 "Passenger vehicle, cars")
The Indian automobile sector has the potential to become an export-led USD 1 trillion industry by 2035, according to a report.
The industry can achieve the size enabled by manufacturing, innovation and technology leadership, as per a report by Arthur D Little.
Arthur D Little Managing Partner (India & South Asia) Barnik Chitran Maitra noted that India's automotive industry can become a global hub for design, development, and production, appealing to international markets.
To achieve this, players across the industry must upgrade their capabilities for reliable and competitive global manufacturing, he added.
"India's strength in automotive software and ER&D (engineering research and development) can thrive by offering solutions aligned with emerging trends like zonal architecture and Advanced Driver Assistance Systems (ADAS). India has the potential to be an automotive innovation leader, with a thriving well-funded startup ecosystem," Maitra said.
This highlights the increasing pace of innovation within the local automotive ecosystem and the shifting dynamics of disruption, which if harnessed effectively, can catapult India into a position of global automotive leadership.
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The global automotive R&D and software market is expected to grow three-fold by 2030 to USD 400 billion and India can leverage its position as the software hub of the world and offshore destination of choice for such activities, it stated.
"Unlocking the true potential of India's automotive sector requires a robust dialogue and concerted actions among all stakeholders, including the government.
Together, the industry can drive investments and collaboration, paving the way for India to emerge as a global automotive hub with a USD 1 trillion vision for 2035," Maitra said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
