Software and digital engineering solutions provider PTC sees India as a key growth market for the automotive sector, with rising electric vehicle adoption and increasing demand for faster and more cost-effective product development creating fresh opportunities for the company, according to its India Vice President Upkar Saini.

India is already the world’s third-largest automobile market by volume and has significant headroom for EV penetration, especially in passenger vehicles and SUVs, Saini said during a company event.

“We are really poised towards an extremely strong growth,” Saini said, but adding that India still has a long road ahead in EV adoption compared with markets such as China and western economies.

He said the company sees strong potential as automakers focus on affordable mobility, faster product development and cost efficiencies.

Saini said EV adoption in India has already gained traction in the two and three-wheeler segments, while passenger vehicles remain a major opportunity area.

He added that automakers are increasingly looking to integrate engineering, manufacturing and services instead of operating in silos.

PTC provides product lifecycle management, engineering and manufacturing software solutions across sectors including automotive, aerospace and defence, industrial manufacturing, med-tech, electronics and retail.

The company boasts of working with 90% of Fortune 500 automotive original equipment manufacturers globally.

Saini said PTC’s key differentiator is its ability to create a seamless data foundation across the product lifecycle, helping companies integrate engineering, manufacturing and service functions on a single platform.

The company also focuses on open architecture systems, multi-CAD interoperability and organisational change management to support digital transformation projects.

Massachusetts-based PTC, which is listed in NASDSQ has a market capitalisation of about $32 billion and annualised revenue of around $2.48 billion, with over 7,500 employees globally. India accounts for nearly 32% of its workforce and also houses one of its largest research and development centres in Pune.