Pakistan’s automotive industry has forecast substantial development due to a drop in the country’s average earning age as a result of rapid digitalization.
Master Changan Motors’ Sales and Marketing Director (MD), Syed Shabbiruddin, remarked,
On average, the first paycheck was received by the previous generation at the age of 27 but now, the threshold has declined to 21 years, thanks to the opportunities arising from digitalization.
He mentioned in a presentation that the company is targeting clients between the ages of 25 and 64, and a high number of youngsters from Generation Z enter the lists of automobile owners every year.
These individuals start working at an early age — usually at the age of 21 — and quickly progress through the social strata, Shabbiruddin added.
“[A] growing number of females in the corporate sector will also result in a notable increase in the proportion of females buying their own cars,” the MD claimed and added,
Each year, one in six affluent customers purchases a new car on average.
Moreover, the wealthy class is projected to grow to 21 million people by 2026, 27 million by 2031, and 29 million by 2036.
CEO of SI Global Noman Ahmed told The Express Tribune that the accelerated growth of online jobs has allowed youngsters to avail significantly better earning opportunities than the previous generations.
He added that the entry of new manufacturers and government support has also contributed to the rise in car sales in the country. Furthermore, the transition from mechanical to technology-based automobile manufacturing has had a considerable impact on the youths’ choices for cars.
Said remarked, “The automobile industry continues to adapt and transform to this day”. He believes that in addition to expanding car sales, the youth can partake in the manufacturing of automobiles and their parts, as well as the development of reliable platforms for purchasing online replacement parts.
The President of the Union of Small and Medium Enterprises (UNISAME), Zulfikar Thaver, said that the car industry is clearly enticing youngsters.
“However, the automobile industry needs to manufacture more and more localized parts and lessen the burden on the exchequer,” he opined.
Thaver added that although the automotive sector seems to have a promising future, he believes that it will have a decreasing trend for a few years. Due to the anticipation of high-interest rates, limited vehicle financing, and the reversal of the tax incentives given by the government in the 2021-22 budget, Muqeet Naeem from Ismail Iqbal Securities predicts a dip in automobile sales in the fiscal year 2022-23.
Early you have no idea what’s going on in the global stock market and the financial depression that is coming.
All these companies are draining the money from people through conduit of automobile. While we see car prices rising to sky, there is t so.ething better that we see in them. 50 lakh plus cars with only 2 airbags which is weird. I suggest getting a god japanese in same price and feel relieved forever
Very nice
Buttfull