$1510 Billion Product Engineering Services Markets: Opportunities in Smart Manufacturing, Emergence of IoT, & Increase in Number of Smart City Projects - Global Forecast to 2027
Summary
Transitioning from a traditional car to an automotive ecosystem - a kind of smartphone on wheels - requires modifications to the vehicles electronics and software architecture. This entails moving away from the traditional use of dispersed, embedded electronic-control units (ECUs) and toward a domain-focused system with central vehicle controllers. It also implies a greater reliance on advanced microprocessors rather than embedded microcontrollers to improve performance, reduce power consumption, and centralize control. The availability of cheap labour and the high cost of technology created challenges such as a price-conscious market, insufficient infrastructure and supply networks, and a preference for labor-intensive procedures. As a result of the Indian governments Make in India strategy, the domestic manufacturing sector is expected to increase its demand for and consumption of machinery and equipment.