INDUSTRY NEWS

Hyundai Announces Innovation Partnership with Brown University

Published Date | 2018 November 20

Around 80 individuals from 17 teams including professors, undergraduates, and graduate students participated in this year’s Hyundai Visionary Challenge.
India: Hyundai has entered into a partnership with Brown University, agreeing with the launch of the ‘Hyundai Visionary Challenge’, which is part of its open innovation roadmap for the South Korean automaker. Hyundai has partnered with Brown University to focus on developing future mobility solutions, which cover biologically inspired mobility, human-machine partnerships, and digital phenotyping. Over 80 individuals from 17 teams including professors, undergraduates, and graduate students participated in this year’s Visionary Challenge. Hyundai plan to add and expand partnerships in future, whilst diversifying research assignments for the Hyundai Visionary Challenge to function as a unique open innovation platform. Last year July, Hyundai Motor established a global consortium MOU between the Israel Institute of Technology (Technion) and the Korea Advanced Institute of Science and Technology (KAIST), in an effort to drive further innovation in future mobility. According to BlueWeave Consulting, the automotive industry contributes over 7% to India’s GDP. The Automotive Mission Plan 2016–26 sets an aspiration to grow the contribution to 12%. Economic trends will help in meeting this target such as rapid urbanization in the country will have over 500 million people living in cities by 2030, 1.5 times the current US population. Rising incomes will also play a vital role, as 60 million households could enter the consuming class by 2025. In addition, more people will join the workforce; participation could reach 67% in 2020, as more women and youth enter the job market, raising the demand for mobility. These factors will significantly drive the Indian automotive market by forecast period. According to recent report by BlueWeave Consulting on “Global Automotive Plastic, By Products, By Application, By Region- Industry Analysis, Size, Share, Growth, Trends & forecast by 2018-2025”, This growth is driven by a number of reasons such as, growing demand for light weight vehicles among automotive manufacturers, high investment on electric vehicles coupled with easy availability of automotive plastic via stores & e-commerce channels etc. Further, government aim to develop increase the manufacturing sector across the globe will boost the demand for automotive plastic industry.