Automotive Industry: The Most Transformative Innovations

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For the last two to three decades, the popular science fiction movies imagined a future that had flying cars, implanted software, and driverless vehicles as the norm. Now that we have caught up in years, has our technology also risen to meet those expectations?

The 18th century saw the invention of the automobile when Karl Benz created a practical, gasoline-powered internal-combustion engine. This ingenious and brilliant invention eases movement from one location to the other. The use of vehicles for more than a century has established and further validated its vital role in our society today.

A radical revolution is being experienced globally, and technological innovation is the focal point of this. In this time and age, the automobile industry is unsurprisingly heavily digitized. A lot has changed with time, and more innovations are quickly moving forward due to the increasing consumer demands. Autonomous driving, sharing, electrification, and connection are all new practices adopted by car manufacturers and are shaping the industry.

Electrification

A few years ago, a quarter of companies in the industry utilized electric mobility, but the list of companies strategically experimenting with this technology is still growing. During the novel coronavirus pandemic, it was seen how companies prioritized electric drivetrain technologies; the first vehicle plant to reopen after the lockdown was owned by Volkswagen, where the battery-powered car ID.3 was being manufactured.

New electric vehicles or electric versions of existing models are expected from Tesla, Nissan, Volvo, Jaguar, Honda, Audi, Kia, BYD, Hyundai, and more. A wide range of technologies is being used now, including hybrid electric vehicles (HEV), plug-in hybrid vehicles (PHEVs), blended PHEVs, extended-range EVs, battery electric vehicles, and fuel cell EVs. For a long time, the people in the industry have set their sights on the potential of electric cars. They are now working to develop ever more convenient and mechanically sustainable vehicles.

Shared Mobility

Experts forecast that roads will be filled with driverless electric cars within the next decade, with passengers preferring the shared usage rather than owning one. This theory means that the industry’s electric revolution will affect manufacturers and producers while also impacting consumers due to the ever-changing human perception and the growing demand from users. The realizations from people about cost-saving, increased accessibility to cars, reduced traffic, and environmental concerns have grown evident.

As a result, global vehicle sales are predicted to slow down within the next 15 years. However, this is not at all bad for manufacturers, as approximately a third of the expected increase in vehicle sales from urbanization and macroeconomic growth likely will not present itself due to shared mobility. Either way, industry players have a long way to take steps in finding solutions to this conflict.

Autonomous

One of the most disruptive innovations in the industry has been discussed for years, if not decades. Autonomous driving technologies, where sensors and software were combined to control, navigate, and drive the vehicle, are also the driving forces in the automotive market. Although the questions and issues surrounding self-driving cars are still giving manufacturers a hard time, it is one of the primary concerns of business developers. Traditional car manufacturers are racing to develop, test, and legitimize fully-automated vehicles to serve the increasingly connected generation’s demands.

Connectivity

The utilization of cloud-based platforms, the Internet of Things (IoT), and other mechanization between humans and vehicles are among the trendiest technologies in the industry. There are already vehicles built with driver assistance technology to assist cars in monitoring blind spots, keeping them from drifting out of a lane and preventing a potential crash.

While it offers excellent comfort and satisfaction to users, issues such as internet unavailability, hacking concerns, and unauthorized access to automobile applications pose a big challenge to vehicle producers. Among other companies, Volvo repair services include constant updating of software to ensure safety and security as well as new functions and improvements.

“I believe the auto industry will change more in the next 5 to 20 years than it has in the last 50,” General Motors CEO and Chairman Marry Barra once said. Indeed, the latest vehicles today are already very different compared to the original automobile Karl Benz innovated in the 1800s.

Nonetheless, there are still big expectations regarding the existing as well as future technologies in the automotive industry. The impact will surely be profound and far-reaching for the sector, alongside consumers and cities. The risks remain upped, and competition from old and new players is intensifying, but the latest trends show that the car of the future is electric, automated, connected, and shared.

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