The automobile industry is one of the biggest ones in the world. But that isn’t what makes it so special. What does it is the level of intrigue it manages to generate among the hardcore fans and investors alike. And it is for good reason.
The primary among them is our inherent fascination towards technology. Which in its various forms is there within the vehicle that you drive or want to.
Starting from the most obvious mechanical component, which runs the vehicle. To all the electronics that make that a joy ride. Which also is a whole branch of engineering in and of itself.
And like every other facet of technology in this day and age, automotive technology is also undergoing rapid evolution. Thus, there are more reasons than one to be curious regarding the upcoming technological trends for this year.
The Business Model: Transformation Through Disruption
Up until now, there have been many innovations in this sector. But, none of those has had as much of a transformative effect than what we’ve got now.
Everything is going digital.
In this article, you’ll find out about the latest trends in this industry for this year. But what you’ll get to see is that a great majority of these trends have that same underlying theme. Where digital technology has influenced how humans interact with and thus make use of their vehicles.
And with all of these capabilities, driving a vehicle to get to where you want to go. Is just one of the many things that have and is getting better.
As you’ll see, here, that development is taking place at all fronts of this industry. The obvious one being in the matter of technology. But going beyond that, into how certain technologies are having significant effects on the business models of this industry.
So, let’s jump into that now.
The 6 Major Trends in the Global Automotive Industry in 2019
Here, I’ve listed and commented on the 6 most significant trends that you’ll see this year in the automotive industry.
As I’ve already said that this isn’t just in the realm of automotive technology. You’ll find upcoming trends that’ll affect everything. Starting from the acquisition of the vehicle all the way to the very insurance policies that secure it.
And also everything that can be there in between, with using the vehicle. Here are the trends for 2019 –
Self Driving Cars & The AI Component
Artificial Intelligence isn’t that much advanced as of now so as to be able to anything and everything for you. But nevertheless, whatever it is and however it works is having a significant impact on the driving experience.
The main development is in the field of voice-activated technology. Where it can be of a lot of help in quickly and efficiently providing you the information you need. Thus, making the process of navigating among all the other things that much easier.
And for the manufacturers of the vehicles, the ever-increasing capabilities of AI is going to help in better testing and simulation of the models. This can lead to much better designs of vehicles in the near future.
Another cool thing that is becoming more and more popular pertaining to AI is the brain to vehicle connection. This has the potential to make driving on the road a lot safer than it is.
Revolution in Vehicle Insurance Policies
Insurance for motor vehicles has been around ever since people have been driving. But with the rise in usage of IoT in this sector of finance. Assessing the different condition for insurance policies, like risks and feasibility is now more accurate than ever before.
And armed with such IoT technology, insurance companies are now being able to develop new policies. All that required highly accurate assessments of various aspects, is now possible with this.
The buzzword here is ‘usage-based insurance’, and making use of the IoT technology and the subsequent collection of data. ‘Usage-based insurance’ for automobiles is now active with different kinds of systems in place.
A few examples include the ‘pay as you drive’, the ‘distance-based insurance’ and the ‘manage how you drive’.
The advantages of these will be there for both the insurance companies and the customers. Where how much you’ll have to pay would have maximum parity with how much you get out of your vehicle.
Thus, everybody wins with this.
Big Data & the Connected Vehicles
Another one of the most significant technological developments. Big Data is definitely changing the face of the automotive industry big time.
Every new vehicle that people are buying is collecting performance data and related stuff. And with such an ocean of information available at hand, automobile performance and design are now better than ever before.
Self-driving cars are a direct result of this, with Tesla Motors leading the market more or less. What this does is with more in-depth information on the various conditions as the cars drive. The likelihood of any kind of a mishap on the roads will go down by a significant margin.
As far as collecting data goes, there is virtually no end to it as such. And thus, as the systems improve, we can expect better self-driving cars in the coming years.
But, another important thing pertaining to this is the safekeeping of all the data the vehicles are recording. Because information is valuable and once in the wrong hands, it can wreak serious havoc.
So, there are ways available for protecting all that data, with expert technicians fully on top of it.
3D Printing as the New Means of Manufacturing
Manufacturing parts with 3D printing is also not a technology that has come out of the blue. And as such has been in action for quite a while now. But the recent advancements in this technology has made possible large scale manufacturing.
And that is going to have a huge impact on the manufacturing sector of the automobile industry. 3D printing being as much efficient as it is is going to lower production costs a lot.
This kind of manufacturing is fully active in the realm of manufacturing high-performance race cars. And now, this is finding its way into the consumer automobile market. And because there’ll be a dip in production costs. More and more people will be able to afford to buy these.
This also has the potential to make way for more complex designs and experimentations on the same. Then, pair that up with high-level simulation technologies and we can have cars that’ll drive beyond our imaginaṭions.
Augmented Reality in Car Sales
Generally, if you want to buy something that is as substantial as a motor vehicle. Merely looking at online reviews and a couple of photos before placing the order isn’t feasible. But that’s going to change with the use of Augmented Reality technology.
With this, you’ll no longer need to visit a car showroom and look around for your options. And then, go and deal with car salesmen and all their shpiel.
You can do all of that, from the very comfort of your own home and at the time you want. It starts with you being able to have a complete AR view of the vehicle. Then, with that, you’ll be able to geṭ the full experience of a real-time test drive with AR.
Although most people I believe would prefer actually taking the car out for a test ride. But still, AR technology is now so advanced that it can give you not only the visuals. But also, the sounds and vibrations and every little thing that you can experience on a test ride.
And you can also have a set list of things to consider when buying a car. As that’ll help a lot in this case.
Thus, from this year and the upcoming ones. The way we buy and sell a car is also going to undergo a drastic transformation.
Health Monitoring in Cars
It is common knowledge that driving a car in certain states of one’s health and physiology. Like being drunk or not having enough sleep, can be absolutely fatal.
And these are the major causes of all the different mishaps that happen on the road. But with health monitoring technology embedded within the car, we’ll be able to prevent a lot of those risky situations.
Although this isn’t in a fully applicable stage, especially in the commercial realm. But progress is happening fast and you can definitely get proto-versions of this. And that can definitely give you critical health information on the go.
Also, this can definitely tie in with the whole big data circuit. Thus, improve upon the automatic driving systems even further.
As for when these technologies will be fully available in commercial vehicles, it can take some time and the full estimate puts it at around 2025.
So, these were the 6 major trends in automotive industry spread around the globe. As you can see that these trends are going to change things up in a big way. Especially for me, it is the self-driving cars and the augmented reality technology.
Like riding horse carriages was a common thing back in the days, which is now the stuff of antiquity. In the near future, driving the car yourself might also join that rank. And also, these developments are definitely not the be all and end all of the global automotive industry. You’ll get to see a lot more of new things in the coming times, so do brace for that.
Because with every passing day, it is going to be more and more worthwhile to invest in the car you want.