Plugging into the Future: Electrifying the Global Automotive Industry
It is more than just passenger cars now from India to America, one may find them on a quiet, zipping electric transit bus. The earliest electric fire automobile in the nation will be welcomed by Angelenos in 2021 and in the upcoming years, electric sanitation trucks will be inaudibly gliding through neighborhoods to collect garbage and assist in recycling, and more electric trucks will be delivering packages from factories to households, air pollution-free. The future wave of the electric vehicle industry is here with growing concern from environmentalists with the technologies such as artificial intelligence; tremendous growth has been estimated in the field in the upcoming years.
The European Love Affair with Diesel Engines May Come to an End
Electric Vehicles adoption is picking up in Europe. In the EU-15 region, the market share of diesel engine vehicles increased from about 3% in 2017 to about 135 in 2023.The following verdict taken by the German court to permit individual cities to prohibit diesel vehicles and supplementary taxes imposed on diesel vehicles in countries such as the United Kingdom are causing auto buyers to think twice before committing to this engine technology. Furthermore, a few countries, including France, Norway, the United Kingdom, and the Netherlands, have already declared policies to prohibit the sale of vehicles that run on conventional gas and diesel fuel. The following table shows the EV sales in Europe:
Top Automobile Trends and Innovations
The present era is that of digitalization and the effect of it is witnessed in every field of an economy. In the automobile industry, it has resulted in remarkable change and helped eliminated the manual element in various ways. Technologies such as electrification, human machine interface, blockchain, artificial intelligence, 3D printing, Internet of things, and shared mobility. The percentage of impact these technologies have had on the automobile industry is illustrated in the table below:
Blockchain the Next Generation Technology
Blockchain finds multiple applications in the automotive industry. These comprise of allocating vehicle data over a protected network for connectivity and collective mobility solutions such as urban transportation, ride-hailing, and deliveries. Furthermore, it finds relevance in verifying the supply chain of unused parts or making sure that the raw materials and spare parts are sourced completely from authorized and reliable sources. The following examples illustrate the implementation of blockchain:
- Cube Intelligence: British startup CubeIntelligence developed a blockchain-based safety stage for autonomous vehicles. The startup’s technology uses hash codes to obstruct malicious attacks or hacking attempts on autonomous cars and connected cars. The hardware utilized collects real-time information on mobility and emissions. Moreover, Cube Intelligence offers ride-hailing and valet parking services for AVs, as well as smart parking management systems.
- DAV: Israeli startup DAV gives autonomous vehicles display place based on blockchain technology. The platform allows autonomous vehicles to establish AVs, service providers, or clients around them. The vehicle-to-vehicle (V2V) announcements are either through blockchain, with smart contracts, or off-blockchain using DAV’s protocols.
Emerging Big Data & Data Analytics Technologies
In the age of big data, highly developed data analytics alerts the consumer about a range of decisions all through the lifecycle of a vehicle. Data collected from vehicles allows analytical maintenance, informs managers about their fleets, and alerts concerned authorities in times of accidents. Furthermore, customer automotive data finds applications in optimizing supply chains, driving sales, and improving product design for latest vehicles. The following examples show the implementation of big data:
- Procon Analytics: The US-based startup Procon Analytics leverages big data to present a resolution for automotive finance. The resolution captures millions of information in real-time and analyzes them to facilitate lenders to immediately evaluate and lessen risk. This enables Buy Here Pay Here (BHPH) dealers to increase their businesses and broaden credit to high-risk customers. Furthermore, this also offers software solutions for asset tracking as well as connected cars.
- Unit8: Swiss startup Unit8 uses big data and analytics to offer digital solutions for various industries. For automotive, the startup develops predictive models that encourage car companies to improve marketing or operations and increase their revenue. These models offer insights into product price, build, and after-sales service.
Outlook for Upcoming Years
Additive manufacturing near production sites, AI-based computerized inspections, utilization of big data to notify design and production, and human-machine interfaces are reinventing the manufacturing processes for automotive players. The drive for electric cars and driverless cars is strengthened by developments in machine learning and IoT. These also facilitate latest business models in collective ownership of vehicles, safety improvements, analytics-driven maintenance, and insurance. Moreover, startups and up-and-coming enterprises widen solutions that facilitate vehicles to strongly correspond and transact over a network.
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