The automotive industry is developing at an exhilaratingly fast pace with the help of advanced technologies such as A.I, Data Analytics, and the Internet of Things (IoT). The automotive industry is adopting these new technologies in its operations at an unprecedented scale. The future of the automotive industry is bound to have information-centric technologies playing a central role. Here are some of the top industry trends you should be aware of:
Shared Mobility: According to reports, many people are ready to let someone else drive their cars in return for money. People are more conscious about the environment now than ever and are ready to share a vehicle or use public transportation for daily traveling. This has led to a decrease in traditional vehicle ownership and also discourages unused vehicles. The car-sharing market is proliferating, taking advantage of this shared outlook. Many companies have introduced new concepts of carpooling, with Uber coming up with UberPool, Ford introducing GoDrive, and ZipCar (a cars-on-demand club). PricewaterhouseCoopers (PWC) predicts that one in three kilometers driven ‘could involve sharing concepts’ by 2030. These services also decrease traffic jams and pollution caused by petrol or diesel vehicles and solve the existing transportation problems without adding new vehicles – DAB on Wheels.
Electrification of Vehicles: Depleting fossil fuel reserves and climate change have led to the development of electric vehicles. People are concerned about climate change and the health of the planet now more than ever. However, the wide-scale adaptation of electric vehicles may take time as issues such as high prices, and inadequate charging infrastructure should be addressed. Not only that, more renewable energy sources should be incorporated into our power grids to improve issues such as climate change. These challenges need to be tackled to see further improvement in this sector.
Autonomous Vehicles: Self-driving vehicles minimize the need for human drivers. Vehicle automation is the future of the automotive industry and is set to transform everyday transportation. Automation in vehicles is expected to reduce downtime and make public transit relatively safer by reducing accidents caused due to negligence or driver fatigue. However, vehicle automation has a long way to go before it can be successfully implemented. People are slowly accepting autonomous technology, but they are still concerned about the safety and want to see consistent safety track records. According to PricewaterhouseCoopers (PWC), autonomous driving is expected to account for 40 percent of overall traffic within the next 12 years.
Connected Vehicles: The Internet of Things (IoT) and the resulting connectivity of vehicles is another trend to pay attention to in the automotive industry. This enables vehicle-to-vehicle communication vehicle to grid communication and can be coupled with automation technology to decrease accidents. These vehicles have a tamper-proof digital identity, which differentiates them from other vehicles in the network. This identity and vehicular data can facilitate insurance and predictive maintenance.