Job Prospects the Indian Auto Components Industry Holds
The growth chart is predicted to continue to rise high and touch US$ 115 billion by 2020-21.
Amidst the talks of electric mobility closing down the auto components industry in India, the country is touching great growth numbers and has generated great stature in the key global auto markets including, Japan, Korea, and Europe. As per the recent statistics of Automotive Component Manufacturers Association of India (ACMA), the auto components industry touched Rs 2.92 lakh crores market value in the year 2016 and even the exports reflected an increase of 3.1% which then made it reach the Rs 70,916 crore level. The growth chart is predicted to continue to rise high and touch US$ 115 billion by 2020-21. These continued uphill growth trends clearly indicate huge employment opportunities in this industry.
Despite facing the stiff financial challenges, like that of demonetization and irregularity in the implementation of GST, the auto motor industry especially the auto component sector remained buoyant. With this amazing scenario in place, several job professionals gained entry into the industry especially in the Departments of R&D, Quality Assurance, Processing, Maintenance and many more. The auto sector showcased a consistent upward hiring trend ever since 2017. A significant 20 percent growth was recorded from October 2017 onwards and even the Job Speak Index for the February 2018 was up by 6 percent as compared to what it was in February 2017.
Moreover, not just will the industry remain functional but will also lead to growth due to growing demand for the Indian products in the overseas market. Industry experts believe that in the medium to long term, the growth of the auto component industry will be a bit higher than the growth of the automobile industry due to the sheer increase in exports. The investments made by private equity investors in the automobile component sector has risen 607 percent between January-May 2017, as per the latest report by the Department of Industrial Policy and Promotion (DIPP), clearly indicating a bright future for the professionals stepping in the auto component industry.
With robust growth of the Auto Components industry on the chart, industry employers and investors who were earlier eager to switch with the sudden scare of electric mobility taking rounds in the market are now sticking to it and making arrangements to bring the best of innovation and technology to it. The wildfire of electric mobility was completely warded off when the government of India confirms that ‘All electric vehicle policy by 2030’ is dropped off. This further motivated the employers to improve and strengthen their abilities with a forward-looking and futuristic and paying heed to the same many of the industry associations around the nation have set an Automotive Skill Development Council.
The foundation of sustainable development is laid on the ethics of how the changes are being introduced and adopted in the industry. Challenges would definitely come in the way so, the smart way is not to indulge in hue and cry but to adopt them at the earliest and lead the industry with an excellent example. This is the time to focus on the emerging trends and carve out some great employment opportunities for the endangered workforce. With the technological landscape changing rapidly, only the ones who are the fittest to adapt to these changes the fastest will survive in this ecosystem. So, re-skilling as per the transformation needs to be the key focus area of the manpower linked up with the auto components industry to ensure a safe, sound and stable future.
These are the challenges that put the abilities to test and often results in innovations and advancements in an industry. With a positive mindset, the manpower needs to learn and get familiar with the new technology besides exploring the job market. As India has sound technological infrastructural ability to recycle lithium-based EV batteries, a new skill set supporting e-mobility is expected to bring both revenue and employment in the country. Similarly, as there will be more requirement of environment-friendly power to run electric vehicles, there is a bright future for solar and wind energies in India, too. Eventually, to meet the growing power demand, the energy sector as well as the power distribution sector is bound to plan mass recruitment in the near future.