The age-old phrase ‘Change is constant’ is extremely apt when it comes to changes in technology, for it is technology that creates a ripple effect, driving changes in all the other sectors in an economy. Technological changes play a massive role in sectors like hospitality, automobiles, fashion and lifestyle, entertainment, media to name a few. The automobile industry in India, for one, has been revolutionized through technology.
The automobile industry forms a big chunk of the luxury lifestyle segment as well as the economy. India became the fourth largest auto market in 2018 with sales increasing 8.3 percent year-on-year to 3.99 million units. The Indian automotive industry is expected to reach Rs 16.16-18.18 trillion (US$ 251.4-282.8 billion) by 2026. With continuous improvements in technology, consumer demand for improved offerings keeps on rising, which gives way to increased investment in R&D for the same. This demand is significantly driven by the premium customers who possess the purchasing power, thereby facilitating technological innovation.
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Denne historien er fra July 2020-utgaven av Siliconindia - India Edition.
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