First-gen Entrepreneurs' Technological Approach To Drive Indian Auto Sector
With the push of technology, particularly in the electric vehicle (EV) sector and the technological reliant has been increased and original equipment manufacturers (OEMs) have availed this opportunity to monetise this part to boost their sales. India, with the largest young demography, technology remains the alluring segment. India does not require external human resources, however the technological imports have been acceptable and embraced by masses.
During the BW Auto World 40 Under 40 Summit and Awards 2024, the experts dwelled in a discourse pertaining to the role of technology in the automobile sector, the new generation of leaders and the future opportunities for the auto sector.
Speaking at the event, Siddhartha Bagri, Founder and Chief Executive Officer of Pravaig said, “The role of technology in every sector is deeply pervasive and we have the opportunity in India to avail the philosophy of certain technologies. American and Chinese firms consume our data and we become the end-product and not the other way around. The granularity of extraction of value from customers is increasing which is good for those companies. India has the competence to globally shape technology, UPI, ONDC, generic medicines have been paramount in such instances.”
The intercity bus space is dominated by the traditional players and a fragmented landscape. Hence, technology plays an imperative role on the supply side as well as demand side. On the supply side, technology enablement of the bus operator is critical.
“Lack of technology has essentially restrained this market. Flixbus is empowering the partners with network planning technology to increase their network and operations. We also provide data analytics which help them increase their load factor and make the business efficient. On the demand side, customer delight is important such as real time tracking, accurate locations, and increased accessibilities are pivotal,” said Jit Shankar Banerjee, Senior Manager of Public Affairs at FlixBus India.
With the existing web of dominated players in the automobile segment, the emerging technologies have created the space for first generation entrepreneurs.
Emphasising on the next breed of entrepreneurs, Sushant Kumar, Founder and Managing Director of AMO Electric Bikes said, “Despite the perpetual narrative of growth, India still lags behind its neighbouring countries with the same proportion. First generation entrepreneurs should be agile, adaptive and address the existing challenges in order to play a pivotal role in India’s growth story.”
Every Industry undergoes its various phases, the initial phase, sales phase, saturation phase and the decline phase. The EV space is in its initial phase where challenges are inevitable.
“The entire automobile segment is going through transformative changes. Raw materials, recycling processes and other innovations are getting developed, however challenges lie ahead. Customers are hesitant in EV adoption, which can be boosted with government intervention. Additionally, technology know-hows and substantial investment also remain the challenges in the auto sector,” said Harry Bajaj, Founder and CEO of Mobec.
