Future Of Auto Industry, The auto industry in Pakistan has entered into the new year with promising progress. A considerable MoM increase of 81% has been recorded so far in sales, averaging around 10,536 vehicles for the month.
However, the numbers, when compared to last year’s stats, represent negative results. There is a 5% decline in YoY sales. Despite these contrasting insights, the great thing is the 52% growth rate of MoM.
These stats testify that the industry will continue robust growth in the upcoming months as the demand is continuously rising.
One of the major contributing factors to the growth of the automotive industry in Pakistan is its growing population. It is estimated that the increasing population adds an additional demand for 350,000 units every five years.
The development on the suppliers’ side to meet this rising demand is also remarkable. The Indus Motor Company (IMC) has been meeting the demand and supply gap adequately since the launch of its locally manufactured Toyota Corolla Cross Hybrid Electric Vehicle. The company successfully sources up to 50% of automotive parts locally.
Despite all the economic instability in the country, the auto industry of Pakistan is all set to achieve new records in 2024. Be it new vehicle purchases, used vehicle resale, or old vehicle maintenance and revamping, the industry is opening more and more options for consumers.
One of the considerable increases is in the demand for car care kits and accessories simultaneously, opening new doors for SMEs and startups.
One of the leading names among these contributors is Autoglam.pk, where you can get a wide variety of car accessories. Do check out their collection and be a contributor to this industry’s revolution.
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