What Is The Future Of Automobile Industry?
India is expected to be the world’s third-largest automotive market in terms of volume. Despite the ongoing pandemic, the Indian auto industry has shown immense resilience and is facing the challenges posed by the pandemic head-on. India is the largest tractor manufacturer, second largest bus, and two-wheeler manufacturer, third-largest heavy truck manufacturer, and fourth-largest car manufacturer in the world.
The automobile sector has seen a drastic change over the past few years with electrified, autonomous, shared, and connected cars.
Reasons For Growth In Automobile Industry:
- Growing Demand: Rise in middle-class income and a young population will result in strong growth.
- Rise in opportunities: Indian automobile market is providing opportunities for electric and autonomous vehicles.
- Government support: The government is taking adequate initiatives to boost the auto industry by offering product-linked incentives, Scrappage policy, etc.
- Rising Investment: The automobile sector received an FDI inflow of 30.5 Billion US$ and government expects to attract 8-10 Billion US$ in Indian and Foreign investment by 2023.
Here, are a few future cars that are going to revolutionize the Automobile market:
- Electric cars: The EV market has shown dynamic growth over the years and will achieve a tipping point in the coming years. Electric cars will account for about 10 percent of new car sales by 2026.
- Driverless Cars: The exponential progress made in artificial intelligence, machine learning, and deep neural networks make it possible to achieve what until seemed utopian namely the development of driverless cars. Driverless driving is an eventuality, of course, where the vehicle is capable of sensing its environment and operating without any human involvement.
- Smart cars: Cars are becoming smarter and the integration of smart technology has been gaining popularity over the past few years. Just like your smartphones, you will get a new look screen, new apps, and entertainment content updated from time to time. They can assess the requirement of the driver and passengers through sensors embedded into the vehicle. Smart cars can protect us from danger and can also help in finding a great meal or a place to rest or recommend our favorite songs during our journey. This is one technology that has been evolving fast.
- Rental cars: Car rentals had started picking up in India but the pandemic has introduced an unexpected complication in the car-sharing facilities. But as the COVID-19 is controlled and India enters the next phase of normalcy, we expect that the car-sharing facility will return to its former strength.
The development of electrified, autonomous, connected, and shared technology will lead to a clear increase in the rate of innovation within the automotive industry. These technologies can help save the environment, create jobs, and bring thousands of new products to the market. All these hypotheses suggest that this will lead the way to a consumer-centric marketplace and driving will become easier, safer, cheaper, and more comfortable.