The automotive industry has experienced a significant slowdown over the past few years and is clearly going through one of its most difficult times as a result of the epidemic. However, current developments in the automotive sector indicate that it is resurfacing. The industry will experience some of the most exciting times despite the impending obstacles, thanks to the growing popularity of EVs, the introduction of Internet of Things (IoT) capabilities in cars, the development of hydrogen-powered vehicles, and other developments. This necessitates a careful examination of current developments in the automotive sector, which is why this blog presents to you some of the key developments in the vehicle market that you should be aware of in 2024.
What Are Trends in the Automotive Industry?
The term “automotive industry trends” describes shifts in the sectors’ patterns that affect vehicle manufacturing, marketing, design, and usage. These trends are driven by changes in global economic situations, consumer tastes, regulations, and technological breakthroughs. Because of how dynamic the automobile sector is, trends can shift over time. To remain competitive, automakers, suppliers, and other stakeholders must keep an eye on and comprehend these changes.
Trends in the automobile sector often centre on electric cars, driverless cars, connectivity, sustainability, mobility solutions, advanced production, and new models for sales and distribution. Adhering to these patterns, such as the increasing uptake of electric vehicles in China and India, facilitates deeper penetration in the emerging market.
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Current Trends in the Automotive Industry for 2024
Future automotive sector trends indicate a wild ride ahead for the participants. Global challenges like the energy crisis, decreased global demand, and persistent supply-chain problems will be faced by the automobile sector in 2024. Global new-vehicle sales are expected to stay flat despite these obstacles, while new-car sales are expected to rise. It is anticipated that the market for electric vehicles (EVs) would increase, even though government incentive schemes may change.
Global auto sales are predicted to surpass 69 million in 2024. It is fueled by easier access to markets in emerging and developing nations. As a result, China and India are becoming more and more the home of electronic vehicles.
To support the growing fleet of electric vehicles, the government will need to place more emphasis on charging networks. The industry for driverless vehicles will grow if UN officials increase the speed limit. Let’s take a look at the changes in the automotive industry that will influence 2024.
1. Growing the number of digital cars produced
More digital technology is being incorporated into automobiles by automakers and tech behemoths like Google and Tesla. As a result, there is already a race to develop digital systems and automotive software that will power and regulate cutting-edge electric vehicles. Cars made in 2024 and after will be equipped with a plethora of technology to handle digital touchpoints.
2. An increase in sales through the internet
Automakers in North America and Europe now provide customers the opportunity to purchase cars online without going to dealerships. Buyers can select options, arrange financing, and even perform virtual test drives and walkarounds using a computer or smartphone. More dealerships are anticipated to provide home delivery, vehicle inspections, and internet sales by 2024.
3. The growing demand for secondhand or pre-owned automobiles
The most in-demand are cars under four years old, which are more affordable than new cars and have the newest technology. This includes used electric and hybrid automobiles; retailers now provide certified pre-owned autos, which cost less and have the same appearance and functionality as new cars. Pre-owned cars are a desirable alternative because of their low APR financing choices.
4. An increase in linked automobiles
Cars that link to the Internet of Things wirelessly are known as connected cars. With features that enable on-demand web browsing while in the car, they provide a simple, safe, and cosy multimedia experience. Turn-by-turn instructions, 4G LTE Wi-Fi hotspots, vehicle health reports, remote diagnostics, and alerts for potential problems with the health of the vehicle are just a few of the services they offer. In 2024, the technology is expected to expand with the addition of predictive intelligence and maintenance technologies, having already handled over a billion customer requests.
5. Increase in self-driving, autonomous vehicles
In 2024, self driving cars will still be more prevalent than they are today. According to research, autonomous vehicles increase safety, decrease downtime, increase last-mile delivery options, and provide 10% more fuel efficiency. Furthermore, a number of trucking businesses have experimented with self-driving technology; in the near future, autonomous truck fleets will coexist with conventional vehicles on the road.
6. EV fuel cell launches
In 2024, fuel-cell electric vehicles—which have zero emissions, a longer range, and a faster recharge time—will become widely available. Fuel-cell electric vehicle development is receiving backing from nations such as China, Germany, Japan, South Korea, and the United States, leading automobile, truck, and SUV manufacturers. Fuel-cell electric vehicles may finally make a breakthrough this year.
7. An increase in manufacturers working with tech firms
The ever-changing technological needs of vehicles are leading to cooperation between automakers and tech businesses. This is especially important for driverless, connected, and electric cars, which depend on cutting-edge technology and specialised software to operate properly. In order to create the new operating systems required for the upcoming generation of technologically advanced vehicles, manufacturers are teaming up with tech businesses. We anticipate more collaborations in 2024.
8. Expanding market segments within the automobile sector
Parts are in great demand and are in greater supply as the market expands. The market’s availability of updated automobiles has created a chance for companies that both manufacture and supply the parts. Vehicles that have been improved and modernised with considerably more technology enable markets that supply vehicle parts to flourish explosively. These markets are expanding quickly over the long run.
9. The lack of chips will make the automotive sector more difficult.
Automobile manufacturers who continue to use outdated, underpowered chips will impede the expansion of the automotive sector. The industries are forced to reduce production since it is restricting the features and technology available; nevertheless, luxury cars have considerably greater budgets and intricate electrical systems built into them. Manufacturers must either change their cars or explore alternative chip alternatives.
10. Consumers moving to micro-mobility:
As the globe moves towards electric vehicles (EVs), people typically choose to switch to smaller, more ecologically friendly, and more reasonably priced cars. In these crowded cities, they are far more convenient to use, and parking these cars is lot simpler. These cars are preferred by younger generations, particularly millennials and Gen Z, because they are far more appealing.
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