The Automobile industry in India is a significant driver of macroeconomic growth and technological development, contributing about 49% to the country’s manufacturing GDP and 7.5% to its overall GDP. The sector’s value chain employs about 32 million people.
2019 was a challenging year for the auto industry, which witnessed headwinds due to the slowing economy in last 6 years. This steep drop had caused operational hardships for many companies and production plans had to be re-evaluated through the year to adjust to market requirements.
Political, economic and consumer-led factors will carryover from 2019 to impact sales in 2020. These include stringent environmental and safety regulations, a moderating economy, cut throat competition, increasing popularity of shared mobility, political uncertainty, increasing insurance norms and cautious lending.
It is important for the automaker to understand the current market situation and work accordingly on the realignment of the company strategy. Customer experience will also remain the key factor to retain the existing ones and reach out to the new ones. After-sales service is an important aspect which will help in winning the loyalty of the consumer. Overall in- vehicle experience needs to be upgraded for the consumer by deploying telematics, embedded software and infotainment in a seamless and user-friendly manner.
Right from the introduction stage to maturity stage of the product life cycle, like Product Tests, Product Satisfaction Study, Distribution Mapping, Advertising Study, Positioning Study, we at Market Search have been helping various automobile companies to fine tune their products and marketing campaigns. Our clients include prestigious automobile brands like Bajaj Auto Limited, Mahindra & Mahindra, Tata Motors, etc.