 "automobile")
Riding on record-breaking sales and continued rising demand in the country, carmakers are planning to launch 81 new models in the financial year 2023-24 (FY24), Mint has reported. These new models will include electric vehicles (EVs) along with traditional internal combustion engine-powered vehicles.
The report quoted data from JATO Dynamics, a firm that tracks the auto industry. Carmakers are doing everything in their capacity to cash-in on the rising demand for passenger cars in India. They have placed a special focus on the SUV segment that continues to gain popularity among Indian car buyers.
Carmakers are looking at new sub-segments in the SUV space and trying to expand their offerings to lure in more and more customers. However, they are also faced with increasingly strict regulations at a time when the government and customers both are looking for environment-friendly technologies.
This has resulted in carmakers taking big bets on developing electric drive trains and supplementing their present internal combustion engines with hybrid technologies. The new vehicle launches are likely to be affected by this shift in the approach towards developing new models.
If the numbers from the JATO Dynamics report were to realise, there will be a 50 per cent jump in new product launches compared with last year. The 81 new products this year are likely to be a combination of minor changes to existing models and the introduction of completely new vehicles.
Minor changes may include cosmetic changes like a tweak in the front grille, change in the design of the tail lights etc, whereas, major changes will consist of brand-new nameplates with an all-new engine or platform, the report said.
The report also talks about the shift in consumer preference as their incomes rise. The new launches are likely to have high-end features. This marks a shift in the Indian car market to become more mature and sophisticated in its preferences.
