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The Indian automobile industry is growing at a rapid rate along with its ancillary
industries. As per a latest report, the Indian automobile component industry is
expected to grow at a CAGR of 17%, from 38 billion to 115 billion USD in 2021. In
order to support this increase in production, automation is expected to be
ramped up by the manufacturers. This will help to deliver high quality products
and reduce operating costs and improve delivery timings.
The major obstacles faced by the automobile industry include high capital
expenditure, lack of adequate skilled labour and increasing operational
expenditure. Therefore, it is essential that higher levels of automation are used
to meet global standards of quality and productivity. As India is a volume driven
market, high degree of automation will allow better utilisation of the assets.
Automobile component manufacturers have to supply just in time and hence
automation plays an important role. Although it is not suitable for all stages of
production, it is now used in the entire function of welding of the parts and
painting the automobiles. Along with that, lifting of heavy parts and vehicle
bodies is also envisaged to be handled by robotics.
High precision repetitive jobs or jobs involving safety hazards, like furnace door
operations can be better handled by robots as they are more accurate, and do not get
fatigued.
FINANCIAL SERVICES
Currently the financial services are focused on providing the financing the
purchaser. But as the industry moves from buying vehicles to using them, the
financial services industry is also bound to undergo a paradigm shift. As people
use more online platforms for hailing automobiles, the online payment platforms
are gaining more importance. The adoption of standardised platforms and
improved sensors enables insurers to create app-based telematics offerings that
customers can easily sign up for. Through these apps, customers can purchase
additional coverage for specific events. Say for example in the future, customers
can use their smartphones for buying parking space for a few hours, book one
time or annual servicing requirements or opt for infotainment inside the vehicle.
In the future, consumption will be the focus of recording, pricing and taxation.
This consumption will take place simultaneously as the delivery of the service or
good, not at the moment of purchase, and the financial part of the transaction
will be integrated in the consumption transaction. Say fro example, if a person
books a ride in a Google car or equivalent driverless vehicle, this will be
automatically deducted from the persons bank account or an equivalent ability
to pay provided (e.g. credit extended). Meanwhile in the same time the records
and status of the payment and the provider are updated, and taxation payments
are deducted and sent to the relevant government authorities.
REFERENCE
http://www.eucar.be/wp-content/uploads/2015/01/EUCAR_Message_2008-2.pdf
http://www.worldautosteel.org/projects/future-steel-vehicle/phase-2-results/
https://en.wikipedia.org/wiki/Anti-lock_braking_system
https://en.wikipedia.org/wiki/Anti-lock_braking_system_for_motorcycles
http://www.autocarindia.com/auto-news/radar-based-safety-could-be-in-india-
soon-398855.aspx
http://www.theicct.org/sites/default/files/publications/India%20BS%20VI
%20Policy%20Update%20vF.pdf
https://cs.jhu.edu/~habib/project/AutomatedVehicle.pdf
https://www.ericsson.com/industry-transformation/wp-
content/uploads/sites/7/2014/11/ict-and-the-future-of-financial-services.pdf