The automotive industry leads the way in terms of technological advancements among businesses in the manufacturing sector. The Digital and advanced technology offering aids the automotive industry in turning ideas into successful cars more quickly and cost-effectively.
The automobile industry is experiencing a dynamic development that is always expanding and presenting new challenges to businesses. While the desire for increasingly custom-built vehicles is growing among drivers worldwide, there are still many of us who are unwilling to switch to electric vehicles. Auto manufacturing is getting more efficient because to artificial intelligence (AI). By integrating artificial intelligence (AI) technologies into production, even while it is being produced. Strong demand will derive from rising middle-class wealth and a substantial young population. The total number of passenger automobiles produced as of March 2023 was 20,04,592.
According to the company, India is the world's top producer of automotive vehicles when manufacturing. Between April 2000 and December 2022, the automotive industry attracted cumulative equity FDI inflows of around US$34.11 billion. By 2023, the Indian government anticipates that the automotive industry would bring in $8–10 billion in domestic and foreign investments. By generating 2.7 crore automobiles in 2023, the Indian automotive industry grew to a size of 8.7 lakh crore ($108 billion).
One of the primary cornerstones of the Indian economy is the automobile sector. It is a significant growth engine with strong backward and forward linkages. Over the past several years, liberalization and deliberate policy changes brought in a number of new competitors and created a vibrant, competitive market, which allowed the automobile sector to grow its capacity and create a significant amount of new jobs.