3 Interesting Automotive Industry Trends That You Must Know

Oct 23, 2018

automotive industry

In recent years, the automotive industry has witnessed a drastic evolution with several technological advancements. A recent analysis of the automotive industry unveils that there are many old-fashioned four-wheeled cars that have now transformed into connected cars with the aid of advanced features like big data, cloud computing, and the Internet of Things (IoT). The recent advancements in technology have led to multiple innovations in the industry, bringing about a paradigm shift in the way companies operate and market their products. These technologies will not only improve the end-user experience but will also have a huge impact on the supply chain. Comprehensive automotive industry analysis reveals the fact that there are several automotive trends that are going to bring about a revolution in the industry. In this article, we have put down some of the most interesting automotive industry trends that you follow to sustain your business in today’s competitive market.

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Automotive Industry Trends

Insurance for Vehicles Based on Usage

Almost every industry in the world has been influenced by the Internet of Things (IoT) and the automotive industry is not lagging behind. The introduction of IoT has created room for significant opportunities in the automotive insurance sector like usage-based insurance (UBI). This is a category of motor insurance that takes several factors under consideration for the calculation of the premium. These factors include the distance traveled, the type of vehicle used, and the driver’s behavior. Automotive UBI helps in minimizing accidents by encouraging safe driving behavior.

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V2G & V2X Technology

Vehicle-to-grid (V2G) technologies and vehicle-to-everything (V2X) helps in collision avoidance, intelligent traffic systems, emergency vehicle notifications, parking management systems, and remote monitoring and diagnostics. These technologies enable the vehicle to receive warnings regarding real-time traffic and alerts related to accidents or other hurdles. Vehicle-to-grid (V2G) technology usees peak load management as distributed storage devices, which enable the usage of electric vehicles (EVs). On the other hand, vehicle-to-everything (V2X) is a wireless technology that involves the exchange of information between a vehicle and all the entities it comes in contact with. This is one of the automotive industry trends that is going to make vehicles in the future safer than what they are now.

Technically Connected Vehicles

The evolution of automotive technology will eventually result in the introduction of advanced self-driving cars. Soon, this technology will become a very important component in new premium vehicles. Advanced driver assistance systems (ADAS), human-machine interface, and autonomous vehicles are the various applications that will drive the vehicle-as-a-hub concept. 4G, 5G, Wi-Fi, GPS, and Bluetooth will play a very crucial role in ride-hailing and mobility on demand.

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