PTC (Parametric Technology Corporation), a software and digital engineering solutions provider, views 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 new opportunities for the company, according to Upkar Saini, Vice President of PTC India.

India is already the world's third-largest automobile market by volume and has considerable scope for further electric vehicle penetration, particularly in the passenger vehicle and SUV segments, Saini stated during a company event.

"We are really poised towards an extremely strong growth," Saini said, while adding that India still has a long way to go in electric vehicle adoption compared with markets such as China and Western economies.

He stated that the company sees strong potential as automakers focus on affordable mobility, faster product development and improved cost efficiency.

Saini noted that electric vehicle adoption in India has already gained momentum in the two- and three-wheeler segments, while passenger vehicles remain a significant opportunity area.

He also stated that automakers are increasingly seeking to integrate engineering, manufacturing and services rather than operating these functions independently.

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 stated that it works with 90% of Fortune 500 automotive original equipment manufacturers globally.

Saini stated that PTC's key differentiator is its ability to create a unified data foundation across the product lifecycle, enabling companies to 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 on the NASDAQ, has a market capitalisation of approximately US$ 32 billion and annualised revenue of around US$ 2.48 billion, with more than 7,500 employees globally. India accounts for nearly 32% of the company's workforce and also hosts one of its largest research and development centres in Pune.