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.
This story is from the July 2020 edition of Siliconindia - India Edition.
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This story is from the July 2020 edition of Siliconindia - India Edition.
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