Automobile companies throughout the world are grappling with growing operating costs, disgruntled consumers, dwindling sales, and new competition. All of this pushed the automotive industry to use artificial intelligence for leveraging advanced AI capabilities to handle increased customer expectations. Several companies are putting huge investments in order to profit from extremely dynamic and competitive market settings. Due to rising demand for autonomous vehicles, adoption of technically advanced solutions, growing adoption of AI technology for traffic management, and government initiatives and investments in autonomous vehicles, the global artificial intelligence in the automotive market is expected to grow significantly in the coming years.
By 2027, the Automotive Artificial Intelligence market is predicted to develop and grow at a CAGR of 39.8%, reaching $15.90 billion, with the Asia Pacific automotive artificial intelligence industry likely to grow at the fastest rate.
Many Indian startups are driving this expansion, and are posing serious competition to the industry's established large players. In this article, we've highlighted seven prominent Indian startups that have gained significant traction in the last few years.
#1 Ola Electric
Ola Electric creates e-scooters, or electric scooters, a future transportation option that is quickly becoming our reality. In that sense, it isn't truly a trailblazer, since other Indian enterprises had already jumped on board to ride the wave. But the Ola project is notable for its size, scope, ambition, and demand.
At Ola’s FutureFactory, AI (Artificial Intelligence) is deployed at a large scale. For the production of Ola electric scooters, ABB automation systems, and ABB robots are used. Ola's own AI engine and tech stack are embedded in its scooter mega-factory, and ABB's solutions rely on them. The workers and equipment operate in perfect sync, from motion-sensor robots used to transport scooter kits to automated welding giants.
Founded in: 2017
Market Valuation: $5 Billion
#2 Cars24
CARS24 uses technology to alleviate challenges encountered by buyers and sellers in the used-car industry by developing a pan-India supply and demand requirement. CARS24 strives to provide the best pricing and to go above and beyond for the customer. Every year, it trades with approximately 1,50,000 certified, tested pre-owned automobiles, making it India's largest second-hand automotive marketplace. Many of its procedures have been improved using machine learning, data science, and artificial intelligence.
CARS24 predicts the price of a car can only by a proper calculation and assessment in a scalable manner, which is feasible thanks to AI and data science. AI helps in the use of tens of millions of data points effectively to improve pricing.
Founded in: 2015
Market Valuation: $3.3 Billion
#3 Spinny
Spinny made its position in the list only after it acquired Scouto. Scouto is a firm that has developed an end-to-end connected car technology suite that delivers precise data about a car's health and performance while also connecting the vehicle owner to automotive service providers including insurers and Fastag issuers. For insurance risk assessment, tyre wear prediction, and service and maintenance prediction, the organization uses AI and Machine Learning. It can easily integrate with external systems because of its modular architecture. Spinny presently sells over 3,000 used automobiles every month across 15 locations through 23 car hubs.
Founded in: 2016
Market Valuation: $1.8 Billion
#4 Droom
With abilities like Advanced Image Recognition and Precise Vehicle Price Prediction, Droom puts the power of Machine Learning and Artificial Intelligence at your fingertips. Droom uses Regression Modeling and Deep Learning to Improve Vehicle Buying/Selling Experience using huge Volumes of Data. It leverages AI and Machine Learning to improve its search results and provide accurate results to the customer queries. The Droom Credit Rating System is used to give precise credit ratings accurately based on the customer's financial information. On the other hand, Droom also uses its AI-driven Droom ECO system to predict the degree of damage and provide a more accurate repair estimate using Vehicle Damage Detection System
Founded in: 2014
Market Valuation: $1.2 billion
#5 Car Dekho
CarDekho Is A Self-Propelled Vehicle Gateway that Shares Instructions, Reviews, Videos, and Images of Various Cars Available For Sale In The Indian Market. They assist automobile dealers by using AI in personalizing product tools and related content for each user group, and they assist users by endorsing the best-suited cars and by analyzing data from customers' online window-shop(browsing) behavior and offers using predictive organized analytics. As a result, developing AI algorithms on this consumer-centric data makes the car-buying experience more productive and time efficient.
Founded in: 2008
Market Valuation: $1.2 Billion
#6 Rivigo
Rivigo is a technology business that is transforming India's material-moving pipeline through a globally unique relay trucking innovation, made possible by a powerful interplay of technology, data, culture, and operational efficiency. They've been revolutionizing the industry with their industry-first driver relay model and cutting-edge technologies like AI and ML, continually providing the clients with unrivaled delivery speeds and dependability. Rivigo uses AI algorithms to solve the complete spectrum of logistical concerns, from complicated issues like fuel analytics, route planning, and human behavior analysis to drudgery-free chores like auto-alert systems and intelligent decision systems.
Founded in: 2014
Market Valuation: $1.09 Billion
#7 Atherenergy
Ather Energy claims to deliver an intelligent electric scooter driven by AI and IoT that would help consumers traverse India's chaotic maze. Their automated indicator-off technology detects a vehicle turn and turns off the lights, all in milliseconds. Unlike other two-wheelers or autos, the feature is based on patterns in shifting angles of the IMU rather than steering or handlebar movement. They've created a function that detects movement irregularities and alerts the user to the possibility of theft or towing. They also give precisely tailored estimations of how far a rider can travel with the remaining energy in the car depending on their riding habits. All of this is made possible by Ather's ever-evolving Artificial Intelligence capacities and its nimble and dynamic AI developers.
Founded in: 2013
Market Valuation: $1 Billion
Conclusion-
There are many more names that might be included in this list, either because they are on their way to becoming unicorns or because they have a stronghold in the industry.
However, AI will keep pushing the capabilities of the automobile sector in the future. Manufacturing capacity, increasing output, and gathering unique or personalized data to provide ever-innovative driving experiences are just a few of the AI offerings that are still in the conceptual stage. This is only the beginning, AI will continue to alter the automobile and automotive industries, allowing more new businesses to enter and providing a higher return on investment.
