Automobile Industry Trends

After a pandemic in 2020, the automotive industry is slated to resume its development trajectory. By embracing digital transformation in conjunction with a market shift toward personal mobility over public or shared mobility, the Indian car market is on track to overtake the United States as the third-largest global vehicle market. The automobile sector will thrive in 2022 and beyond.

In this constantly changing environment, we’ve listed a few trends that will shape the automobile industry’s future. If you work in the automotive sector read this blog till the end to learn the most cutting-edge tactics for expanding your business. Bawaauto made this article to help you understand about the current automobile industry trends of India and across the world.

Also, learn about 9 different types of automobiles.

Top 11 Automobile Industry Trends And Technologies

Information-centric technologies will play a significant role in the industry’s future, according to a thorough analysis of trends in the automotive industry for 2022. At a rapid rate, the sector is incorporating new technologies into its operations. Newer technologies like the internet of things (IoT), blockchain, artificial intelligence (AI) and big data & analytics, have many uses in the automotive industry.

Enhancing customer experience through digitalization

Online car searches are becoming more and more popular. The digital revolution in the auto sector aims to move various client touchpoints online, from inquiry to delivery. Customers gain a more customised and user-friendly experience, and automakers and dealers can more effectively target and interact with their customers through digitilisation. 

A critical focus on the needs of the consumer is what drives the adoption of digital transformation. Now cutting-edge technology like augmented reality (AR) and virtual reality (VR), and social media platforms are used to improve the consumer experience. Even post-sale services like maintenance and insurance are increasingly being provided online, allowing for simpler procedures and hassle-free car administration.

Electric Vehicles: A fast-growing reality

The EV market is expected to expand at a CAGR of 44% between 2020 and 27. Currently, It is receiving support from government incentives and is booming with new competitors. The removal of the battery from recent vehicle sales is supporting the rise of electric mobility by lowering upfront costs, lowering GST, and increasing consumer acceptability and interest in alternative-engine vehicles and sustainable mobility solutions.

To know about the best electric cars in India, click Here.

Businesses and corporations have a wonderful opportunity to reinvent their mobility and embrace greener fleets with EVs and PHEVs thanks to the growing popularity of electric vehicles. In the long run, this not only aids organizations in achieving their sustainability goals, but it could ultimately aid in cost-saving.

Vehicle Connectivity: Beyond just a car

Although it is still early, more and more “connected” vehicles are appearing on Indian roadways. Consumers appear to have embraced the idea as we can see successful models from automakers like MG and KIA being equipped with connectivity capabilities that enable internet access and data sharing with external devices. This is estimated that there would be 1.7 million linked vehicles on Indian roads by 2022.

Telematics: optimising fleets using technology

Businesses and corporate organizations are always seeking ways to improve their mobility, particularly when it comes to automobile fleets.  Technology is at the core of this modernization, as we see the use of data and telematics to optimize business fleets as a growing trend. It is one of the industries with the quickest growth, with a CAGR of almost 16 percent (2016-20). Telematics can facilitate communication, navigation, safety, and security while providing insightful data on the efficiency of the fleet.

Scrappage Policy: Opportunities and Impact

On October 1, 2021, the scrappage policy comes into force, so people and businesses should consider how it will affect their car plans. The plan aims to phase out old cars and lessen vehicle emissions while enhancing efficiency and safety on the roads. When purchasing new vehicles, customers who have trashed their previous cars are given incentives. This action can result in a rise in the market’s demand for new cars.

The use of old vehicles will cost much more due to the requirement for fitness tests after 15 years of ownership, the expense of renewing registration, and the various cases, so it’s critical to look for alternative forms of transportation, like car leasing, that allows quick, timely upgrades and boost productivity.

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Reduced ownership period leading to rising in used car market

Despite a decline in new automobile sales, the used car industry grew steadily by 6.2 percent between 2016 and 2020. The growing proportion of millennial workers is responsible for this trend. The shorter car ownership duration, which is currently between 3 and 5 years, is a reflection of shifting customer behavior. As more individuals favor a personal automobile over public transportation, other factors, such as the change from BS-IV to BS-VI, the GST rates disparity on purchase of a used car versus a new car, etc., also contribute to this tendency, which is still expanding.

Human Machine Interfaces (HMI)

It will significantly alter how drivers interact with automobiles as self-driving and connected cars reshape the automotive industry. Vehicle controls are made possible through human-machine interfaces that use haptic or speech feedback. These increase the range of how and what elements of a car consumers can control. Because of this, using such interfaces while driving is safer and more pleasurable. Intelligent virtual assistants are another type of HMI that facilitate communication between users and their automobiles and other service providers.

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Blockchain

Numerous applications in the automobile sector are made possible by blockchain. The exchange of vehicle data across a secure network for connectivity and shared mobility solutions like ride-hailing, urban transportation, and deliveries is one of them. Additionally, blockchain is useful for checking the supply chain for spare parts or ensuring that raw materials and spare parts are only obtained from legitimate and reliable sources.

Internet Of Things

IoT enables safe communication between cars and the infrastructure that supports them in the huge automotive industry. With better fleet management, this technology significantly contributes to enhancing road safety, lowering pollution levels, resolving traffic jams, and cutting energy consumption. New businesses and startups created sophisticated sensing systems to gather information about the vehicle. It also gives the car the ability to understand and interpret its environment. The automation of toll and fuel payments is the best feature of enterprise mobility app development.

AR/VR Solutions

It is specifically designed for recently hired staff who can use the AR/VR model for learning purposes as well as digitally showcasing to clients. There are three main ways that 3D printing helps the car sector. First, it enables quick prototyping using 3D printed models. This quickens the testing and production design processes. Second, it gives manufacturers the option to customize the spare parts to their specifications. Finally, the additive generation of composite materials paves the way for stronger, lighter, and more reliable automobile components.

Vehicles Connectivity

Modern automobiles have a tamper-proof digital identification that sets them apart from other vehicles in the network. This makes it possible to easily track vehicle data for a variety of use cases, including fleet management, insurance, and driver safety. Sharing vehicle data benefits the entire mobility ecosystem, not just the individual client. Startups and scaleups provide vehicle connectivity solutions that let them link and share data with other vehicles (V2V), an electric vehicle grid (V2G), public infrastructure (V2I), as well as with modern and developing ways to use vehicle data (V2X).

To know about top automobile companies in India, click here.

Conclusion

I hope these brilliant automobile industry trends and technologies of 2022 will help you and have increased your knowledge about automobiles. These trends will undoubtedly shape the future of the automobile sector. Technology has the ability to turn any unprofitable experience into one that is full of utility. Who in the early agricultural era imagined that we would be driving cars today without exerting physical effort or using solid skills? Be prepared for more similar eye-opening developments in the automotive sector. Share any feedback and comments you may have here. Don’t forget to share it with your friends and family.

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