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Automotive Product Finder Magazine | Top trends transforming the automotive industry in 2019
Top trends transforming the automotive industry in 2019
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With automobile manufacturers harnessing emerging technologies, eyeing surge in demand for new-age vehicles, Anjan Kumar delves through changing dynamics of the automotives from efficiency towards innovation.
The Indian automotive industry, for long, has focused on driving fuel efficiency of cars, ensuring passenger safety. The industry has been pushing efficient cars with large efforts from the R&D and manufacturing to the marketing level. However, emerging technologies such as AI, automation have shifted the narration from efficiency to innovation, ushering in a transformational change in the automotive sector.
With rise in demand for new-age vehicles, the shift from efficiency has driven innovation at pre and post manufacturing stages of vehicle production, keeping the fundamental purpose of a vehicle constant. Automotive companies are introducing innovations to enhance manufacturing capacities and efficiencies apart from repositioning the focus from hardware to software capabilities. Here are a few technology trends that will transform the automotive industry in 2019.
Ease of prototyping through 3D printing and VR
Manufacturers spend a huge amount of time and resources in ideating and developing a vehicle’s prototype with high chances of failure or rejection. With the 3D printing technology, businesses today are able to reduce cost, time and variability associated with prototyping. The onset of technologies like virtual reality and 3D printing has paved the way for more cost-effective methods of developing prototypes, thereby saving precious time and resources. Car manufacturers such as General Motors, Hyundai and Ford are deploying new-age technologies to increase the launch frequency of vehicles apart from improving its design and safety features.
Automation rules over the automotive industry
Autonomous vehicles are no longer a figment of imagination, rather a product speeding on the tarmac. Their proliferation is expected to completely transform the automotive industry with the rise of several new technologies and convergence of automotive and the technology industry. According to KMPG, companies including the dominant vehicle makers, technology giants and specialist start-ups have invested $50 billion globally over the last five years to develop autonomous technologies, with 70 per cent of the expenditure coming from outside the automotive sector. Fully-driverless cars are still at a nascent stage but have been partially automated with major technology giants like Google, Apple developing their own hybrids apart from forging partnerships with automotive giants.
Shared mobility disrupting car ownership
India is expected to be a leader in shared mobility by 2030 with the rise of autonomous and electric vehicles, according to Morgan Stanley. With the younger generation adopting global trends quicker, it is expected that potential car buyers will choose shared mobility options over car ownership. This will also create new business models for car manufacturers and will call for changes in their designs to suit commercial vehicle requirements and safety norms.
Blockchain to make automotive more trustworthy
The rise of connected cars will produce immense data which can be used to improve the user experience. The use of blockchain provides an innovative approach to managing data with accuracy and improves upon areas like car financing. According to Frost and Sullivan, 10-15 per cent of connected vehicle transactions are expected to be on blockchain by 2025. The technology ensures that every transaction related to digital assets can be verified, enabling new contract-based transactions. These automated transactions are regulated and initiated by smart contracts which basically are computer programs that provide complete verifications without an intermediary. With smart contracts, an autonomous car can buy data from weather stations, traffic channels and other vehicles that it needs to drive.
Thus, with the upcoming automotive trends and technological advancements, the industry is diverting its focus towards smart manufacturing using digital twin, enhanced products for electrification, increased level of automation and platform-based services. Going forward, the automotive industry is likely to witness an incredible transformation in terms of product design and verification, design support and product development, while also evolving to advanced emission and safety norms that will make it compatible and conducive field for the foreign automakers.
With his 22 years of the experience spanning in the digital, IT, engineering and mobility space, Anjan Kumar is a Vice President-Sales (APAC & EU) at AXISCADES.
Harnessing Emerging Technologies
Hyundai And Ford
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