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Auto Gears Up For New Biz Models-Ankit Kumar

Auto Gears Up For New Biz Models-Ankit Kumar

With the advent of technologies such as drones, AI (artificial intelligence), robotics and IoT (internet of things), the automobile industry has made some noteworthy headway toward evolution and advancement. The ideal image of the future – with cars that run on eco-friendly fuel and can drive themselves plying on the Indian roads – isn’t too far away now. 

Some trends will determine the future of the automobile industry and are worth looking into for future-readiness.

More EVs On Indian Roads

Issues such as global warming, climate change and fossil fuel depletion are expected to direct the policies of the decision makers, and stricter environmental regulations will be imposed as a result. Central and several state electric vehicle (EV) policies, the FAME subsidy and also a new interest from car buyers will see this segment grow in 2022.

The auto industry will respond to this by moving further away from fuel and producing vehicles that only consume eco-friendly energy in the form of electric cars and hybrids.

Also, increasing battery competence as well as EV charging infrastructure can accelerate its acceptance. Lithium-ion battery prices have already fallen by 89 per cent over the last decade, reaching a price of USD 137/kWh in 2020. The growing range of EVs should also help ease environmental concerns and boost demand. 

Shared Car Service

A trend where autonomous vehicles that will provide service on-demand will pick pace. This would help in adding on to savings as people will not have to invest substantial money into owning a car.

There are already many shared car service players that are catering to the current demand and more will spring up in the coming year. These service providers will own the fleets which would be hired by people as per their needs.

D2C Sales

With increased digitalisation, people are getting goods delivered to their doorsteps such as groceries, consumer goods etc. Now even vehicles will pick on to this trend. Several mobility companies are already offering their products by utilising direc-to-customer business (D2C) model. More will follow the trend in the year 2023. Owing to the spike in online sales and the D2C business model automobile dealerships will switch to digital medium and online sales. Therefore, hybrid business models as a trend will pick up pace for automobile sales.   

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