The new era of automotive not only gets refined performance and greener power sources but also advances towards digitization. With a sharp growth in technology in the past decade, people are now looking for new digital products. The automotive industry has reacted by equipping new technologies and services. This opens a new business area for automakers while focusing on parts and car manufacturing.
The addition of technology in cars escalates its value for money and gives strong competition in the segment. According to experts, the Automotive Industry is moving at blazing speeds to the future. With the launch of cars like the 2021 Nissan Rogue, 2021 Tesla Model X, and many more, we can visualize the change.
Moreover, the technology offered in the automotive industry enhances the overall driving experience. Also, owning a car with such high-end features has a range of benefits from personalized services to being tech-savvy.
Analytics show that after a short pulldown of sales during the COVID-19 pandemic period, automakers are moving towards a list of trends and dominate the segment. These technologies include Artificial Intelligence (AI), big data analytics, blockchain, and many more. They have anchored the segment and can be used in cohesive form for disruptive applications.
We can list down the Top 5 New Techniques and Technologies changing the Automotive Industry rapidly:
Electrification of Vehicles
Automakers globally are now committed to developing technologies for the electrification of cars. With depleting fossil fuel reserves and increasing pollution, it is very important to address the factor. The market has found a way to revolutionize the Automotive Industry through electrification.
Electrification of vehicles can stop around 15 percent of carbon emissions. The industry is developing higher energy efficiency and solving the problem. According to stats, as of August 2020, the US hosts around 1.6 million electric cars on its roads which is much more than the estimated 1.4 million by 2024.
Though, electrification is still not accepted by the masses as there is a lack of trust and value for money. If the Automakers can come up with solutions to improve driving range, lower the prices, and offer readily available charging stations, we can expect a growth in sales and gradually move towards complete electrification.
Linked with the second generation of the internet, Blockchain is a completely new technology used extensively in the Automotive Industry. Security and speed are the major virtues of using Blockchain.
Simply put, Blockchain contains blocks of information that are decentralized. In the mobility industry, its high security is leveraged. The technology can enhance the efficiency of the supply chain and back-end works. Its use is expected to grow exponentially in upcoming years.
Digital Marketing and Dealing
Manufacturers are trying to change the way they sell cars. Gone are the days when everything needs to be checked visually before deciding to buy a car. People are now open to buy vehicles online.
Companies are using Digital Marketing to drive sales online and also approach the customers virtually. During the lockdown, many buyers chose their vehicles online unlike going to the dealership and making a decision. Detailed reviews, trusted testing scores, and past customer reviews help the buyer in making an informed decision.
The Digital Marketing space has expanded exponentially, especially in the Automotive segment. Modern dealerships and automakers alike are using this powerful technology to drive sales and keep their customers informed.
AI-Based Autonomous Vehicle
Artificial Intelligence is the new technology that leads the future of automobiles. Intelligence procured from this technology is leveraged to enable smart travel through driverless cars. These intelligent cars use a host of advanced sensors, navigation, and fast computing power.
The aim is to reduce the need for human drivers. Companies like Tesla, Google, and Uber have tested the new era of driving and pushing the limits of what these smart vehicles can do. Studies reveal that there are 1400 autonomous cars on US roads today.
The market is soon gaining trust and is slowly moving towards adopting the new technology. Upcoming years can see a drastic improvement in the AI-Based vehicle line-up. The worth of this developing industry is estimated at around $556 million by 2026. Companies are investing thick amounts in the development of autonomous cars and their applications.
The increase in demand for better performance, better design complexities, and better efficiency have helped in finding better manufacturing techniques. To meet complex design manufacturing and speeding up the supply chain, 3D Printing is now extensively used.
Though, the technique is still being explored by automakers to reach its full potential and deliver impeccable results. Few cars that have used 3D Printing technology are Mustang Shelby GT500 that gets 3D printed parts and Porsche that has printed multiple spare parts for its classic line-up.
The rising demands for a more efficient and engaging drive experience have transformed the Automotive industry. With new technologies being developed and finding their maximum potential, there are many opportunities for automakers globally.
The addition and usage of new technologies and techniques increase the overall value as well as overall driving experience. Faster and safer data sharing can enable a host of customized services. Whereas using cutting-edge manufacturing techniques can improve the overall efficiency of the car.