The automotive industry is presently coping with what might be its greatest transformation. This transformation could be a crucial facet of a digitally-enabled merging of social, industry, and technological forces near to ignite an outburst of innovation within the international transportation arena. Considering the sheer size of this trade, we are able to rightly say that it has the ability to continue influencing the direction within which humanity will progress in future.
Technology-driven trends have continually been revolutionizing the approach within which automotive trade players react to the dynamical behaviour of shoppers, build partnerships, and convey a few amendments.
The future of the automotive industry looks very exciting & promising. Let’s take a look at some of the emerging trends in this industry that are revolutionary in multiple ways and are sure to take the entire industry a step further in the right direction.
Car Subscription Services
The most vital advantage of a car subscription service is that you just will drive around a vehicle of your choosing while not having to conceive to it long-term. You may additionally get the peace of mind that comes with knowing your vehicle is insured which maintenance prices are taken care of. Several automobile subscription services allow you to swap out your set of wheels for a replacement one with very little notice and for a comparatively little fee.
Car subscription are still pretty new, thus most are still centred on a small regional space and are surpass automotive makers. Some automotive subscription services provide more flexibility than others –– several are merely a custom-built lease choice and can appear acquainted to anyone who has hired a vehicle before.
Usage-Based Insurance for Vehicles
Gone are the days of hardwired insurance policies. Today, the world is moving towards a better, more refined insurance system. The use of technology has made it possible to revamp the insurance model and strategies to increase convenience for the users.
Usage-based insurance (UBI) is one such emerging trend that is progressively getting famous all around the world. Insurance companies are using technology, especially the Internet of Things, to get more precise and reliable results when it comes to assessing risks, creating pricing policies, and estimating reserve.
It is a custom Insurance that takes into account things like how you drive, travelled distances, type of vehicle, etc. In other words, this new trend has introduced new premium calculation models like Pay-as-you-drive (PAYD), Pay-how-you-drive (PHYD), etc.
Shared Mobility Options
Shared mobility is a single solution to numerous problems encountered by the automotive industry. It revolves around the idea of coming up with solutions to reduce the number of vehicles on the roads. There are multiple options available when it comes to shared mobility. For instance, carsharing, bike-sharing, peer-to-peer ridesharing, and on-demand rides are some shared mobility options available to consumers.
Apart from being highly convenient for the users, shared mobility can also decrease the amount of travelling time along with bringing down the cost of the journey. But perhaps, the best part about this innovative trend is that shared mobility offers a solution to control and reduce pollution in the environment. In Australia alone, transport is the third-largest source of greenhouse gas emission.
Fortunately, shared mobility can help decrease the number of cars on the roads all over the world. This, in turn, will lead to reduced emission of pollutants in the environment, hence, less pollution.
AI Cars and Smart Management Solutions
Smart cars are already making their way into the global market. However, thanks to Artificial Intelligence (AI) technology, we can expect things in the automotive industry to go up a notch. From intelligent traffic systems to smart parking management systems, nothing is out of reach anymore. Furthermore, the advent of AI cars comes hand in hand with collision avoidance technologies. Remote monitoring and diagnostics of vehicles is another promising prospect.
Keeping these emerging trends of the automotive industry in mind, it won’t be a stretch to say that in the next few years, the industry may change as we know in it!