The Smartification of the Automotive Industry

Owing to several bespoke innovators in the segment, there have been multiple disruptive aspects to the automotive industry in recent years from autonomous vehicles to connectivity, Over-the-Air (OTA), electrification, and shared mobility (ACES). Everything heavily relies on cutting-edge software. Further disruptions in the segment are ahead of us. Amidst this epoch of transformation, the industry stakeholders, including OEMs, suppliers, automotive software solutions providers, and new players, hope to bank on novel opportunities and capture critical control points in the software-driven value chain.

On a global level, the automotive industry continues to host a lot of changes, and Indian automotive companies are also joining this revolution. Electrification and Intelligent Vehicles are two predominant aspects of this revolution. According to market research by Custom Market Insights, the worldwide Electric Vehicle market size was valued at approximately $205.4 billion in 2022 and is expected to reach around $1105 Billion by 2030, growing at an exorbitant CAGR of 23 percent between 2022 and 2030. With climate change catastrophes looming around, the world has finally started taking e-mobility as a serious alternative to ICE vehicles. In India as well, wherein ICE vehicles contribute an estimated 123 Million Tonnes of CO2 emissions annually, the novel electric vehicle revolution is a need of the hour and is already at the gates.

However, electrification is followed by the developing of more connected, intelligent vehicles. To remain competitive, the organizations need to invest very significantly in these areas. We think it’s the right time to tell a few stories about the automotive segment. Do let us know your thoughts.