What Lies Ahead In Automotive Industry With AI-based Autonomous Vehicles & Newer Technologies
Autonomous cars are intrinsic to the vision of future. In the current automotive scenario, auto companies have evolved in a big way and have transitioned towards becoming sophisticated "computers on wheels." The next-generation automobile ecosystem encompasses various stakeholders, including original equipment manufacturers (OEMs), telecom operators, software and service suppliers, device manufacturers, online players, and system integrators.
This transformation signifies that modern vehicles are now more than just traditional automobiles, that incorporates connected and ADAS (Advanced Driving Assistance System) technologies to provide a wide gamut of safety and high-end tech features and services for the evolved generation.
The pursuit of fully autonomous vehicles, where human drivers are not required, has been a major focus for automakers and technology companies. AI (Artificial Intelligence) algorithms and sensor technologies, such as LiDAR and cameras, play a crucial role in enabling self-driving capabilities.
The integration of AI and autonomous driving technologies is a game-changer when it comes to enhancing road safety and reducing accidents caused by human error. With advanced sensors, cameras, and real-time data analysis, autonomous vehicles can respond quickly to potential hazards and make the roads safer for everyone. This is truly exciting progress that will have a positive impact on society.
Decade of Tech Disruptions in the Indian Automotive industry
As technology transforms in mobility, practically every aspect of our lives from payments to entertainment, we believe that the next decade represents one of the biggest tech disruptions in the automotive industry.
The vision for the automotive industry has far exceeded the pace of its progress. As per estimates, the global ADAS market is touted to grow from $26.99 billion in 2021 to $57.77 billion in 2026 at a CAGR of 16.51 per cent. (Source).
To put things into perspective, over the last few years, the Indian ADAS market has leapfrogged in a big way with OEMs introducing ADAS L1 and L2 capabilities in high-end cars. The market has grown exponentially from $1.50 billion in 2021 and is expected to reach $4.17 billion by 2027, registering a CAGR of 18.83 per cent over the forecast period.
Reasons Driving Growth of Autonomous Technologies in Emerging Markets
The automotive industry has been on a relentless innovation journey, today it’s shaping how we travel and interact with vehicles. Recent emphasis on connected mobility and advanced driver assistance systems have sparked conversations across masses, hinting towards individuals increasing preference for AI and Connected Tech.
Today, Indian consumers no longer perceive mobility solely as a means of transportation between two points. Rather, they view it as a complete service, something to be fully experienced, actively engaged with, and even openly discussed. This significant shift in perception is fundamentally altering the way they interact with and embrace various mobility solutions available to them.
The future of the automotive industry looks incredibly exciting as artificial intelligence (AI) and autonomous vehicles come together to impact transportation significantly. By combining these technologies with other advanced innovations, the travel scenario is set to change in ways we never thought possible.
What the Future Beholds for Autonomous Driving
The transformational changes of mobility have inspired OEMs and industry think tanks in unique ways. These technological advancements are steadily progressing to become a part of our reality. The Autonomous Vehicle (AV) industry’s rapid development has encouraged policymakers around the world to introduce policy frameworks and legislation to enable safe experimentation and development of the technology.
Having said this, these technologies are evolving in emerging markets like India, the country has its own set of challenges in terms of the adoption of autonomous technologies, especially for entry-level and mid-segment Indian cars. The development of affordable radar and camera solutions will pave the way for ADAS technologies to penetrate the entry- and mid-segment passenger car market.
As India is making strides in technology innovation and new product development with L1 and L2 capabilities, we foresee that L3 and L4 Autonomous capabilities to be introduced within the next decade. These advancements will herald a new chapter in the history of the Indian automotive industry, in time to come.
The article has been authored by Manish Patel, CIO at MG Motor India
