By: Jins George
Updated : 07/11/2018 | Published : 25/08/2018
It’s 2019, and, path-breaking trends in the automobile industry will be setting up the stage for a lot more innovation and investments from stakeholders in the industry. If you are part of the automobile industry, the following top 10 trends will define your career growth strategy.
1. Crossover vehicles- Versatility meets practicality and wins the buyer’s approval
For a generation that expects the comfort of an SUV with fuel and operational cost-effectiveness, crossover vehicles have become a big hit. A mix between regular Sedans and SUVs, crossover vehicles have emerged as one of the most practical ways to commute without compromising on comfort and style. Expect significant investments and experimentation, alongside the discovery of newer markets for the sturdy and fun crossover vehicles.
2. Car sharing– Less stress on city traffic and the environment
Industry experts have found that, over the past couple of years, emotional attachment to cars has decreased significantly, this explains why car sharing has become very popular, even in emerging economies in the APAC and the EMEA regions. The fact that by 2030, one out of every ten cars sold is estimated to be a shared vehicle, reflects the growing awareness to ‘go green’ and reduce carbon footprints.
Market analysts at Technavio predict that the concept of car sharing will also undergo bigtime customisation in 2019. Ride-sharing major, Uber, is already allowing passengers to use an auxiliary cable for music, and in some cases even offering snacks and drinks to enhance the passenger’s core riding experience.
3. IoT sparking the growth of connected cars
IoT and connected devices have now made their way into the automobile industry. It is expected that connected cars will step out of developmental obscurity and become an essential personal item to be connected to the internet. While the technology in itself isn’t new, the adoption rate of connected vehicles will rise steadily over the next five years.
4. Going to retirement and multi-purpose vehicles
It’s true that millennials (Age 23-37) rule almost every market segment, but when it comes to the automobile industry, Age 55-60 lead the way. As a majority of this generation move closer to retirement, being able to travel on their own is a critical requirement.
Multi-purpose vehicles provide the much-needed comfort and ease of operation under challenging terrains. Their five-door utility, leather seats, high-end audio systems, and frugal fuel consumption are all incredibly appealing to their retirement life. This explains the spike in sales of multi-purpose vehicles over the past few years, and the trend is expected to continue into 2019.
5. Cloud-powered automobile industry
One significant automobile industry trend is the use of cloud technology. Industry 4.0 has transformed every aspect of automobile production, from design and operation to the servicing of physical systems. Cloud also enables scaling of different processes and services, thereby reducing costs and eliminating any scope for waste. Thus, 2019 will see the automobile industry take more determined steps to integrate their engineering and design activities with the cloud.
One example is automobile telematics, a flourishing market that takes advantage of cloud technology. Below are some key insights into this market from our industry experts.
6. Improved pricing with blockchain capabilities
One of the significant challenges for the automobile industry is dealing with counterfeit parts. Blockchain capabilities have emerged as the best possible solution to rectify this problem. By simplifying the methods to identify and remove the counterfeit parts, blockchain brings transparency into the system and improves the overall pricing strategies. Industry experts believe that blockchain will eventually enable fair pricing in the car market.
7. 3D Printing– Changing the face of automobile manufacturing
3D printing in the automation industry has come a long way since Urbee was designed. While significant credit goes to Local Motors for breaking barriers and launching Strati, other meaningful names in the industry have also developed various 3D car prototypes. Due to the safety benefits and cost-effective nature of 3D printed cars, 2019 will witness more substantial investments from big-name manufacturers in this sector.
8. Electric cars– Eliminating the automobile impact on the environment
Since 2016, the sales of electric cars have reached close to 10 million units, which explains why stalwarts like General Motors, Daimler AG, and VW have entered this lucrative market with their models. The declining reservoir of non-renewable energy sources is a significant push for the production of electric vehicles, which is reflected in the increased market share of electric cars in the European market.
In 2018, the sale of electric cars is expected to cross 5% in the UK market and reach close to 12% in the US market and Tata lunch their electric cars.
9. Driverless with autonomous vehicles
Though fully autonomous vehicles will take some more time to make their way onto the roads, autonomous vehicles are definitely worth the watch in 2019. With benefits like reduced accidents, better traffic management, and increased passenger comfort, the autonomous vehicle is most definitely the crème de la crème where future automobile technology is concerned. After Google and Uber, 2018 will witness a string of automobile giants launching their variants of autonomous vehicles.
10. Big data’s increasing role in the automobile industry
The Department of Transportation in the US has mandated that all new cars must digitally communicate starting 2020.
Ford and Toyota have already teamed up to launch open platform infotainment systems that will connect to the popular mobile phone operating systems like Android and iOS. With these developments, 2019 will witness a higher number of cars with interconnected features that will allow app developers to adapt their offerings to cross-platform users on mobile, tablet, and the web. Digitalization is finally finding a relatable example in the automobile industry.
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