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Automotive Product Finder Magazine | Reinventing the future of automobile industry
Reinventing the future of automobile industry
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IoT has penetrated all industries today, and the demand for IoT-enabled automobiles is expected to surge in the future. Priya Sharma informs that in such a scenario, market for connected cars is expected to grow with a CAGR of around 11 per cent during the time period of 2019-2025F globally.
From the first non-motor car to the top brands of today, such as Ford and Bentley, the automobile industry has covered a long journey of evolution and discoveries over a long period of time. Moreover, several global OEMs are continuously focusing on advancing the architecture and technologies of their automobiles in order to lure consumer attention. In 2017, around 97 million automobiles were manufactured across the globe, with China, Japan and USA being the top countries. Many leading manufacturers in such countries are looking to adopt new state-of-the-art technologies in their manufacturing processes, which would result in intense competition amongst them and make many emerging trends mainstream.
Connected cars Implementation of Internet of Things is no doubt a revolution across all the industries. IoT application is also redefining the automobile experience for the consumers. With increasing employment of features such as inbuilt safety parameter guides and automatic driving mode, the demand for IoT-enabled automobiles is expected to surge in the future. Additionally, being able to connect mobile phones with their vehicles is creating a whole new experience for the consumers. Moreover, features such as sense of data intelligence and result optimisation increase the utility of IoT for the commercial vehicle drivers even more.
Moreover, such extensive features are also attracting several leading racing car manufacturers towards the incorporation of the IoT technology in which the driver can extensively control the engine and brake systems and can also perform radar monitoring manually. Such features are becoming the standard in new vehicle production in countries such as China, Japan and Germany. According to 6Wresearch, the market for connected cars is expected to grow with a CAGR of around 11 per cent during the time period of 2019-2025F globally. The Asia-pacific region is expected to account for the largest market for revenue share in the years to come.
The electric vehicle surge
The fact that conventional fuel resources are limited in amount is driving the search for alternative and innovative fuel replacements. The growing popularity of electric vehicles is a direct consequence of the same. According to 6wresearch, the demand for EVs is expected to receive a healthy surge in unit sales by 2024 and would reach around 28 million units globally, with China expected as the main demand driver. Rising fuel cost and international initiatives to reduce the greenhouse gas emissions from the usage of diesel and petrol fuel-based vehicles have further increased the demand for electric vehicles among the consumers. In an attempt to not be left behind in the race, several automobile players are adding consumer oriented EV modules in their product lineups. Growing adoption of non-conventional fuel vehicles in every sector is anticipated to lead to phasing out of fossil fuel-powered vehicles in the near future.
Tracking the behavioural and physical changes of the drivers during the ride and providing access control through voice and face recognition have become a new market trend among the OEMs. In order to increase the safety for commercial drivers, many truck and bus makers are integrating face recognition tools in their vehicles which alert the driver in case the occurrence of a major incident seems probable. Several global OEMs, such as Mercedes-Benz, Volvo, Ford and BMW are also integrating figure and face detection technologies in their access control systems. The global biometric vehicle access system market is expected to receive a healthy growth, especially in developed regions such as North America and Europe in coming years, with a CAGR of around 10 per cent between 2019-2025 owing to the increasing efficiency and thus growing popularity of such systems.
Advancement in powertrains, autonomous vehicle and growing awareness about harmful gas emissions are shaping the automotive industry worldwide. Innovations in the short term would lead to a more safe and comfortable driving experience for the end users. Automakers would have to realign and re-strategise the aims and investments in such developing environments. The ones that would do this would stay ahead of the curve and succeed in adapting to the changing industry.
Priya Sharma is working as Senior Research Analyst in the Research and Consulting division at 6Wresearch. She has completed her Bachelors of Technology from IP University in 2016.
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