The automotive industry has always been one of the areas where technology and the industrial sectors collaborate to develop new solutions. The automobile industry embraces long-standing technology such as artificial intelligence (AI) and big data & analytics. The industry has endured a series of shifts and fluctuations over the past ten years.
But, due to the Covid-19 pandemic, 2020 was a slow year with fewer people buying cars. But, the auto industry is beginning to recover and gives everyone reason to be optimistic. They’ve become more streamlined and safer and can achieve faster speeds. Ultimately, car technology will be beneficial to consumers.
Top Innovations for the Automobile Industry
Technology is altering and modifying our lifestyle and every other sector we’ve ever invented. The automobile industry isn’t the least able to adapt to new technology. However, it’s one of the fastest. Here are some innovations that the automotive industry can introduce in the coming years.
1. Autonomous AI-Powered Vehicle
In the car industry, AI-powered autonomous vehicles are the frontrunners. Self-driving cars, which rely on artificial intelligence, offer intelligent travel alternatives. These vehicles are self-driving and rely on sensors and software to control and navigate them. Autonomous vehicles aim to remove the requirement for human drivers and help make everyday transportation easier.
Although it’s a tiny number that is still a minority, the percentage of people willing to trust or use autonomous cars is steadily growing. The pandemic, however, had been a significant setback hindering the development of self-driving cars for a bit. The independent car market is estimated to be worth billions of dollars. Money is expected to continue to come in, mainly as new uses are considered. Car features like ignition system components are one thing manufacturers are innovating. Now, you can start your car with only a push of a button and unlock it without using your keys.
2. E-Commerce and Marketing
During the coronavirus outbreak, the vision of the future of selling cars online was put into existence. Even though in-person visits at dealerships and trial driving were formerly required when purchasing a vehicle, the process was hindered by the regulations for lockdowns that confined it to the internet. Many aren’t happy about the new arrangement, but a significant number of people are.
Contrary to the dealer’s advice, automobile purchasers may evaluate other automobile models. Dealerships in the modern age are trying to normalize online vehicle purchases with a virtual tour, safe checkouts options, online banking, return policies.
3. Automobile Electrification
The high price of fossil fuels and the environmental damage caused by their use has led to the automobile industry’s focus on electric cars (EVs). Automobiles contribute 15% of greenhouse gas emissions that deplete precious fossil fuel reserves and pose the danger of irreparable environmental damage. However, electric vehicles solve the problems by maximizing efficiency in energy use and reducing gasoline use.
Electric cars need to address the issue of the high cost of fuel, defective batteries, inadequate charging infrastructure, fleet electrification, renewable energy-based charging grids that gain wider adoption and acceptability. Companies like August Electronics are focused on how to resolve the environmental problems brought by carbon emissions from motor vehicles. Electrification is one solution viable to solve this problem.
4. Blockchain System
Blockchain has been compared with the internet’s second generation. Blockchain has the potential to change the procedures of an organization. It is used to exchange vehicle data utilizing secure network connectivity and shared mobility solutions like ride-hailing, delivery, and urban transportation. Blockchain is employed in the verification process to boost the supply chain and back-office efficiency.
It can improve vehicle information and improve use statistics in the industry through management and incentives. The impact of blockchain technology on the automotive industry is anticipated to expand in the next year. You can click here to know more about blockchain and other inevitable innovations brought about by the advancement of technology.
5. Three-Dimensional Printing
New vehicles and spare parts are in constant demand in the automotive sector. The market for better, unique, better-performing cars is increasing, as is the need to improve manufacturing and simplify logistical and supply chains. 3D printing could be one technique that can help in addressing these issues. 3D printing in the automobile industry is under investigation across all areas. Apart from quick prototyping, this technique is also employed to design tools and components.