Top Automotive Tech Trends To Watch Out For
Following the accelerated digitization of the global economy, the automobile industry is gearing up to witness enormous changes moving forward. For years, the automotive industry has been a sector that welcomes innovations, including disruptive technologies. Artificial intelligence, big data, and the Internet of Things are a few breakthroughs that are poised to shake up the world’s car market.
In 2020, car sales were a bit slow thanks to the eruption of the COVID-19 crisis, which had many people worrying about their finances. However, the car industry is starting to pick up and hopefully turn towards a positive dimension gradually. Here are the top four automotive trends that are making waves globally.
- AI-based autonomous vehicles
Autonomous vehicles continue to lead the transformation of the automotive industry. AI is enabling smart travel via driverless cars. These cars use advanced sensors and software for their navigation and control – they are seeking to ease the burden of human drivers behind the wheel. Industry gurus believe that AI-enabled autonomous vehicles will make everyday transportation better. Recent studies estimate that there are about 1,400 autonomous vehicles on American roads, while testing goes on in different countries.
Influential tech companies like Tesla, Uber, and Google are strongly pushing for self-driving cars to hit the roads sooner than later. The Coronavirus pandemic staggered the growth of the autonomous vehicle sector. However, with the same industry tipped to hit over $500 million by 2026, investors will likely pump more resources into the idea of self-driving cars.
- 5G technology
5G technology will introduce ubiquitous connectivity in the car industry. It will transform the sector by allowing cars to share vital information to improve traffic management and safety on the road. Significant breakthroughs may improve crash avoidance, paving the way for a new era of minimal accidents. The automotive market may unfold dramatically with speed, wireless connectivity, and low latency.
The development of networked vehicles will offer mobility and push car owners out of their vehicles as the quest for shared transportation becomes more popular. Regulators will also find it easier to carry out their duties and save lives. Simultaneously, the existing stress of human driving will slowly fade away.
- Electric vehicles
When a fleet of interconnected cars starts to dominate the transport sector, more managers will embrace electric cars due to their cost advantages. Even if consumers hesitate to switch to electric vehicles completely, fleet companies may go all out for them. Electric cars’ success will open the gate for more efficient charging networks, which will enhance consumers’ lifestyles by large proportions.
- Big data and analytics
In the era of big data, advanced analytics will inform various decisions during the life cycles of automobiles. Data gathered from cars will provide a solid foundation for predictive maintenance, and managers will stay alert about automotive repairs. Furthermore, customer automotive data will find applications in sales optimization, product design, and supply chain.
U.S startups like Procon Analytics are already leveraging big data to offer solutions for automotive finance. These involve capturing millions of information in real-time and analyzing them to allow lenders to assess and minimize risks instantly.
