Over the past few years, we have witnessed spectacular innovations constantly pushing boundaries in the automotive industry. The remarkable transformation is accelerated by not only technological development but also by social demand. AI and automation trends are set to revolutionize the automotive industry with their exciting advances, from electric cars and autonomous vehicles to advanced connectivity and safety features.
AI in the Automotive industry will likely reach over $15.9 billion by 2027. Looking ahead to 2024, safety and sustainability will be the strategic goals of the automotive industry. This blog aims to shed light on the most promising technologies in the automotive landscape, exploring their benefits, applications, and the future scope of this transformative technology.
The Rise of Autonomous Vehicles (Self-driving Cars)
In recent years, self-driving vehicles have become more prevalent with the emergence of advanced object recognition technologies such as AI-enhanced computer vision. Deep learning and neural networks have also become integral parts of autonomous vehicles as they make sense of visual inputs from sensors and cameras equipped with cars. Implementing these sophisticated technologies is crucial to ensure the proper functioning of vehicles’ safety features, such as the detection of potential hazards, collision avoidance, lane departure, the usage of airbags, and 3D mapping.
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The Next-Generation Human-Machine Interface (HMI)
As self-driving cars have made a loud entrance in the age of AI, it fundamentally transformed how the driver interacts with the vehicle. HMI has garnered much attention from industries worldwide. At its core, HMI facilitates a natural and intuitive interaction between vehicles and drivers by employing various technologies such as voice recognition, touch screens, head-up displays, cameras, swipe and gesture functions, and push rotary controllers.
Automotive manufacturers widely deploy HMI systems to enable users to provide inputs and commands effectively and monitor and control vehicles. Most importantly, effective communication helps to keep the driver’s attention on the road, ensuring that road travel is safer and smoother while reducing distractions. Mordor Intelligence states, “The global HMI market size is expected to reach $6.80 billion by 2028.”
Impact of Additive Manufacturing and 3D Printing on Automotive Industry
Automotive manufacturers have increasingly adopted additive manufacturing and 3D printing. It focuses on designing and developing the most complex manufacturing components, parts, and prototypes previously impossible with conventional methods. Rapid prototyping helps shorten the product development lifecycle, offering more efficient, customized, and cost-effective solutions, eventually decreasing production costs, especially for low-volume production.
“The global automotive 3D printing market is projected to be worth over $7.9 billion by 2027, growing at a CAGR of 21.7%.”
As the automotive industry constantly strives to reduce the overall weight of its components without compromising its structure, lightweight helps improve vehicle performance, fuel efficiency, and emissions. With more emphasis on sustainability, the race to produce quality vehicles while significantly reducing the carbon footprint of the manufacturing process remains critical.
Shared Mobility: The Future of Automotive Industry
The rise of shared mobility, such as car sharing, ride-hailing, and bike sharing, has become increasingly popular. This tectonic shift has shown great promise in reducing traffic congestion, mitigating parking space shortage, and reducing air pollution. Moreover, the rapid evolution of digital technologies, such as IoT, AI, and big data, has profoundly impacted shared mobility, especially in the urban environment. The emergence of autonomous driving and alternative fuel vehicles paves the way for improving the quality and efficacy of vehicle-sharing systems while allowing society to take steps towards sustainability on demand.
“By 2026, shared mobility is projected to continue its rapid growth and expected to reach $240 billion.”
Immersive Technologies: Augmented Reality
Augmented reality (AR) is poised to revolutionize the various aspects of the automotive industry, including design, production, and sales. From streamlining complex manufacturing processes to enabling exceptional driving experiences, AR has emerged as a ray of hope for growth and innovations across the automotive industry. It also enhances quality control by allowing real-time inspections and respective actions accordingly.
“By 2025, the AR and VR market is expected to reach about $673 billion, up from $0.21 billion in 2017.”
Indeed, AR-assisted Aerography allows customers to virtually customize their cars with multiple customization options, car comparisons, and examination of unique features. The immersive experience will enable customers to make more informed decisions, enhance their overall purchasing experience, increase customer satisfaction, and drive sales. Moreover, AR interactive guidelines and instructions optimize maintenance and repair, improving effectiveness and convenience. Sooner, Sensory-based AR helps to test-drive a new vehicle before it is manufactured, ensuring the safety features of the new vehicle under any circumstances.
Blockchain Technology: The Next Driver of Innovation in Automotive
The automotive industry is shifting gears towards blockchain technology due to the increased demand for real-time data processing and enhanced security. The decentralized nature of blockchain eliminates the need for intermediaries and guarantees secure and faster transactions across industries by incorporating intelligent contracts. This distributed ledger technology focuses on reducing data leaks and manipulation, ensuring the reliability and safety of their vehicles.
With a transparent blockchain-enabled supply chain, car manufacturers can closely monitor vehicle parts’ design, production, shipping, and distribution. This transparency helps to improve efficiency at reduced costs associated with counterfeit components. Besides that, blockchain offers numerous benefits, such as supply chain management, vehicle history tracking, enhanced CRM, reduced fraudulence, efficient vehicle lifecycle management, and enhanced customer experience.
“The global automotive blockchain market is expected to reach $5.61 billion by 2030, growing at a CAGR of 29.3%.”
Ready to harness the power of Transformative Technologies?
As technologies continue to evolve and penetrate the automotive industry, it will be fascinating to envision future developments and innovations. iLink Digital is at the forefront of digital transformation, offering cutting-edge technologies and solutions. With our team’s expertise and pragmatic approach, iLink digital guides automotive industries in navigating the changes and transforming challenges into opportunities.
Our solutions help automotive original equipment manufacturers (OEMs), suppliers, and dealers run connected vehicle ecosystems with enhanced supply chains and after-market processes. Let’s collaborate and usher in a transformative era in the automotive industry.