The $ 10 Trillion automotive industry has fuelled the global industrial revolution and some might argue even growth and prosperity. The industry provides the largest number of direct and indirect jobs. However, modern day automotive has been on a slow evolution path. Vehicles driven by internal combustion engine have improved marginally in efficiency over the century or more they have been around. Cars made 40 years ago could go almost as fast as cars made today, sometimes faster.
But this industry, which by itself is the second largest GDP in the world, is undergoing massive and rapid changes with a culmination of multifarious technologies.
Clean Electricity, Motors, Internet, IOT, Navtech, Autonomous Driving, AR/VR, AI, Nano-technology, 3D printing et al is changing the very essence of the automobile. On the other hand, Ride Share and Transport as a service business models are changing the way we own and ride them. For the first time in over 125 years, the automotive and transport industry will face an upheaval experienced by horse drawn wagons.
The extent of change is vast with severe consequences to entire industries, large companies, nations and millions of workers. While many stand to loose from the oncoming disruption, millions of new opportunities are emerging. Most of the development is neither fictitious nor imaginary. Thousands of companies are working in technologies and business models to deliver each aspect of this mega disruption, 100s in India.
This series will look at some of these technologies and more importantly the trends they would spark. Get ready for the shake up.
Trends driving the change…
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