JULY 20208The 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 per cent 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. Technology has led to a changed landscape in the automobile sector and these changes are not limited to any one segment. Carpools and micro-transit apps have made commuting extremely convenient for the masses. At the same time, self-drive car options offering budget rental packages have tapped into metro cities with huge chunks of consumer- millennials who are college students looking for quick TECHNOLOGY FOR TOMORROW: HOW TECHNOLOGY HAS EVOLVED THE AUTOMOBILE SECTORBy Raghav Belavadi, Founder & CEO, HYPEIN MY OPINIONA graduate in Mechanical Engineering and a serial entrepreneur, Raghav has led leadership roles in global corporates such as Accenture and othersRaghav Belavadi
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