2020 was an absolutely happening year for all of us, despite the lockdown. With nature taking its time off to heal, people reconnecting and bonding with their families and close friends, despite the sullen mood, there was some hope to it. With the lockdown in place, there were far too few opportunities for families to step out of their safety abodes and go out on long drives or their planned vacations. Though we did step out for our essentials like groceries and medicines, there was always a slight paranoia about the safety of travelling in two-wheelers.
The pandemic had forced most of the businesses to shut down or operate remotely. But, there were a couple of businesses that did bloom well during the pandemic. The automobile industry, being one of them, managed to thrive well and ended the financial year with a growth rate of over 8 percent, despite having a bad start. The decrease in prices during the pandemic and travel safety could have easily contributed to the growth rate.
With the start of a new financial year and people all set to make new budgets, automobiles and real estate investments have always been an integral part. But, how does 2021 look for automobiles? The industry just went through its first price hike at the beginning of the year in January. With the increased growth rate towards the end of the financial year, car manufacturers like Maruti, Toyota, Datsun, Renault, Ford, Suzuki, and Nissan are all set to increase their prices for the second time this year. The prices are expected to go up by 3 percent for some of the cars.
In addition to this, the growth rate has also encouraged new players from the international market to get set for their ride on Indian roads. Some of the players include Tesla, Citroen, Great Wall Motors, Faw Haima, and Chery. The arrival of these new models could also mean a fierce challenge for the new players launched in 2021 like MG Hector, Kia Motors, etc. The increase in the number of new players has created quite a buzz and heightened the anticipation for car buyers. Some of the most anticipated cars include Kia Sonet, MG Gloster, Tata Blackbird, Hyundai Starex, and Maruti Suzuki Vitara Brezza.
Though the industry has its ups and downs, it does seem like a good year to invest in your long-time dream in 2021.