India’s automobile industry is booming and has the potential to become a global leader in the fast-paced automotive sector. With a noteworthy 7.1% contribution to the country’s GDP and a workforce of more than 37 million, this industry continues to be a mainstay of India’s economic environment. The industry’s growth trajectory is evident, with a market size of USD 108 billion, driven by a shift towards premium products and a growing interest in electric vehicles (EVs). India’s fleet of EVs now numbers 1.02 million, thanks to EV sales that increased by an astounding 209.17% in FY24 alone to 8,47,439 units.
Government initiatives, such as FAME II, are further accelerating EV adoption, with plans to deploy 10,000 electric buses across 169 cities backed by a USD 7 billion commitment. Such measures not only drive sustainability but also pave the way for job creation, with the EV sector expected to generate 5 million jobs by 2030.
Trends in the job market reflect this shift, with green engineers in high demand as the clean energy sector expands by over 36 per cent. Southern India, particularly Tamil Nadu, emerges as a hub for EV manufacturing, supported by state policies aiming to attract investments and create over 100,000 jobs.
Despite these promising developments, challenges persist, notably the widening gap between demand and supply for skilled talent. To address this, the industry must focus on continuous upskilling, embracing a blend of technical and non-technical skills, and enhancing talent retention strategies.
Speaking about the sector based on India Decoding Jobs 2024, Devashish Sharma, founding member and CEO at Taggd said, “In the face of global challenges, India happens to be a beacon of hope for the globe. Despite past uncertainties, the nation’s resilience shines through with over 6 per cent annual GDP growth, making it the fastest-growing major economy. Positive trends in hiring, especially in sectors like Automotive, Manufacturing, and BFSI, indicate a dynamic recovery.
