Product Innovation and Its Impact on the Indian Automobile Industry

Abstract

Does not matter how crowded and competitive today’s market really is, and also how aggressive one must be to succeed in it. Yet, being aggressive is not really the single, main secret for success in this case is product innovation.If your product or solution is innovative, you’ve got a much higher chance to survive and thrive. The automobile industry in every country has prioritised innovation and the development of new models. In response to the constant evolution of consumer preferences, competitive pressures, and changes in safety and emission regulations, the industry is investing a lot per year to launch new models and improve existing ones. It is a way of life defined by fashion, speed, mobility, comfort, and, most importantly, individuality. The automobile industry, like other business sectors, grew dramatically after World War II. The rate at which companies innovate and develop new vehicles has clearly become increasingly important in the automotive industry. Asian automakers outperform their competitors in spectacular fashion.