Major regulatory interventions, such as the accelerated transition from BS IV to BS VI, adoption of electric vehicles, safety rules and stringent emission standards are leading to a major shift in vehicle technologies. These technologies are advancing rapidly by making the vehicles safer, lighter, and more fuel efficient. New and diverse vehicle types are emerging in the market that meet the needs of specific types of travels, such as longdistance commuting with many passengers or very compact alternatives for solo drivers travelling short distances.
In my recent visit to Germany to attend the ZF’s Technology Day, I realised how companies are working towards the future. Technologies on shared mobility and autonomous vehicles, which will change the perception of mobility, fascinated me. India is also emerging as a priority market for global automotive companies. In fact, ZF is working on bringing advanced systems to the Indian market, which will transform the automotive industry once the BS VI emission norms are in place. The Indian companies are also globalising. Success in such environment calls for a clear strategy and the ability to manage risks and build organisational capability.
On the manufacturing front, the industry is in the midst of what is termed as the Fourth Industrial Revolution (Industry 4.0) – a digital coming-of-age for an industry with heavy roots in a low-tech era. The recent adoption of mobility strategies into core business operations is helping manufacturers support unprecedented business demands due to evolving customer expectations from today’s digital world, the explosion in e-commerce and advancements in IoT that are driving critical efficiencies and cost savings.
With the increasing capacity to spend, high levels of product awareness, rapidly evolving expectations and demand for personalised products and services, customers are taking the center stage of the entire automotive ecosystem. Understanding the changing customer needs and having the ability to serve them differently will be a key competitive advantage.
India is set to become the third largest auto component industry by 2025, according to a report by the Confederation of Indian Industry. India’s automotive component industry provides an outlet for global manufacturers to engage one of the fastest growing markets in the world. To make all these things happen, a collaborative approach is indispensable which will create a win-win situation.
Bhargav TS Executive Editor email@example.com