Automotive Industry Trends 2021 | Global Automotive Industry Analysis

The automotive industry has gone through a radical evolution with many significant innovations in technology. The conventional vehicles, which were previously capable of basic functionalities, have now altered into connected cars with modernized features which are not limited to Big data, Cloud computing, Artificial Intelligence (AI) and the Internet of Things (IoT).

The technology-based companies have further progressed through services like leasing services, usage-based vehicle insurance, automation in new finance plans, car health tracker, and more to keep automotive companies engaged with their end customers. As per the global automotive industry analysis, automotive companies can expand and improve their services using these advancements.

According to automotive industry trends in 2019 and 2020, automotive technologies will be intense, electrifying, and inventive. However, new vehicle sales in budding markets may go down this year due to increasing vehicle costs, growing public transportation, and new-fangled mobility choices. To boost up these vehicle sales figures, the automotive industry requires coming up with innovative technologies and business strategies.

Current and upcoming automotive industry trends

    1. Increase The Usage Of Automotive Software Management System

Automotive Industry Trends 2021 | Global Automotive Industry Analysis

Nowadays, Most of the automotive industry started using the software system to manage their task, generate revenue and customers. There is a number of software available and as per the current automotive industry trends, 5iQ workshop software is the best mechanical garage management system which has a bundle of new features such as marketing with AI, job scheduler, digital forms, inspection forms, real-time vehicle status and more.

5iQ workshop software categories into three phases.

In this app, the admin can see the whole (entire database) data including the technical (Technician) and customer app. They have access to add, delete and update the data.

The mobile technicians can manage their whole business from the palm of their hand. They can generate an invoice, make a payment, schedule job task, create inspection reports and more.

Customer app assists customers to book vehicles for garage services in just three simple steps. They can get notifications from the garages and can see the real-time status of their vehicle booking.

  1. Automotive Usage Based Insurance (UBI)

Automotive Usage Based Insurance (UBI)

Image Source:- https://www.insurancejournal.com/news/national/2013/10/29/309548.htm

The IoT platform assists to link the insurers of a range of sectors and policyholder blockchain. Insurance companies are progressively utilizing IoT data to advance their accuracy in key activities such as assessing risk, managing pricing policies, and estimating crucial reserve.

The automotive usage-based insurance (UBI) is a sort of motor insurance that considers an assortment of factors for the premium calculations. These factors comprise the category of vehicle used, overall distance traveled by the vehicle, and the background of the driver in the midst of others. UBI promote safe driving behavior that positively effects in lesser accidents, which in turn assist insurance companies in lessening claims payout and getting better on the bottom line.

  1. Connected and Self-driving Vehicles

Connected and Self-driving Vehicles

Image Source:-

https://medium.com/datadriveninvestor/the-development-of-connected-and-autonomous-vehicles-and-their-ethical-dilemma-a65dfe3d6b73

Automotive technology is surfacing, and consistent industry innovations will lead to the opening of a superior self-driving car. The AI-based systems will turn into significant elements in new vehicles in the coming time.

A sturdy IoT backup will connect vehicles as well as devices. The technical components like GPS, Wi-Fi, Bluetooth, 4G, and 5G (forthcoming) will play an extremely vital part of mobility-on-demand solutions.

A payment gateway, human-machine interface, driver assistance systems as well as autonomous vehicles, will improve the user experience and will be available to a well-built user base compared to today.

  1. Vehicle Health Tracking and Monitoring

Vehicle Health Tracking and Monitoring

Image Source:- https://thewirecutter.com/reviews/best-obd-ii-car-tracking-and-diagnostic-devices/

The auto industry trends, such as iris and facial recognition technology are highly accepted as well as gaining market share. Also, the automotive biometric identification systems are in a preliminary stage of its development. Other imperative behaviors like the vehicle driver’s exhaustion, heart rate tracking and lack of sleep can be perceived and alerted with caution notification systems.

  1. Electric Vehicles

Electric Vehicles

Image Source:- https://businessjournaldaily.com/electric-vehicles-will-be-ubiquitous-by-2030/

A lot of start-ups are exploring the electric vehicle industry. The emissions regulations will go along with by an outbreak of new model introductions. You can expect electrical mobility preferences to turn more enveloping with journey-sharing and advanced mobility solutions.

  1. Digital Buying and Sharing

Digital Buying and Sharing

Image Source:- https://dealersolutions.info/digital-marketing-and-dealerships-how-the-process-of-car-buying-is-changing-and-who-the-gamechangers-are/

Today with AR, digital transformation trends in automotive sectors enable people with digital buying and sharing. They can check-out the driving experience of the car they want to buy right from their homes. Even modernized mobile apps and access to digital marketplaces can assist in buying vehicles without directly speaking to a vehicle dealer.

  1. Connectivity and Data

Connectivity and Data

Image Source:- https://medium.com/datadriveninvestor/building-the-automotive-connectivity-ecosystem-ef0f71813784

One of the top consumer trends in the automotive industry suggests that every customer’s car should come equipped with Wifi and connectivity tools. This scenario will include access to music, social media, Alexa, friends, and advanced mobile apps while driving.

With so much advanced connectivity, vehicles will be accumulating a vast amount of data on destinations, drivers, routes, patterns of traffic, favored music, hotels, restaurants as well as gas stations. Even though there will be a requirement for managing and keeping this data secure as well as safe.

  1. Augmented Reality in the Automotive Industry

Augmented Reality in the Automotive Industry

Image Source:- https://augray.com/blog/augmented-reality-automobile-industry/

Today, AR is used to enhance driver safety and further enable them to see through the traffic. The driver can now see the car at the left of them when taking a right turn. And even see beyond a massive truck right in front of them. AR also helps with the safety and security of drivers.

AR technology trends in the automotive industry will even include the assistance in revamping the long-established car design procedures as today, manufacturers find different ways to digitally prototype and assess their vehicle. This scenario will further save time, efforts, and investments in the manufacturing process.

AR Future trends in automotive industry show that the driver with AR usage can react swiftly to shun a crash when another vehicle is in their blind spot. The rear-view mirror will use AR technology in detecting the blind-spot threat and dynamically showcase a video feed of it in the mirror. Other rear-view mirror advancement will be the hybrid view mirror that will merge the rear and side view camera images collectively to build an unobstructed panoramic view of what is at the back of your vehicle.

Similar to Apple’s FaceID, rear-view mirrors in the coming time will possess iris scanning to spot a driver. Once a driver is detected, the car will be able to fine-tune seating, temperature, and music to the driver’s liking.

  1. Truck Platooning

Truck Platooning

Image Source:- https://www.oemoffhighway.com/electronics/sensors/proximity-detection-safety-systems/article/12233087/truck-platooning-for-improved-efficiency-safety-and-emissions-reduction

The automotive industry trends 2020 include truck platooning. In truck platooning, multiple trucks drive very close behind the platoon leader at very high velocity, with the subsequent vehicle automatedly following the leader via vehicle-to-vehicle (V2V) connectivity. Platooning is an incremental stage for autonomous freight transport on public roads and will be accessible around the year 2020.

  1. Supply Chain Optimization

Supply Chain Optimization

Image Source:- https://supplychainbeyond.com/network-model-makes-sense-todays-automotive-suppliers/

Auto ERP software is another latest trend in the automobile industry that enables you to communicate better with the number of vendors and users. This can be done through electronic data interchange (EDI). You can enhance the supply accuracy, manufacturing and can reduce the wastage materials. In advance, supply chain optimization can help in identifying exactly which vendors are supplying materials.

Key Takeaways

Thus, with technological innovation and the automobile industry trends 2020, the mechanical sector is transforming its focus to platform-based services, improved products for electrification, and introducing automation at almost every level.

Even as per global automobile industry analysis and automotive industry reports, this modernization and future automotive industry trends will lend a helping hand to OEMs to augment their user experience. Additionally, they will help out the suppliers to boost their overall business revenue and profits by delivering both systems as well as hardware elements.