Five Trends Leading To The Transformation Of The Automotive Sector

Transformation Of The Automotive Sector

The industrial and the tech sector are making innovative solutions in the automotive industry. Additionally, the automobile sector encourages Artificial Intelligence (AI), the Internet of Things (IoT), blockchain, big data, and analysis.

The world is moving ahead towards digitalization in 2021; therefore, the automotive sector is gearing for an enormous change in the future. In the year 2016, McKinsey reported the changes that would happen in the automobile industry in the future.

Still, 2020 was a slow year due to the coronavirus pandemic. However, it harmed car sales.

The trends that are dominating the automotive industry are:

· Artificial Intelligence (AI) based vehicle: The forerunners of the automotive industry are AI-based vehicles. Additionally, cars of these types do not need driver control for navigation, sensor, and management. All these things have been controlled through the AI-based system. Autonomous vehicles will reduce human dependence. Around 1,400 self-driven cars are running on US roads. Big auto companies Uber, Tesla, and Google, are working to bring exciting features to these cars to attract buyers. The worth of the autonomous industry will be $556 Million in 2026.

· Online Dealing: However, the pandemic has changed things rapidly, including the online sale of vehicles. It happened during the lockdown phase. Modern dealership techniques are making it possible to happen. Still, a small portion of people came supporting online vehicles sale due to Covid-19.

· Encourage use of electric vehicles: In the coronavirus pandemic, the futuristic view of selling the vehicles came out. Furthermore, it has changed the auto sector’s outlook for electric vehicles. Cars contribute around 15% of the carbon emission that is harmful to the environment. 1.6 million Electric vehicles are on the US roads. The number is higher than what are we expected 1.4 million electric vehicles by 2024. However, many improvements required in electric vehicles include improved batteries, charging infrastructure, and price issues. Soon, the auto companies with the government start working on these things that will help encourage people to use electric vehicles.

· 3D printing designs on new vehicles: People demand spare products and new cars from the auto industry. Therefore, the car manufacturing company works to introduce better quality vehicles for the buyers. 3D printing is taking place across all the areas of production in the automobile industry.

· Transform organization process through blockchain: The second-generation thing linked with the internet is blockchain. It can transform the organization procedures, including sharing the information securely about the vehicles. The use of blockchain is at the back office. In the upcoming years, the use of blockchain will increase in the auto sector. Blockchain will become a useful thing to share vehicle-related information, handle the regular office work, and manage the data in a better way.

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