66.1% from FY20 and 69.2% from FY19; and for commercial vehicles, 20.8% from FY20 and 43.6% from FY19).
