The auto industry currently estimated at about $80 billion in India with $15 billion in exports is expected to grow more than three times to $250 billion in the next few years, said Arvind Goel, Chairman, CII WR Taskforce on Future Mobility, and Chairman, Tata AutoComp Systems Ltd.
“As India plans to achieve net carbon zero by 2070, many companies have targets to achieve it much before that. A huge amount will be invested by companies to take India to net carbon zero,” he said while at the CII NexGen Expo 2024 currently underway in Pune.
“With the abundance of renewable energy, the industry will move more quickly in the EV space. The auto industry will have a major role to play in the quantum of growth and opportunities as India aims to be a developed country by 2047,” he added.
Swati Salgaocar, Chairperson, CII Western Region 2024-25, said
“Urban mobility faces challenges like congestion, pollution, and uneven access. Future mobility must be sustainable, integrated, and automated.”
“Trends like EVs, shared mobility, and autonomy are transforming cities globally. India is at a crucial stage of urbanization, and decision-makers must act now,” she added.
Rishi Kumar Bagla, Deputy Chairman, CII Western Region 2024-25, said India’s automotive component sector has seen steady growth in exports over the past decade, driven by cost optimization in manufacturing, skill development, adherence to global standards, and government support with the Make in India initiative.
“India has a few automotive hubs, and the western region is the flagbearer of the Indian automotive industry. India ranks among the top auto component suppliers in the world. If we continue to grow by 7 to 8% till 2047, the requirement will be eight times of the current consumption, and therefore the opportunities are huge,” he said.
The second edition of CII NexGen Expo 2024 was inaugurated on Friday at the Pune International Exhibition Center at Moshi. The three-day expo from 18th October to 20th October 2024, themed ‘Integrating Indian Mobility, features a comprehensive range of vehicles and technologies, from internal combustion engines (ICE) to electric, hybrid, hydrogen, CNG/LNG, and ethanol/biofuel powertrains.
It also highlights the latest innovations in automobile components, electronics, and subsystems.
Published – October 19, 2024 08:35 pm IST
