Long gone are the days when automobiles with basic features were loved by everyone. The automotive sector has witnessed a drastic evolution post-2016 with various advancements in technology. New features like IoT, cloud computing and others have transformed the traditional cars into connected vehicles.
For instance, the big data analytics platforms are now used by various manufacturers to optimize parts and designs of vehicles. This has given the OEMs (Original Equipment Manufacturers) a quality advantage in the market. The technologies will also help in enhancing the end-user experience while making a significant change in the supply chain process.
So, without wasting your time, we provide you with 5 trends that will take the automotive industry by storm.
In recent years, a lot of new technologies have been making their way into the automotive industry. Amongst these technologies, connected vehicles will be one of the most important ones.
These vehicles will possess the ability to share information about the driving conditions, like weather, traffic and more. It will just be the first step towards the V2V (Vehicle to Vehicle) communication technology. This is the main reason why vehicle transmissions, car sensors, and wireless communications have become the leading topics of discussions in the automotive sector.
With the improvements in features, the automotive sector has also been facing an increasing number of challenges like fake part sellers and service providers. To tackle these challenges, leading companies are looking forward to ‘Blockchain’ as a potential solution.
The eradication of fake part supply from the market will enhance transparency in the operations. This, in result, will improve the pricing strategies. The blockchain technology will help in creating a trusted protocol for the rising supply chain management problems.
Be it Tesla, Hyundai or BMW; every leading automobile manufacturer has been trying to implement this technology successfully. While autonomous driving will not be prevalent on streets for some time, it is being experimented throughout the world.
However, once this technology is completely adapted, it will help in minimizing accidents that are caused due to the carelessness of the drivers. It will also allow passengers to take care of other essential work while driving.
3D printing technology has been slowly making its way in every aspect of designing, and the automobile industry is no different. Nowadays, vehicles are being designed to endure a higher number of crashes and have higher life-span.
The technology can help in manufacturing vehicles on solid chassis so that even if the vehicle meets an accident, its interior body does not get damaged. It will help in developing cost-effective and sustainable vehicles.
Usage Based Insurance for Vehicles
The Internet of Things or IoT will be influencing all the major operational activities in various industries. The insurance sector, for instance, is also experiencing a significant change due to this technology. The IoT platform will help the insurers in connecting with their customers better. Similarly, it will allow buyers to easily select the best car insurance policy that suits their needs.
The technology will allow insurers to sell usage-based insurance (UBI) to their buyers. The UBI will be able to factor various things such as vehicle type, distance covered, the behavioral pattern of the driver among others to calculate premium amount. It will encourage the drivers in safe driving which will, in turn, help insurers to reduce their claims payout. Thus, UBI will become the best car insurance policy type, for both insurers and policyholders.
The automobile industry is presently growing exponentially beyond the traditional methods of manufacturing. With the above trends emerging at a speedy pace, there will likely be more exciting trends that will emerge in this sector. The future of automobiles is quite exciting, and these technologies will make sure of that.