Hi,
I am a graduate in Electronics and Communication Engineering and am currently working in the IT field, with an experience of 2 years. However, my wish has always been to work in the Automotive Industry.

Any advice on how to make the switch? As this would be a total career change, please advice on pros and cons.

Your help, in any which way, would be much appreciated.

Cheers.

Don't make it as a complete change: move into an IT role in the auto industry. An MSc programme might help you to do that.
http://www.cranfield.ac.uk/soe/postgraduatestudy/autotech/index.html
http://www.tue.nl/en/education/tue-graduate-school/masters-programs/automotive-technology/

I did a quick search on LinkedIn - and it seems like executive recruiting in the auto industry is correlated to proximity. So, there's a big representation from the schools near Detroit (Michigan/Ross, Michigan State/Broad, etc.) Maybe look into something in that region?

What are your goals within the auto industry? It might be beneficial to look into MBA programs with a concentration in operations or supply chain management - just because roles in these areas are pretty big in the industry.

An MSc programme might help you to do that.