The Automotive industry of India is surging ahead towards a great technological revolution. Stakeholders and rapidly ramping up technological innovations to stay ahead of time. With an increased production of passenger vehicles, commercial vehicles, three-wheelers, two-wheelers, and quadricycles to 23.36 million units in Jan-April 2024, the road ahead is full of promises.
As per the India Brand Equity Foundation (IBEF) statistics, the Indian industry also accomplished yet another milestone with the sale of 13,25,112 EVs in FY24 (till January 2024). All these parameters are a testimony of a job well done. The industry is on the right track and this transformation has been propelled by the technological innovations and R&D that the industry has been focussing on.
Shift towards green energy
While technology will reshape the automotive industry in more ways than one, the most inevitable change is the paradigm shift towards electrical vehicles. With an imminent threat to the global environment, shifting towards sustainable energy is the need of the hour. Automotive industries across the world are embracing electric vehicles and India too has made considerable inroads into this market.
As per a Bain & Company report, India’s overall EV penetration is expected to grow 8x by 2030. This transformation towards sustainable fuel is the result of technological innovation that has made it possible to opt out of conventional fuel and move towards electric and hybrid powered vehicles.
With the right political will there have been many stakeholders who are showing keen interest in the space of electric vehicle manufacturing. India is making facilities such as public charging points readily available to its consumers to facilitate the growth in demand for hybrid and electric vehicles. Also with the rising prices of conventional fuel and changing mindset of people, electric vehicles have been received well by the Indian consumers. And this has led to an increase in demand for both electrical two-wheelers as well as four-wheelers.
Technology making vehicles smart
The next in line of technological innovation is the intensive use of Artificial Intelligence (AI) and Internet of Things (IoT) in the automotive industry. Autonomous driving is going to change the face of driving in India making driving on the roads more safe and connected.
The use of sensors, AI algorithms will aid advanced driving assistance that will help prevent accidents and also help in easing traffic congestions. Vehicles armed with technology enhancements will be able to make real-time informed decisions without human intervention thereby providing smart transport solutions.
The government of India too has emphasized on the need to implement Advanced Driver Assistance Systems(ADAS) in the vehicles and fitting them with location tracking devices, along with an emergency button. There is an increased focus on improving road safety by introducing various policy measures such as mandating implementation of safety features including seat-belt reminders, airbags, reverse parking sensors, alert systems and more.
With technology innovations forming the bedrock of the Indian automobile industry, the game is changing fast for the industry. Better road infrastructure, conducive government policies, increase in disposable income and the changing mindset of consumers have all aided in the advancement of the industry. There is an increase in demand for new-age vehicles that come with technological enhancements.
This has been proved well with the increase in demand for electrical and hybrid vehicles in India. And this is just the beginning. More and more Indian companies are collaborating with technology giants to bring smart vehicles on the Indian roads changing the face of the Indian automobile industry.
