The current workforce does not possess the skills that will be required with the arrival and adoption of new industrial trends. Industries have limited options to ascertain that the workforce is skilled enough to take on challenges of the future. Two of the most popular options are turning to robots (automation) or reskilling the existing workforce. The most pertinent aspect for sustaining the high growth of a sector is to create a future- ready workforce by bridging the gap between the demand and supply side of manpower, addressing the scale and quality paradigms.
Summary of manpower projections from 2019 till 2026
►The industry has provided direct and indirect employment to 321 million resources in 2018.
► By 2026, it is expected 45.08 million people will be employed in this industry, creating additional employment for around 35 million people in 2026.
Around 15 million jobs will be created due to natural growth factors.
Around 20 million jobs will be created due to year–on–year employee replacement.
In this report, EY brings together:
1. Primary research conducted through extensive interactions with industry personnel;
2. Secondary research through detailed review of industry reports, news articles and expert opinions;
3. Numerical evidence through rigorous analysis by EY’s internal team of experts, to present a comprehensive report on the skill gap in the Indian automobile industry.
The report is divided into four sub-sectors to accurately explore the technological and market trends that each sub-sector faces and the respective skill gap that must be bridged. We also tracked the demand-supply dynamics of each sub-sector to provide a better guide towards long term planning.