With the arrival of the steam engine hundreds of years ago, cars and automobiles became but an inevitability. The progress over decades from the engine to carriages and mechanical carts to their modern counterpart, the automobile, was a slow and arduous process but a welcome one because now, the world depends, and runs, on cars for all kinds of businesses and reasons.
But how is this relevant to the current state of the business and economic landscape in Pakistan? Well, the reasons are wide and varied but not just in Pakistan, cars and automobiles have become a part of daily and everyday life due to just how indispensable they have become. From transporting people to all the things they need, modern life is not possible without them.
That is why it is important to analyze and pay attention to the current state of the Automotive Industry in Pakistan. Not only is it a reliable and central indicator of economic and commercial growth but also how well a country is doing in the current financial landscape as well as how it is growing. It also employs hundreds of thousands of people and so, is a pillar of the economy.
What Is the State Of The Automotive industry In Pakistan?
The current condition and state of the Automotive Industry in Pakistan is quite healthy and robust. With increased demand amongst consumers and customers, the amount of total investment, foreign and local, is growing by the day. Even the number of companies investing and setting up production plants as well as showrooms is increasing to cope with the demand.
However, the advent of the Covid-19 virus has set doubts in the minds of investors who have put in huge amounts of cash because demand has taken a considerable, although very clearly temporary, hit, due to the uncertain environment thanks to the double whammy of health scares and the economic crises as well as reduced job security. This will, however, only be temporary.
What Are All Of The Most Important Segments Of The Automotive Industry Here In Pakistan?
1. Daily Use Cars:
This is the most common and popular type of automobile in the world today and is the specific kind we are all the most familiar with as almost all of us either own one, have been in one, or know someone who has one. This is mostly used for personal transportation and self or family use for moving and doing things like carrying stuff.
2. Buses, Trucks, and Lorries:
This is the bigger and heavier kind of automobile that is used more for actual work than personal use. From being used for transporting cargo, containers, and heavy items, these are the kind of automobiles that run the world and are needed for things to get from a place to another anywhere, anytime, and are basically how all things get done.
3. Agriculture, Farming, and Construction Vehicles:
When it comes to farming and agriculture, very specified and specialized farming vehicles are modified to be able to plant seeds, spray insecticide, put fertilizers, and cut and store crops when that’s needed. Those and vehicles used in construction like the ones that mix cement or put up cranes are in their own special category, away from all.
4. EVs (Electrical Vehicles):
In the modern world, the need for cars remains the same but environmental and concerns about resource depletion have led to people emphasizing more on alternative sources of fuels such as lithium-ion batteries or others like that, and they are charged with electricity just like any other appliance would be, plugged into a socket at our home.
5. Fully Autonomous Vehicles:
With the advent of technology, especially in the field of artificial intelligence, people are demanding that futuristic concepts such as self-driving cars become a reality so that the attention of people can be spent better elsewhere, such as being productive or engaging in leisure time even when they are being transported.
This has led to a push for Fully Autonomous Vehicles and who knows, in the near and upcoming future, these might just be a regular fixture around the world, especially in the rapidly modernizing Automotive Industry in Pakistan.