3 technological trends to boost growth in automobile sector
Automobile sector in India is going to be on the path of faster recovery owing to the government’s PLI scheme and newly introduced scrappage policy. The disruption caused by pandemic slowed down the growth however, the sector will bounce back as the second wave has started to come down. In addition to government initiatives, the growing population and rising income will be significant drivers of the automobile market size in India. Find out more about innovative trends that are giving impetus to the automobile sector.
1. The arrival of smart cars and automation has a lot of scope for Indian market to attract new players to enhance and add new innovative features further creating space for growth. The demand for smart cars is booming and will continue in near future.
2. Going forward, as the world becomes more aware, EV are going to get more popular. The EV market has already heated up with many international players entering the market. This will further prompt EV automakers to hasten their product timelines while amplifying the R&D initiatives.
3. Despite many benefits, EV vehicles have less space as battery takes up a lot of design space. Hydrogen-powered vehicles will make a lot of difference considering this fact. Hydrogen-powered vehicles are basically Electric Vehicles minus the battery. They use Hydrogen as a fuel which combines with Oxygen to produce electricity for the motor and water as a byproduct.