10 Major Trends Transforming the Auto-Industry

Top 10 major trends transforming the auto industry

10 Major Trends Transforming the Auto-Industry

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A closer look at the automotive industry reveals some major technologies, innovations, and trends that have been shaping the industry in recent times.

The automotive industry has been known for its dynamism since its inception, dating back to the 1700s when cars were powered by steam engines.

In 1885 Karl Benz invented the first gas-powered car, which looked like an elongated tricycle with two passengers.

Later on, in 1891 the four-wheeler came on board, continuously till date the four-wheeler has been evolving year by year.

As technology advanced many sectors and industries adopted the emerging technologies, the automobile industry was not left out, let’s see what some of these innovations and technologies are.

Autonomous vehicles

Autonomous Vehicle.

An autonomous vehicle is a driverless car, (self-driving) fully automated with an ability to sense its surroundings and make decisions with little or no human involvement.

These vehicles are solely dependent on sensors, actuators, sophisticated algorithms, machine learning systems, and powerful processors.

This technology is becoming even more and more popular. According to a  Businesswire forecast, the value of the autonomous car market will reach up to $60 billion in 2030.

 

More than 1,400 autonomous vehicles (cars, trucks, and other vehicles) are being tested out in the U.S alone.

Many AV startups are also springing up across the world and they are hoping to reshape the land transportation landscape.

Electrification

Electric car

Electric cars are cars that are mainly powered by charges stored in batteries, unlike their internal combustion counterparts, they are usually noiseless with a reduced rate of emission.

The automotive industry is currently undergoing the electrification process.

Many manufacturers are building new electric models or converting existing cars to electric-powered vehicles.

6.6 million plug-in electric cars were sold in 2021, more than doubling 2020 sales and achieving a market share of 9% of the global new car market. 

All-electric cars represented 71% of plug-in car sales in 2021.

As of December 2021, there were 16 million plug-in electric cars were on the world’s roads.

This growth has continued into 2022 and is forecasted to increase as the years go by.

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Artificial Intelligence

Artificial Intelligence

AI forms the bases for all major automation and process in  driverless cars and some electric vehicles.

Machine learning models are now being developed and trained from various vehicle databases on a global scale.

AI creates room for tracking data created by vehicles in several cases, such as fleet management, insurance, and driver safety.

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Increase in used car sales

Vehicle pricing

The ongoing Russian/Ukraine war has made the importation of chips used in the manufacture of vehicles tough. 

This led to an increment in the prices of brand new cars forcing car buyers to shift attention to the used car market.

According to insights provided by Cars.com, used car prices rose by 45% to an average of $26,000 in January 2022, compared to last year.

So are you buying or selling a used vehicle?

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Blockchain

the blockchain technology

The ever-evolving auto industry made no mistake in seizing the opportunities presented by blockchain technology.

A technology that initially delivered Bitcoin, an electronic means of payment to the world.

Blockchain technology is currently proving advantageous to the auto industry in so many ways.

It is improving supply chain processes, introducing tamper-proof record-keeping, streamlining production, and supporting other innovative technologies and trends.

Predictive automobile technology

Predictive Automobiles

This technology gives the owner of a vehicle a prediction of what they are likely to do or expect from a Vehicle.

This includes predictions on when to change the oil and when next to visit a mechanic for maintenance.

The technology can also warn drivers about objects at blindspots.

The biometric seat technology

Automobile

This technology leverages data from the parts of the driver’s body in contact with the car.

It uses the data to ascertain the emotional conditions of the drivers. 

It can then give the driver a piece of advice on what to do next, helping the driver to take a break when necessary.

Vehicle to vehicle communication

This technology helps in improving the general safety of all road users, especially drivers, it enables vehicles to gather and share information among themselves.

The information shared usually includes, direction, speed, and location, they can exchange messages and deploy safety alerts are required.

A skilled driver who is using the best driving practices can be certain of the level of experience and mindset of other drivers.

This technology allows drivers to anticipate the actions of other drivers around, and take necessary precautions, thereby reducing road incidents.

Automotive cybersecurity

AI

The Internet of Things (IoT) is making automation easy.

More and more devices are now being connected to the internet.

The problem with the internet is that anything connected to it faces a potential cyber attack, the car is not left out of the equation.

More and more cars are now being connected to other devices via the internet.

If there is no automotive cybersecurity the car can also be hacked, granting the hacker access to vital data or even control of the hacked vehicle.

Smart factories

tesla

A smart factory is a fully automated factory that has little or no human involvement. 

It saves time and cuts costs, increasing efficiency, minimizing errors, and increasing productivity.

Mercedes Benz and Tesla are currently pioneering smart factories, other auto giants are also following their pattern.

Would you like to know about your used vehicle?

To find out how many owners it had in the past?

Check the accident history? And lots more, run a VIN check today.

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