7 Exciting Ways Technology is Impacting the Auto Industry
The automotive industry is fluid and constantly evolving. As a result, major trends are already starting to affect the market in 2024. Let’s consider some of the top ways technology is impacting the auto industry.
1: Advancements in Safety Features
As advancements in chips provide more processing power to fine-tune sensors and algorithms, vehicles will become more adaptable to road conditions and improve safety. Active lane assist, collision avoidance, adaptive cruise control, and other new safety features will work together to protect drivers from unexpected road hazards and human error.
2: Hybrids Are on the Rise
Just when it seemed like hybrids had become outmoded by the availability of all-electric (EV) models, the demand for hybrids is stronger than ever while EV demand wanes. The reason may be due, in part, to media regarding harsh weather conditions highlighting the weaknesses of EV technology by stranding drivers when the temperatures drop.
Hybrids present the best of both worlds because they take established infrastructure and engineering that is time tested and improve upon it with a few electric generator features to maximize fuel economy.
3: EVs Are Now More Affordable Than Ever
The prices for EVs are now more affordable than ever as competition crops up among the early movers. In addition, the $7,500 tax credit can now be applied directly to the sticker price instead of waiting for a tax refund. Although improvements in infrastructure and solid-state batteries are a slow-going process that can dramatically alter the EV landscape in the next few years, EV charging speeds, ranges, and reliability continue to improve in the meantime.
4: AI Integration in Manufacturing and Engineering
The advent of artificial intelligence is shaking up the automotive industry with a variety of novel applications. At the manufacturing end, AI is being employed to design vehicles that are optimized for performance, reliability, and safety. AI assists the engineering process by conceptualizing prototypes that are lighter, more aerodynamic, and safer.
5: Fully Automated Vehicles
Since its inception, Tesla has long reigned at the forefront of automated driving technology. Nevertheless, news stories of drivers getting into accidents when driving in Autopilot mode highlighted the flaws in these Level 2 systems.
For 2024, it is expected that regulators will approve Level 3 automated driving systems in select Mercedes Benz vehicles, but only in Germany, California, and Nevada. These systems offer hands-free, blindfolded driving but require the driver to take over if summoned.
6: Renewed Interest in Car Subscription Services
Car subscription services allow drivers to choose a new vehicle every month or every day with all the insurance and maintenance costs included. For drivers who like to switch cars as often as they change their underwear, buying a subscription makes sense despite its high price.
7: IoT and IoV
The Internet of Things (IoT) is transforming into the Internet of Vehicles (IoV) as cars begin to communicate with infrastructure and update the latest patches and upgrades over 5g mobile data platforms. The cars of 2024 are starting to look more like smartphones on wheels. They collect data and use that data to communicate with other vehicles and infrastructure in real time to maximize traffic patterns, safety, and performance.
