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Automotive Technologies
The automotive sector is currently at an interesting crossroads, undergoing rapid changes driven by technological advancements, regulatory shifts, market demands, and global events. The sector has witnessed significant growth in Electric Vehicle (EV) adoption, increased penetration of Internet of Things (IoT) features in vehicles, and the introduction of hydrogen-powered vehicles, among other developments. In 2024, global car sales are expected to cross 69 million units, mainly driven by increasing market access in developing countries.
The top trends expected to impact the global automotive market are as follows:
- Increasing integration of digital technologies, such as Artificial Intelligence (AI), cybersecurity, and 5G, into automobiles
- Rising online sales of vehicles
- Increasing preference for pre-owned vehicles
- Vehicles featuring predictive intelligence and maintenance technology
- Increasing number of vehicles with self-driving capabilities
- Increasing collaborations between automakers and technology companies
- A gradual shift toward video marketing of vehicles
Drivers
Growing automobile production in emerging economies
Rapid modernization of transportation infrastructure
Rising awareness about the carbon footprint of vehicles
Stringent emissions regulations
Rising demand for advanced driver assistance systems
Growing use of telematics and cellular networks in vehicle operation
Growing integration of cloud-based applications and features into vehicles
Increasing use of smart glass in the automotive industry
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