Quantzig highlighted the top automotive industry trends that will revolutionize the industry.
The automotive industry is evolving drastically due to superior technological advancements. This has led to the conversion of old-fashioned four-wheeled cars into connected cars with the aid of technologies such as big data, cloud computing, and the Internet of Things (IoT). The use of such technologies not only improves the end-user experience but also improves the supply chain efficiency. Such automotive industry trends are going to revolutionize the industry and influence the industry’s growth in 2019.
Vehicle-to-grid (V2G) technologies and vehicle-to-everything (V2X) are examples of future technologies that are going to change the way consumers’ use their cars and will have a huge impact on the way vehicles are manufactured in the years to come.
Here are the top 3 automotive industry trends:
1. Insurance for vehicles based on usage
The IoT has influenced many industries, including the automotive industry, and has led to the creation of opportunities such as usage-based insurance (UBI).
UBI takes several other factors like the distance traveled, type of vehicle used, and the driver’s behavior while calculating the premium. UBI encourages safe driving behavior by minimizing the number of accidents.
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V2G and V2X technology
Vehicle-to-grid (V2G) and vehicle-to-everything (V2X) technologies allow vehicles to receive warnings regarding real-time traffic and alerts related to accidents or other hurdles. This helps in collision avoidance, intelligent traffic management, emergency vehicle notifications, parking management, and remote monitoring and diagnostics. Vehicle-to-grid (V2G) enables the usage of electric vehicles (EVs); whereas, vehicle-to-everything (V2X) helps in exchanging information between the vehicle and the entities it comes in contact with. This is one of the automotive industry trends that is going to change the way automotive manufacturers function in this industry.
Technically connected vehicles
With the evolving technologies, self-driving cars will become an important aspect of the automotive industry. This technology will form a part of premium vehicles in the future. Advanced driver assistance systems (ADAS), human-machine interface, and autonomous vehicles are few of the automotive industry trends that are going to drive the vehicle-as-a-hub concept. However, 4G, 5G, Wi-Fi, GPS, and Bluetooth will have a crucial role to play in the implementation of these technologies.