A graduate in Mechanical Engineering and a serial entrepreneur, Raghav has led leadership roles in global corporates such as Accenture and others

The age-old phrase ‘Change is constant’ is extremely apt when it comes to changes in technology, for it is technology that creates a ripple effect, driving changes in all the other sectors in an economy. Technological changes play a massive role in sectors like hospitality, automobiles, fashion and lifestyle, entertainment, media to name a few. The automobile industry in India, for one, has been revolutionized through technology.

The automobile industry forms a big chunk of the luxury lifestyle segment as well as the economy. India became the fourth largest auto market in 2018 with sales increasing 8.3 per cent year-on-year to 3.99 million units. The Indian automotive industry is expected to reach Rs 16.16-18.18 trillion (US$ 251.4-282.8 billion) by 2026. With continuous improvements in technology, consumer demand for improved offerings keeps on rising, which gives way to increased investment in R&D for the same. This demand is significantly driven by the premium customers who possess the purchasing power, thereby facilitating technological innovation.

Technology has led to a changed landscape in the automobile sector and these changes are not limited to any one segment. Carpools and micro-transit apps have made commuting extremely convenient for the masses. At the same time, self-drive car options offering budget rental packages have tapped into metro cities with huge chunks of consumer- millennials who are college students looking for quick weekend getaways and road trips. You can now have a car rented for an entire weekend at your doorstep in less than an hour or you can choose to go and pickup a car for a self-drive holiday at your convenience. Technological changes in the automobile industry have truly brought a variety of services to us, accessible through just a click.

However, it is the rapid changes in the luxury lifestyle segment that must be noted. From a shift towards fuel efficient vehicles and the rising demand for electric vehicles, these technology-fuelled changes can be attributed to increased awareness amongst the consumers when it comes to the impact of the automobile industry and the need for sustainability. With an increase in per capita incomes, consumers now possess a higher personal disposable income and coupled with the rise in awareness, the readiness to pay more for better services has increased. Millennials, businessmen, high net worth individuals (HNIs) in metropolitan cities and Tier-1 cities now want to travel in luxury, be it to a business meeting or a corporate retreat. With luxury car rental companies, you can hire a BMW, a Mercedes, an Audi or a Jaguar without any hassles. With more companies offering private jet rentals, you can book an entire jet just for you and your family and be assured to have an exclusive experience. The exclusivity that comes with the luxury car hire segment gets even better when you can book it with just one click.

In the past couple of years, the movement for sustainable development has resuscitated and a wave of sustainability has slowly taken over. The need for decarbonization, increased emphasis on fuel-efficiency and the rise in demand for electric vehicles are all trends that are shaping as a result for this need for sustainability. While Tesla remains a front runner when it comes to innovating constantly and offering a fleet of electric cars, Volkswagen, Volvo and General Motors also provide electric vehicles, with companies like Hyundai, Kia and Toyota offering hybrid cars.