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Recently updated on December 18, 2023 at 07:53 am
There has never been a time in the history of the automotive industry when so many changes happened at once. The vehicle landscape worldwide is predicted to change dramatically over the next few years due to the introduction of fully functional autonomous vehicles with technologically enhanced capabilities. In order to compete better in the global automotive market, major manufacturers implement technology-driven trends in their latest models. These automakers work with big digital corporations to develop cutting-edge software for safe and effective driving. Artificial intelligence, machine learning, the Internet of Things (IoT) and the 5G-connectivity are all contributing to the global expansion of the automotive business.
Five game-changing trends set to revolutionize the automotive sector
All of these advances in automotive technology will lead to higher standards and increased demand for new automobiles. Tesla has predicted that autonomous robotic taxis will be widespread by 2020. However, given the ongoing global pandemic, the rollout has been delayed and it is now planned for the services to be deployed under human supervision by mid-2021. This depends solely on the approval of the competent national authorities. The introduction of numerous future-oriented equipments drives four-wheel automobiles with fundamental characteristics in the direction of strong innovation and sophisticated functions. Let's take a look at the latest trends transforming the automotive industry.
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Introduction of the Internet of Things and blockchain technology
The automotive sector is expected to make significant use of connectivity and data transfer. With the advent of autonomous vehicles, connectivity has taken on a pivotal role in this sector. The transmission and processing of data in automobiles can be helpful in traffic and parking monitoring, object and pedestrian detection, engine control and monitoring, among other things. In the automotive sector, advanced driver assistance systems (ADAS) are on the rise. Information transmission and connectivity enable the exchange of data about the road and its surroundings.
In order to gain access to the Internet of Things, “connected cars” rely on wireless connections. They offer an on-demand multimedia experience that makes surfing the web in a moving car safe, enjoyable and convenient. Remote diagnostics, vehicle health checks, 4G LTE WiFi hotspots, turn-by-turn directions, and potential car problem alerts are just a few of the features they offer. Over a billion customer queries have been processed by the system and it is expected to explode in 2023 thanks to advances in predictive intelligence and automated maintenance.
Blockchain technology is useful in the automotive space as it enables secure data exchange between manufacturers and dealers. The blockchain plan helps increase the effectiveness of the supply chain. It also enhances vehicle data and information to ensure optimal use.
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Increased interest in electric cars
Electric cars are becoming increasingly popular. The gradual increase in demand for electric vehicles will eventually lead to widespread manufacture of this technology. More and more people are interested in buying electric cars because they are more environmentally friendly. Texas Instruments, Geely, Hyundai and BMW, among others, are making significant investments in research and development to bring these enhanced technologies to market.
Automakers are preparing to develop platforms for a wide range of electric cars, while the global auto industry continues to push the boundaries of electric and smart vehicles. The industry is expected to grow due to factors such as increasing demand for renewable energy to combat pollution.
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The emergence of three-dimensional printing
The automotive sector is being revolutionized at breakneck speed by the latest technologies and concepts. To create cars that are more resistant to collisions and crashes, automakers are turning to cutting-edge technologies like 3D printing. The fundamentals of automotive design itself are being revolutionized by this technology. The vehicle's chassis is developed in the solid state using 3D printing.
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Self-driving cars
Automation can be observed everywhere, including in the automotive industry. Automated bots like Quantum AI place less strain on humans when solving complex computing tasks. By minimizing reliance on human drivers, autonomous vehicles have the potential to revolutionize the way we travel. The automotive industry is making progress in developing autonomous driving technologies due to its commitment to state-of-the-art manufacturing. The automotive industry around the world will benefit from these potential new expansion opportunities. Estimates suggest that the autonomous car market will boom due to its enormous potential.
With the proliferation of 5G networks and advances in artificial intelligence and machine learning, it is widely believed that autonomous vehicles and driverless driving will soon become the norm. In 2015, Tesla Motors introduced new features in the US, including Tesla Autopilot, a technology paving the way for fully autonomous vehicles.
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The growth of online trade
The market for used cars is booming. Market analysts expect used car purchases to increase by 2019% between 2025 and 9. Used cars are in high demand, especially those that are four years old or newer. Used cars like this offer the latest features in automotive technology without the high price tag of brand new cars. Used plug-in hybrids and electric cars are included. Certified used vehicles are now widely available from dealerships and differ little from new vehicles except in price. Used cars are particularly popular with buyers because of the low interest rates.
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Shared mobility
The concept of shared mobility is a relatively new business model that offers an alternative to private car ownership. In the context of shared mobility, two or more people temporarily use a vehicle of the same type. It's similar to using Uber or a private rental service. The popularity of on-demand car sharing has skyrocketed in recent years. As more people seek imaginative, economical, and convenient alternatives to the high costs and many obligations that come with owning a car, new companies offering shared mobility options are popping up every day. The prevalence of carpooling is expected to skyrocket.
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More and more people decide to buy old vehicles
Cars less than four years old are the most sought after as they have the latest features and are less expensive than brand new cars. Certified pre-owned dealerships offer new car looks and performance at a reduced price, and this includes pre-owned electric and hybrid vehicles. Used cars are tempting due to the availability of low-interest loans.
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Introduction of fuel cell electric vehicles
Faster charging, longer range, and zero emissions will propel fuel cell electric cars to mainstream status by 2023. Major automakers from China to Germany, from Japan to South Korea to the United States are funding research and development of fuel cell electric vehicles. This year has the potential to be the breakthrough for fuel cell electric cars.
What to expect
The automotive market is growing rapidly. Following current trends, we can assume that the next generation will experience a flood of fascinating technological developments. The automotive business has a promising future that will undoubtedly revolutionize the global market.
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