After the automobile market slowdown last year, the Indian automotive industry was recovering fast when the corona pandemic hit the world. With more than 45.5 lakh cases worldwide, the world has gone under lockdown for an indeterminate period of time. India being one of the densely populated countries, the virus spread like a wildfire even amidst lockdown. Currently, India has more than 82 thousand cases currently and with such high numbers, the country will face this threat for a very long time. So much so that coronavirus is expected to now become extremely common in coming years. With businesses being shut down, Indian automotive industry has lost a lot more than it was prepared for.
Long Term Effects on the Automobile Industry
With all the businesses being affected, thousands of people losing their jobs worldwide and the world economy have gone under chaos. The recovering car sector will also have a huge impact of the pandemic till the world goes back to normal. This viral-apocalypse may interfere with the buyer’s spending capacity, affecting the demand and production. The rental car market and the public transport as well as taxi services will take a huge hit because of this virus.
The car sales might rise post lockdown
There is still a silver lining for automobile industry. Since the virus spreads through close contact, studies have shown that buyers may incline on having a private vehicle instead of opting for public transportation in coming years. The pandemic will affect the taxi services majorly. Shared cabs may become non-existent in coming years. As a result, the automobile industry is expecting a huge sale in privately owned vehicles.
With the prices of cars rising due to the BS6 and with the downfall of economy, more and more consumers will be inclining towards second hand or low-budget hatchbacks. Small family cars will be preferred over SUVs and sedans especially in the cities. Two-wheeler sale are expected to rise as well.
How will it affect the online car sales?
The virus has changed our lifestyles completely. With limited contact, people now opt for working from home, maintain social distance and shop online. The case will be true for car sales in coming years as well. More and more people will opt to buy a car online instead of going to the showroom.
Almost all industries are moving towards the online platform and automobile industry is no exception. With most brands launching their new cars online instead of waiting for the pandemic to end goes to show that the industry will be moving towards online platform more. A lot of online platforms like mynewcar.in now offer a seamless, end-to-end experience. From online booking, to loan facilitation to contactless home delivery, the online car market offers buying car from safety of their homes.
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