India’s auto sector could become an export-led $1 trillion industry by 2035, according to a report.
According to a report by Arthur D Little, the industry can achieve the scale possible through leadership in manufacturing, innovation and technology.
Varnik Chitran Maitra, Arthur D. Little Managing Partner (India and South Asia), believes the Indian automotive industry has the potential to become a global hub for design, development and production, appealing to international markets. He pointed out that there is.
To achieve this, companies across the industry will need to upgrade their capabilities to achieve reliable and competitive global manufacturing, he added.
“India’s strengths in automotive software and ER&D (Engineering Research and Development) can be further developed by providing solutions that align with emerging trends such as zone architecture and advanced driver assistance systems (ADAS). It has the potential to be a leader in automotive innovation, and there is also a thriving well-funded startup ecosystem,” Maitra said.
This highlights the accelerating pace of innovation within the local automotive ecosystem and the changing dynamics of disruption that, if leveraged effectively, can catapult India to the position of global automotive leader. .
The global automotive R&D and software market is expected to triple to $400 billion by 2030, and India can leverage its position as the world’s software hub and option to offshore these activities. said the report.
“Unlocking the true potential of India’s auto sector requires strong dialogue and concerted action between all stakeholders, including the government.
“The industry can come together and drive investment and collaboration to pave the way for India to emerge as a global automotive hub with a $1 trillion vision in 2035,” Maitra said.
(Only the headline and photo in this report may have been reworked by Business Standard staff. The rest of the content is auto-generated from a syndicated feed.)