As the year draws to a close, industry leaders are reflecting on the transformative events of 2024—a year characterized by remarkable innovation, significant trends, and noteworthy challenges. From advancements in sustainability and technology to shifting market dynamics, their perspectives shed light on the successes of the past year while setting the stage for future opportunities. These reflections not only celebrate the milestones of 2024 but also shape the strategic outlook for the years ahead.
Mr. Vinod Aggarwal, CEO & MD, VE Commercial Vehicles
“The commercial vehicle industry has shown steady recovery after the initial challenges of the year, supported by improved freight movement, a revival in construction and mining activities, and increased government infrastructure spending.
The PM E-Drive scheme exemplifies a forward-thinking approach to promoting sustainability in the transportation sector. These policies, coupled with initiatives from state governments, underscore a strong commitment to clean energy and sustainable mobility. Investments in charging infrastructure and support for EV adoption are laying the foundation for an innovative ecosystem and paving the way toward a greener future.
At VECV, we are dedicated to driving this transformation by delivering future-ready mobility solutions with a balanced energy mix. Our industry-leading Uptime solutions will enhance fleet efficiency while aligning with India’s sustainability goals.”
Mr. Piyush Arora, Managing Director & CEO of Škoda Auto Volkswagen India
“The year 2024 was a bridge year for Škoda Auto Volkswagen India, during which we strengthened our foundation and prepared for an exciting future. A major milestone in this journey was our debut into the highly sought-after sub-4-meter SUV segment with the Kylaq, engineered and made in India specifically for Indian car buyers. As we step into 2025, we are excited to ‘Fuel Transformation’ in the Indian automotive landscape by ramping up our product portfolio and accelerating our efforts to meet the evolving needs of Indian customers. Innovation, efficiency, sustainability remains our driving forces as we move ahead. This complements our strategy of bolstering our portfolio with a range of advanced and green BEV and ICE models across the Group’s five aspirational brands – Volkswagen, Škoda, Audi, Porsche and Lamborghini . We aim to introduce a variety of new products and action models, which will carry forward the excitement throughout next year, resonate with a wider range of customers, and align with India’s ‘Make-in-India’ vision.”
Mr. Farrokh N. Cooper, Chairman & Managing Director, Cooper Corporation Pvt. Limited
“2024 has been a landmark year for Cooper Corporation, defined by groundbreaking achievements. We take immense pride in being the first to achieve CPCB IV+ certification for our 10 kVA LPG genset—a testament to our relentless focus on innovation and sustainability.
Our engine range has demonstrated remarkable progress, with approval from the EPA in the USA to comply with stringent American emission standards, further solidifying our presence on the global stage. The acceleration of our export initiatives has been a key highlight, marked by the launch of gas engine sales in the USA and a strategic partnership with Sinfonia, a renowned Japanese multinational, to export LPG gensets to Japan, Thailand, and other Asian markets.
Additionally, the positive feedback received for our tractors, following successful CMVR tests and exhibitions, has been encouraging as we gear up for regular production in January 2025.
As a vertically integrated organization, we take immense pride in our cutting-edge facilities and our steadfast commitment to Atmairbhar Bharat. By nurturing local talent, we are not only driving innovation but also contributing to India’s self-reliance. Currently, 50% of our production caters to global markets and with a strategic investment of over Rs. 200 crores in advanced cast iron and aluminum foundries at Satara, we are set to generate more than 500 new jobs.
Looking ahead to 2025, Cooper Corporation stands as a debt-free, resilient organization, growing through its own resources. We are poised for sustained growth, driven by a focus on expanding our global footprint and delivering unparalleled value to our customers and communities. The future is bright and we remain committed to excellence, innovation and progress.”
Mr. Rakesh Kher, CEO, Uno Minda (Aftermarket)
“In 2024, the automotive aftermarket industry saw significant advancements, driven by rapid innovation to meet the changing needs of customers. The growing demand for high-tech solutions has placed Uno Minda at the forefront of this evolution, leading with unmatched speed and delivering high-quality, transformative products that address market demands. This shift has given rise to the PACE (Personalized, Autonomous, Connected, and Electrified) paradigm, marking a rapid transformation with a clear focus on sustainability and electrification.
In response to the evolving preferences of younger consumers aged 18 to 35, Uno Minda has developed an innovative product range to meet their demands. In 2024, the company launched over 500 products across various segments including Switches, Horns, Lighting, Filters, Rear View Mirrors, and braking systems for 2W, 3W, 4W, Commercial Vehicles, and Tractors in the aftermarket.
With the rise of electric vehicles (EVs), Uno Minda has already introduced EV parts in the aftermarket, addressing the growing need for advanced solutions. The company continues to embrace innovation through offerings like DVRs with ADAS and Android Systems with AI, under its “Driving The New” philosophy.
Expanding its global footprint, Uno Minda has strengthened its presence in Europe, the Middle East, Asia, Africa, and Latin America. The company’s BIS-certified alloy wheels highlight its commitment to quality, safety, and superior performance, solidifying its position as a trusted brand.
Uno Minda’s new branding campaign, “Expert Ki Suno, Uno Minda Chuno!”, emphasizes the importance of choosing the right products for vehicles. The company has revamped its product packaging, with premium products now under the “Ultimo” brand in sleek black, and high-performance products under the “Performax” brand in vibrant green. Looking forward to 2025, Uno Minda is focusing on expanding its presence in e-commerce and Mart-tech, launching UnomindaKart.com, a personalized platform for an enhanced user experience. This strategy reflects the company’s commitment to innovation, sustainability, and customer-centric solutions.
Mr. Yash Munot, President, Association of Indian Forging Industry (AIFI)
“2024 has been a remarkable year for the Indian forging industry, marked by major progress in exports, technology adoption and skill development. We’ve seen a 25% rise in companies adopting advanced technologies, helping them improve productivity and reduce costs. AIFI has worked hard to bring the industry together through events like ‘Innovative Technology Solutions and Skill Development,’ which provided practical guidance for staying competitive. Our ‘GenNxt’ initiative has also got a good response, inspiring young leaders to step up.
The industry’s resilience and collaboration have stood out this year. India has strengthened its position as a global forging hub, contributing to key projects in defense, automotive, aerospace, and renewable energy. We have also seen more partnerships between major industry players and the government, which has presented increased growth opportunities.
Looking to 2025, the focus will be on adopting cutting-edge technologies like AI, automation, and additive manufacturing to improve efficiency and precision. Sustainability is also a top priority, and AIFI is working to help companies adopt greener practices, such as reducing waste, investment options in renewal energy and optimizing their energy consumption. CBAM implementation will also play a major role affecting exports.
AIFI firmly believes that government support through well-designed policies, financial assistance, and focused skill development programs will play a crucial role in driving the industry’s growth for the future and as we move toward greener manufacturing, sustainability will become a key focus area, with efforts to adopt cleaner technologies and reduce environmental impact.
Pulkit Khurana, Co-Founder of Battery Smart
“2024 was a defining year for electric mobility in India, marked by a surge in EV sales, significant advancements in battery swapping technology, and a notable expansion of electric commercial mobility, including greener last-mile delivery solutions. The adoption of EVs in Tier 2 and 3 cities accelerated, driven by the strengthening of charging and swapping infrastructure, alongside strong government support. Battery swapping, particularly for two- and three-wheelers, emerged as a key solution for affordable and efficient urban mobility.
Looking ahead to 2025, the EV landscape is poised for even more significant advancements. Innovations in solid-state and lithium-ion batteries will enhance both efficiency and affordability, making electric vehicles more accessible than ever. The growth of domestic manufacturing will be crucial in scaling production to meet rising demand, while the expansion of swapping networks will bridge gaps in underserved areas, accelerating the transition to electric mobility nationwide. With a focus on innovation, collaboration, and sustainability, 2025 promises to be a pivotal year in shaping the future of transportation.”
