Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now

You can switch off notifications anytime using browser settings.

One corner of the auto market is churning out new jobs

Life in the slow lane

Life in the slow lane

Auto Inc has barely managed to navigate through stormy weather, finally clocking in a growth in sales in October, albeit marginal, after nearly a year of weak sales.

Though marginal, the 0.3% growth in sales in October has raised a glimmer of hope that the world’s fourth-largest automobile market will sustain its growth momentum amid steps taken by the federal government to boost consumer confidence and improve market sentiment.

Beating the blues

Beating the blues

The Indian auto sector has been reporting declining sales for months now. However, the picture looks more promising in the used car market. Value conscious buyers are hunting for bargains in the pre-owned segment and driving away with great deals.

A market like the pre-owned car space that was previously frowned upon and stigmatized, has found greater appeal among modern-day millennial consumers.

$25 billion by 2023?

$25 billion by 2023?

At $14 billion, the size of the pre-owned automobile industry is 1.3 times the size of the new car market, and is expected to touch $25 billion by 2023, accrding to OLX.

Digitally savvy millennials seeking choices that maximize value while minimising the impact on environment have been the key force driving this growth.

Getty Images
We're hiring!

We're hiring!

Car companies may be battling the slowdown with job cuts. But new opportunities are opening up for auto engineers and diploma holders in organised used car retail — a segment that is expanding rapidly.

Given that organised retail comprises only 15% of the 4-million-unit used car market, the job potential for this sector is substantial.

Who's in demand

Who's in demand

Currently, the organised used retail industry directly employees around 10,000 people, according to HR firm TeamLease. But the opportunities are more in the smaller cities.

The present staffing demand has been 12-15% for the past 12 months and is expected to increase by another 7-8% in the coming two-three quarters. Diploma holders in automobile or mechanical engineering, vehicle inspectors and technical evaluators are in high demand.

ThinkStock Photos

Other useful Links

Follow us on

Download et app

Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service