The automotive industry is changing day by day. Many industry leaders are focusing and spending their capital on research and development to improve their build quality and become more service oriented. Every OEM is moving toward the future of mobility which is electrification. Makers are also working on making more advanced sensors, infotainment systems, and advanced driver assistance systems.

Cars are no longer a medium of transport they are communications, information, entertainment and safety on wheels. Now the standards have changed to next-generation vehicles and need is the urgent now.

The industry is checking the facts on where the industry can go after 10 – 15 years as the focus is more on potential new players, regulators, consumers, markets, and the automotive chain. The revenue of the automobile industry will increase as the market is expanding; a growth of 30 percent is expected by 2030.

As consumer behavior is changing it is expected that like smartphones, cars will not be used as all-purpose vehicles, but in the future people will choose a car for specific things only. It is expected that by 2050 shared cars can be the future which could impact the sale of cars. Changes in policies or a rise in maintaining a car can decrease the private ownership of cars.

EVs can be trusted as an option if the cost of the battery gets low, charging infrastructure improves along with Hybrid options. By 2030, EVs percentage in the market can improve from 15 percent to 50 percent. The cars will be connected to smart applications which can make your drive more fun. There can be new start-ups in the industry and also pre-established tech companies like Ola, Uber, Apple, Google, etc can bring their products into the market along with investing in the spare part market.

BW Auto World 40 Under 40 Summit and Awards, jointly organised by BW Businessworld, is a leading event in the Automotive Industry. The event is a one stop gathering of leading automotive industry dignitaries.