The recent surge of innovation in the automobile industry brings with it a whirlwind of opportunities.
Technology is quickly transforming the way transportation is done with consumer behavior and expectations closely following suit.
Today’s tech trends for the automotive sector are paving the way for mass adoption of AI (as seen in the progress of self-driving cars) and innovative Bluetooth additions to crash-avoidance technologies as well as the incorporation of online components for improved vehicle based services and much more.
Industry leaders and business owners in the sector are quickly realizing that the ability to adapt is going to be vital.
Chinese technology giants Baidu Inc., Alibaba Group Holding Ltd. And Tencent Holdings Ltd., which were all dominant forces in the e-commerce, online payments and social media sectors are now making inroads into transportation by investing millions of dollars and developing platforms that leverage off car sharing and other developments.
Business strategy is beginning to revolve around the direction that tech will take us and is at the same time, raising the stakes and multiplying the rewards for forward-thinking first-movers.
Here are a few promising tech trends that are set to bring about a renaissance for one of the oldest industries in the world, the automotive sector.
The Ridesharing Revolution
Key insights into today’s consumer psyche show that connectivity and convenience are set to play a huge part in the way transportation will work.
People are now looking at cars less as products and more as platforms that enable drivers and passengers to utilize their time more efficiently.
While many experts doubt that ridesharing will completely end car ownership, it definitely does provide an effective second option.
In fact, many experts insist that the development of ridesharing technologies are far more important than those of autonomous vehicles.
According to Thomas Cole of BMW’s car sharing service ReachNow, car sharing is still generally young but has great potential if it has a lobby that’s equally as powerful as the one found in the rental car industry.
Innovative Automobile Services
Individual mobility is becoming more susceptible to technological breakthroughs and this has the potential to result in a fundamental shift in mindset (and associated choices) for consumers.
From using multiple modes of transportation to complete a journey to goods and services being delivered instead of being picked up, traditional business models are being disrupted by the demands of innovative mobility solutions.
Throughout the world, automobile services are adapting to accommodate new opportunities such as auto mobile repairs that enable certified mechanics to fix your car right at your doorstep and businesses that focus specifically on car battery delivery services.
Although we have yet to see driverless vehicles becoming a popular mode of transport, autonomous driving is in many ways one of the most significant turning points we have seen in the last decade.
In 2017, Nvidia introduced a chipset to support Level 5 autonomy, while ride-hailing service Lyft’s has partnered with automobile supplier Magna to develop driverless vehicle systems and make them available to any automaker.