CURRENT SCENARIO OF THE AUTOMOTIVE WORLD

The automotive market is expected to have a steady growth globally over the period of 2019-2025. The automobile industry plays a very vital role in the GDP of a country. It even acts as the backbone of the GDP of many countries.

In the current times when there is a danger of global warming due to the increase in pollution levels in the atmosphere majority of the automobile manufacturers have come up with electric vehicles. This electric vehicles will result in the decrease of pollution levels in the atmosphere resulting in the decrease of global warming. The government is also helping the automobile manufacturers to make electric vehicles and the buyers by providing various subsidies to help in reduction of pollution that is released by the conventional vehicles.

The major keyplayers in the field of electric vehicles are Mahindra and Mahindra, BMW, Audi, Tesla, Peugeot, Kia, Hyundai, Honda etc.

However, the entire automotive industry faced a backlash when the government made it compulsory to use BS6 engines instead of BS4 engine in all the cars and gave deadline of April 1st 2020. There was another backlash faced by the automotive industry due to the trade war thet was created between two super powers that are China and USA. And currently the situations have worsened due to rise of a pandemic known as Covid-19. Due to this pandemic most of parts of the world are locked down. And this has resulted in no production of vehicles in the indutries. And until the situation is under control the entire automotive industry will remain closed.

So atlast I would like to conclude by saying that there will be a steady growth in the automotive market in the coming years. But due to the above mentioned factors the automotive industry has faced a backlash. When the situation is under control there will be growth in the automotive market.

Do you agree?

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