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The automotive industry has undoubtedly suffered a major setback in the last couple of years due to the impact of COVID-19. But the latest trends in the automotive industry have shown strong signs that they are ready to get back on their feet, and how.
2024 Automotive Industry Trends
The automotive technology market size is expected to reach USD 69.18 billion in 2023 and is expected to cross the USD 100 billion mark by 2028, growing at a CAGR of 8.21% during the forecast period (2023-2028).
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There were some obvious obstacles due to the prevailing circumstances, but the industry will soon see exciting times with the increased adoption of electric vehicles and the automotive industry introducing IoT (Internet of Things) capabilities in cars, hydrogen cars, etc.
Automotive trends are developments, changes, modifications and designs in the automotive industry that may affect some important aspects such as vehicle design, production, marketing and use.
The rapidly changing times have called for better, more advanced updates in the automotive industry. Some of the most important factors driving these latest trends are technological developments, changing consumer preferences and global economic conditions.
Common focus areas of automotive industry trends are electric vehicles, connectivity, mobility solutions, sustainable development, sales and distribution models. These trends are important to monitor for developing markets, such as the increasing use of electric vehicles in China and India.
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Self-driving or autonomous vehicles have been the talk of the town since the idea was born, while in some parts of the country the idea has been implemented, many others have yet to start.
For example, if the driver shows signs of fatigue or neglect, the risk of an accident is higher. Advanced recognition technologies, such as artificial intelligence (AI) enhanced computer vision (identifies obstacles), can help avoid these accidents.
US startup FlxTran has developed a new transportation system that uses self-driving vehicles on abandoned railways to provide rapid regional transportation to connect smaller communities. Another US startup, Udelv, has successfully offered autonomous vehicles for last-mile deliveries. It combines advanced artificial intelligence algorithms and fast teleoperations for human-assisted guidance in unique situations.
Tech giants like Google and Tesla have been trying to incorporate more digital technology into their cars. This has pushed other companies into a race to develop automotive software and digital systems that can drive and control innovative electric vehicles.
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While 2023 has seen glimpses of digitally equipped cars, 2024 will see more of them come to life and action.
In some parts of North America and Europe, automakers have helped customers skip the in-person visit to the dealership and made it easier to choose or buy online. Using a computer or smartphone, buyers can make purchases at any time, research and select the features they want for the car, and choose financing options to pay for the car. Retailers have also started to offer online sales, e.g.
Let’s online shopper uses virtual walk-around technology (VR technology) Simplifies test drives at home. Provide home delivery of the vehicles they sell
Connected cars connect to the IoT using wireless technology. With connected cars, you get a multimedia experience in the comfort of your car. On-demand features allow you to research anything online while sitting in your vehicle.
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Startups and scale-ups are developing vehicle connectivity solutions that allow them to connect and exchange data with other vehicles (V2V), the grid of electric vehicles (V2G), public infrastructure (V2I), and new and evolving ways of using vehicle data (V2X).
Communicate bi-directionally with other systems outside the local area network Share Internet access and data with devices in and outside the car Send digital data and remote diagnostics, vehicle health reports, PC-only telematics, use 4G LTE Wi-Fi hotspots, opt out. -translate directions, warn of car health problems and intervene directly in disturbances.
Fuel cell electric cars are a phenomenal invention that should offer benefits far beyond your expectations. Electric cars release 54% less CO2 emissions into the atmosphere than the latest gas-powered vehicles.
They can be charged faster Up to 5 times the range of other electric vehicles Only repels water from the exhaust pipes
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Some of the largest car, truck and SUV manufacturing countries, such as China, Japan, South Korea and the United States, fully support fuel cell technology for electric vehicles.
The popularity of this brand new business model has grown rapidly in recent years thanks to, among other things, cost efficiency, reduced carbon dioxide emissions and convenience.
What is shared mobility? In this type of model, two or more people use the same vehicle for a short time. Mobility is a service that people use as a personal rental.
New companies have increasingly offered shared mobility options, creating a creative, affordable and practical alternative to the high costs and many responsibilities of owning a vehicle.
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Singaporean startup Beam has launched electric scooters to promote shared mobility in the Asia-Pacific region. These scooters use an aircraft-grade aluminum frame and are tailored for sharing, safety, reliability and durability.
Selling used cars has always been popular. Industry experts expect used car sales to grow by 9% between 2019 and 2025. Used vehicles, hybrid and electric models have many of the latest car features and are not as expensive as new ones.
Dealers have huge inventories of certified pre-owned cars that are as good as new but cost much less than brand new. Another attractive feature of used cars is low APR financing.
Truck grouping is when multiple trucks drive close to each other while traveling at high speeds to achieve inter-vehicle contact. Truck formations are becoming more and more common because studies have shown that when trucks move in this type of formation, they increase fuel efficiency exponentially.
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The global self-driving truck market is expected to exceed $1.699 billion by 2025. About 50% of small businesses say their truck fleet will be fully self-driving in 20 years. As self-driving vehicles (including trucks) become more common on the roads, so too does truck public transport.
The constantly evolving technical requirements of vehicles have prompted car manufacturers and technology companies to enter into partnerships. This is especially critical for electric, connected and autonomous vehicles that use advanced technology to operate safely.
The partnership helps manufacturers avoid the huge investment they have to make in a technology division. Technology companies can take over the design and manufacture of new operating systems required by the next generation of technologically advanced vehicles.
Chatbots and communication solutions are key technology trends in the automotive industry. New customers are always eager and want to know all the details, whether there are advantages or disadvantages to the car they are buying, and rightly so. Responding to the individual satisfaction of each customer can be a chore for a dealership’s sales team.
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Handle inquiries efficiently, freeing up time for other tasks Simplifying the administration of maintenance and repair contracts, making dealers’ operations more efficient. Optimize the user interface for ads and voice search.
This revolution is not without its challenges, including cybersecurity issues, regulatory changes, and the need for infrastructure upgrades. However, these changing trends mean a commitment to innovations that can make traffic more efficient, safer and more environmentally conscious.
The revolution in automotive trends marks an era of change in the ways we perceive, interact with and use vehicles. From the rise of electric and autonomous vehicles to the integration of advanced connectivity and smart technologies, the automotive industry is undergoing profound change. This revolution not only addresses environmental concerns by promoting sustainable mobility, but also redefines the driving experience, safety standards and overall transport infrastructure. To learn more about the 10 most important trends in the automotive industry over the next 18-36 months, read on.
The IEA estimates that global sales of electric cars will exceed 3 million units in 2020. That’s more than 4% of global car sales. In 2023, this number was estimated to have increased to 14 million.
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Sales of electric vehicles grew from less than 1 percent of total car sales a decade ago to more than 4 percent today.
Thanks to this growth, it is estimated that there are now more than 14 million electric cars on the road.
BEV and PHEV sales in Europe grew by 137% in 2020 compared to the previous year (despite a 20% annual decline in the overall car market).
Bloomberg New Energy Finance estimates that electric cars will account for 10% of all new car sales by 2025 and 58% by 2040.
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Despite this rapid growth, the share of electric cars on the road is expected to remain at only 8 percent by 2030.
By the end of this decade, it is predicted that more than 30 percent of cars in traffic will be electric cars.
Some states (and California) have even committed to ending new sales of internal combustion engine vehicles over the next few decades.
It is estimated that to achieve many of these zero-emission targets, electric cars will need to account for at least half of new car sales by 2050.
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Lithium-ion battery prices have fallen 89% over the past decade, reaching $137/kWh in 2020. In 2023, lithium-ion battery prices are estimated to be $152/kWh.
In China, it was even reported that lithium-ion
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