The growing per capita income worldwide is driving higher demand for cars in the global market. In developed nations, passenger vehicles are the most common form of transportation. The automotive sector has experienced significant adoption of advanced technologies, such as Advanced Driver Assistance Systems (ADAS).
Additionally, the increasing use of electric vehicles is boosting the demand for automobiles. The global automotive industry is expected to grow at a CAGR of 6.8%, reaching $6.86 trillion by 2033. Also, the emergence of a new business model characterized by integration, service connectivity, and innovation is poised to revolutionize the automotive industry.
