The automotive industry is on an upward slope, it is growing at an unprecedented rate and everybody is here to welcome it. All the radical evolution going on in other industries is also trickling their way into this industry. Gone are the days where car manufacturing was a solitary path, now car companies collaborate with tech giants, audio moguls, and even augmented reality experts. Cars like the 2021 Volkswagen Atlas, 2021 Toyota Highlander are coming laden with features like cloud computing, big data, artificial intelligence, and the Internet of Things.
These advanced technologies have made their way to many other aspects of this industry as well; examples would be usage-based vehicle insurance, leasing services, car health tracker, automation in new finance plans, and all this help the automotive companies to engage better with the end customers. These services help the industry (specifically the manufacturers) to improve their services globally.
This trend of embracing more in-car tech which started in 2019 has their interests collide with the fall in the sales of the car all thanks to increasing vehicle costs, stricter emission norms, and new-fangled mobility choices and not to mention a global pandemic which made the situation even worse than it was. Hence in order to see cars like the 2021 Toyota Highlander and 2021 Volkswagen Atlas high up in glory in the sales charts again, carmakers are embracing these technologies more and more.
Let us now look at these new industry trends in detail:
Probably among the biggest trends in the previous decade, and it’s just the beginning of a mainstay in the automotive industry. Many popular carmakers have tried their way into the EV segment and brands like Toyota have enjoyed success with their models like the Prius. Then Tesla came to the scene and completely changed the way people view electric cars. you can’t blame companies like Porsche, Mercedes-Benz, Audi, and even Hummer now dabbling their hands into the EV segment. The best part about it is that it has inspired a lot of start-ups as well who are exploring solutions for fully electric mobility as we move towards an emission-free industry.
Connectivity and Data
Gone are the days when people were excited about how many liters the engine displaces. The number people are excited about nowadays is how many inches large the infotainment screen is. This is easily among the top trends in the industry as it has become a necessity now for every car to come with Wi-Fi and connectivity tools equipped.
People now want access to social media, music, Alexa, and other mobile apps while driving, let’s just hope they are not doing all that while they are behind the wheel of a moving car. The upside to this is the accumulation of data on destinations, routes, accidents, and rerouting as well as navigation for gas stations, hotels, hospitals and restaurants which is worth its weight in gold for a driver in a hurry.
Connected and Self-Driving Vehicles
Another high and rising trend in the industry, automated driving is one of the most controversial aspects of the new automotive age. The AI-based systems which will hold the reins of the vehicle will be backed up by various technological components like Wi-Fi, GPS, Bluetooth, 4G, and 5G.
The controversy is omnipresent, while some people think that the age of self-driving taxis are nearer than ever while others like to believe that it would take an absurd amount of time before cars drive by themselves safely.
The Usage of Automotive Software Management System
It is quite common to see most of the industry use software systems to manage tasks like generating revenue and customers. Even in mechanical garages, you can see technicians using these softwares for tasks like job scheduling, inspection forms, and real-time vehicle status.
Automotive Usage-Based Insurance
Insurance companies around the globe are now embracing IoT as it helps with the policyholder blockchain. Key activities like managing pricing policies, assessing risk, and estimating crucial reserves are now more accurate all thanks to the IoT data. The automotive usage-based insurance takes into consideration a variety of factors so that the premium calculations are as accurate as they can be.
These factors can be the overall distance traveled by the vehicle, the category of the car, and the background of the driver including his/her health problems habits, and even age. All this in turn promotes safe driving behavior which in return helps the insurance companies in lessening the claims payout.
Vehicle Health Tracking and Monitoring
This can be a very essential cog in the car ownership experience moving forward. While trends like iris and facial recognition technology are fast gaining popularity, most automotive biometric identification systems are still in a preliminary stage of their development. That being said, we are already seeing technologies like vehicle driver’s exhaustion, lack of sleep, and heart rate tracking have made up the current crop of cars.
Digital Buying and Sharing
Not so much of a ‘2021’ trend, but thanks to a global pandemic, more and more people are embracing buying and selling cars from the comfort of their home. The AR technology is better than ever, which is why checking out a car fully from your computer screen is quite effective now. Digital marketplaces and modernized mobile apps now enable you to buy cars without even the need to speak to a vehicle dealer.
Augmented Reality in the Automotive Industry
We are not done with AR yet; especially the safety and driver assistance technologies in modern age cars are relying more and more on this to stay safe on the road. On to the next one, AR technologies are now used to assist in the car design department as it saves a lot of time, investments, and efforts in this process. Feeling impressed, this technology now can also recognize your face followed by fine-tuning the temperature, seating, and music.
There is something out there for the truckers as well; now multiple trucks driving closely behind each other at high speeds is easier with vehicle-to-vehicle connectivity. Truck platooning will now become more and more common on the roads as it exponentially increases the efficiency of autonomous freight transport.
Supply Chain Optimization
The latest shiny new thing in this aspect of auto-manufacturing is Auto ERP software. It helps you communicate better with the vendors and users through electronic data interchange (EDI). Supply accuracy and manufacturing can now reach the heights of efficiency, not to mention the wastage materials are also greatly reduced. Some advanced forms of this feature also help track which vendor is responsible for supplying which materials.
With all these new trends in play, it is safe to assume that the future of the automotive industry 2021-onwards is anything but bright.