The demand for cars in India is constantly increasing. Accordingly, car manufacturing companies are also preparing and introducing new models in the market. Companies such as Maruti Suzuki, Toyota, Tata Motors, Hyundai, Nissan, Renault are competing with each other to attract more customers.
As the demand for passenger vehicles including cars in India is increasing, it is necessary for companies to manufacture and sell new models and invest heavily in them to meet the demand. Automobile companies are planning to invest crores of rupees in the next two to three years.
Indian automobile companies are estimated to invest around Rs 65,000 crore over the next two financial years, according to a study by rating agency Igra. A few months ago there was an international shortage of semiconductors. Due to this there was a setback in the production of vehicles. But now things are back to normal.
In terms of passenger vehicle sales, India’s total sales figure is estimated at 3.8 million units in FY 2022-23. This is 24 percent higher than the previous financial year.
Apart from this, the electric vehicle sector is also growing rapidly. Electric vehicles are being introduced in India with better quality and price than petrol-diesel engine vehicles. A lot of investment is made for this. Many people have started buying electric vehicles as a solution to the problems of rising petrol and diesel prices and air pollution.
Not only the best companies in the electric vehicle industry, famous automobile companies have also made their mark in the electric vehicle industry.