Augmented reality has been raising the bar of customer experience by providing a sci-fi movie-like experience to customers. With increasing competition and entry of multiple players in the market, the automotive industry is slowly transforming by adopting the popular technologies that have already made their way to other industries. Augmented reality is one such technology that many players in the automotive industry are venturing into, considering the wide range of benefits it has to offer. Here are a few advantages of augmented reality in the automotive industry:
Automotive industry giants such as Volkswagen has started experimenting with augmented reality to provide virtual test drives to customers. By using this technology, the customer gets a full-blown experience of sitting behind the wheel without actually sitting inside a car.
Road Rage Reduction
Wonder how technology can influence the behavior of a person? Often, people display unruly behavior in traffic. Honking too loudly, hitting sudden brakes, or cutting the other passengers in traffic could give rise to such behavior. But augmented reality has a solution for this too. The idea is to display a message through the windshield such as “Rushing to the hospital, late to the airport”, which could send out a communication to other passengers without giving rise to conflicts for rash driving.
Virtual Workshops For Servicing Professionals
With the growing complexity of automobiles, the need for service employees to learn the right mechanisms for servicing a vehicle has become quintessential. With the help of augmented reality, companies can now give a hands-on training experience to employees on how to service a particular vehicle.
Perfection Of Vehicle Design
In the automotive industry, the use of augmented reality benefits the manufacturers at the design phase of a vehicle. With the help of this technology, the manufacturers can have a life-like look at the vehicle’s design and parts and make on-the-spot modifications before the final design is formulated.
Presenting Variants To Customers
Today, most of the car buyers research online before they go ahead and make a purchase. With the help of augmented reality, companies in the automotive industry can now create a digital showroom, where the customers can take a virtual test drive and inspect the design and features virtually before making a purchase. This also reduces the dealer’s wastage of space, time, and money involved in showrooms.
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In the recent past, China had topped the WHO’s list for deadly outdoor pollution. A major portion of this pollution can be attributed to the use of various gasoline-powered vehicles that emit poisonous gases into the atmosphere. The growing concern about pollution has prompted the Chinese government to issue new rules for companies in the automotive industry in favor of selling more alternate energy cars in the country. This has spiked up the demand and the supply of electric vehicles in the China.
Interesting Facts About China’s Automotive Industry:
Wonder what makes China one of the key players in the Automotive industry?
- China is the largest producer of vehicles in the world by a wide margin, which means there is no question of another country taking over China as the automotive industry leader in the near future
- The biggest growth in the Chinese automotive industry is expected from the electric vehicle sector
- The Chinese government is offering various incentives to electric car owners such as free license plates and free parking to promote the sale of the electric vehicles
Why are Companies Keen on Entering the Chinese Electric Vehicle Market?
The Chinese automotive industry is driven by factors such as low cost of production, high demand, subsidies from the government, etc. With the new shift in the trend to electric vehicles in China, companies are focusing on meeting the demands to sustain themselves in the market.
- There is limited competition in the electric vehicle segment of the Chinese automotive industry
- The Chinese government is providing various incentives to the producers and owners of electric vehicles; due to this, there is an increase in the demand and an opportunity for companies in the automotive industries to meet this rising demand
- Lower maintenance and fuel costs have also given rise to the increasing demand for electric vehicles in China
- The Chinese government is likely to put a cap on the average fuel consumption; this would eventually force companies in the automotive industry to invest in the production of electric vehicles to survive in the market
- There is a huge fall in the price of batteries used for the production of electric vehicle, which would facilitate the production at a much lower rate and increase the profit margins
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Digitization and technological advancements are gradually changing the face of the automotive industry. The consumers have become more demanding in terms of gaining a digitally enhanced experience, which has subsequently forced the companies to revamp their digital and technological offerings. Here are some of the key digital transformation trends in the automotive industry:
Transformation in the Car Buying Process
The conventional form of car buying is a stressful process. The hassle of having to deal with a negotiating salesperson is gradually changing in the industry. Thanks to the development of technology, customers today are well informed about a car well before they step into a showroom. This transformation has provoked dealers in the automotive industry to go digital. Many popular websites also serve as an information and virtual display source by the click of a button for customers aspiring to buy a car.
Self-driven cars are a breakthrough invention in the automotive industry. It is expected that self-driven cars will decrease automotive accidents and deaths and will also give the people, previously constrained, the freedom to travel. However, there are various regulatory barriers for the growth of self-driven cars because of the usage of the internet, which is exposed to threats such as hacking.
Connected supply chain and improved manufacturing
Like most other industries, the digital transformation trends are being used to personalize a customer’s needs in the automotive industry. Digitizing the connected supply chain drives down cost, engages the consumer, and collects data to serve the consumers better. In addition, digital transformation has helped in bringing about transparency in the supply chain, delivery, and accelerating design and manufacturing.
Machines are not as smart as human beings; however, the digital transformation in the automotive industry has been a game-changer in making vehicles smarter. The vehicles being designed today have the ability to report various maintenance issues that would otherwise go unnoticed by a vehicle owner. Vehicles can now indicate if the tires need air or if a part must be replaced. This helps reduce the risk of unforeseen vehicle breakdowns and maintenance requirements.
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The automotive industry has undergone major transformations with the launch of new technologies and increasing investment in research and development activities. One of the emerging trends in the automotive industry is the autonomous vehicle technology, which is commonly known as autonomous or self-driving vehicles – one of the most disruptive innovations of this decade. Although autonomous vehicle technology seems futuristic, major automotive companies such as Tesla, Google, Toyota and Ford have been continuously testing ideas and directing efforts towards making driverless vehicles a reality. The autonomous vehicle technology exceeds the ability of human drivers in terms of safety and reliability.
Open Innovation in Automotive Industry – Yes or No?
Open innovation is a popular term that aims at solving tough challenges by soliciting breakthrough ideas from specialists with diverse backgrounds. The background diversity allows creative thinking and brings in different perspectives that offer a longer list of alternative options and possible solutions to the business challenges. Open innovation is essential in the automotive industry as it can help the major players like Fiat and BMW in their self-driving car development program in developing a technology blueprint. The autonomous vehicle technology requires a high amount of investment in terms of money, resources, and time as well as complex problem-solving capabilities, and expertise. Open innovation allows other automobile and tech companies to pitch their ideas and ensure the success of the autonomous vehicle technology.
The automotive industry can bring down the costs and time-to-market by leveraging expertise from different fields. Major automotive companies have considered acquisition, mergers, or partnerships with their market counterparts to gain an in-depth understanding of the challenges with the help of market intelligence services and devise effective solutions. However, till today autonomous vehicle technology is a big challenge faced by the automotive industry players, which can maybe be solved with the help of open innovation.
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Thanks to technological advancements and innovations, the transportation industry has drastically evolved in the recent years. The modified forms of transportation have made life easy, streamlined supply chain and logistics networks, and ironed out the global trade issues. The transportation industry, one of the important industries across the globe, is the backbone of global trade and logistics, which entails a wide range of activities right from transport, packaging, logistics, and warehousing among others. The transportation industry is growing as manufacturers in the automotive industry are investing in innovations in automobile engineering and related research and development efforts. Emerging transportation industry trends such as connected cars, self-driving vehicles, and electric vehicles are also driving sales and profitability.
Emerging Transportation Industry Trends
The rise in digital proliferation has coerced the companies in the transport industry to analyze the market opportunities and study the competitive landscape to identify potential growth opportunities. Additionally, the increasing application of internet of things (IoT) within the transportation industry has also transformed the way people commute from one destination to the other. The latest trends and developments in the transport industry have transformed the transportation and automotive industry, driving efficiency and increasing connectivity. Self-driving vehicles, real time location tracking, and analytics are passé, let’s have a look at the emerging transportation trends that will revamp the transportation landscape,
- Transport options like Hyperloop, a futuristic tubular system that shoots pod-like capsules from one point to the other at the blink of an eye will soon be a reality
- Move over self-driving and autonomous vehicles, self-flying cars will soon exist in the near future. This means flying cars or vehicles will hover above the ground level at a specified altitude
- Keeping up with the trend of self-driven and autonomous vehicles, driverless vehicles will be ubiquitous and the automotive industry will soon launch driverless pods that can be controlled with the help of personal smartphone or mobile device
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The recent ACA Vs. AHCA debate, reimbursement issues, and the growth of the medical device manufacturing industry have given rise to the emerging healthcare industry trends that are set to revolutionize the global market space. The upward swing in the global healthcare industry makes it essential for the healthcare service providers, payers, and patients to stay abreast of the latest healthcare industry trends. The recent transformation of the healthcare industry is the result of the technological and medical advances, new payment models and structures, and the presence of a dynamic regulatory landscape. What are the emerging healthcare industry trends, you ask? Scroll down.
Healthcare Industry Trends: Rise of Patient Centric Care
With integrated healthcare service delivery models, the industry is moving towards patient centric health care systems. Globally, the heightened consumer awareness level as a result of the growing internet penetration and access to information has paved the way for emerging patient centric health care models and systems. The patients are also demanding quality services at affordable prices and have accepted greater accountability for their health-related issues. As a result, this trend has democratized and decentralized the global healthcare sector across the world with new products and delivery systems.
Healthcare Industry Trends: Adoption of Advanced Analytics
In their quest to optimize their human resources, the players in the healthcare sector are adopting advanced analytics and technological solutions to minimize costs and enhance quality. By leveraging advanced analytics, the healthcare service providers can gain actionable insights into the patient’s journey and medical flows, which allow for better patient care. As a result, the health systems achieve greater value and improved outcome of the clinical health services with the help of advanced analytics, strategic analysis, and predictive analytics.
Healthcare Industry Trends: Public-Private Sector Partnerships
The change in the customer demographic has led to a collaboration between the public and private healthcare sector, which, in turn, is transforming the healthcare finance and service delivery landscape. Organizations in the healthcare industry are developing new market entry strategies and collaborating with other industries such as telecom and retail to reshape the global market space. The rising middle-class population and technological advancements across the globe have fueled the demand for more healthcare services and products.
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The growing popularity of internet of things (IoT) enabled devices and smartphones, and the recent increase in the penetration of the internet across the globe has redefined connectivity. Individuals are always connected to the internet from their mobile phones, smartphones, and laptops even while commuting. Earlier, there were some dead spots and lapses in network coverage on the public transportation system such as buses and trains. But today, IoT is set to transform the public transportation system by driving efficiency and increasing connectivity. IoT is the key to improve the transportation industry, which will, in turn, help in redesigning the public transport system.
IoT and Public Transportation System
Connected vehicles or connected transportation simply means vehicles that have Wi-Fi or other sensors that facilitate internet connectivity while traveling. By leveraging IoT enabled devices and networks in the public transportation system, authorities can optimize the routes, lower infrastructural costs, reduce traffic network congestion, and enhance road safety. The public transport system embedded with IoT sensors can be used to track the vehicle through GPS, monitor the vehicle behavior, schedule maintenance activities, and assist the driver in reserving public parking spots for convenience. The data gathered through IoT-enabled devices can be analyzed with the help of various business intelligence solutions and gain actionable insights that can be used to make strategic decisions, assess driver behavior, impart training in required areas, and plan and develop smart cities.
Revamping the Public Transport System – How?
There are millions of people that avail the public transport services and commute daily on buses and trains each day across the globe. This mass network of public transport system generates large amounts of data on a daily basis. How exactly IoT can revamp the entire public transportation system, you ask? Here’s how.
- The public transport vehicles, if embedded with sensors, can alert the maintenance and service teams to schedule maintenance activities, and ensure that the vehicle complies with the regulatory standards and frameworks
- Through IoT enabled devices, public transport vehicles can offer internet connectivity either through embedding in-built chipset or tethering the vehicle with hardware to offer Wi-Fi connectivity to enhance customer experience and improve consumer journey
- The entire transport industry generates large amounts of data through various sources like ticketing counters, vehicle sensors, traffic signals, social media, and personal feedbacks that can be analyzed with the help of business intelligence and customer intelligence solutions to plan services and offer information to their customers
- The organizations can track the vehicle movement, trace the location, monitor the activities, and develop measure to ensure safety
Transportation System and IoT – Roadblocks
The growing dependence of the transportation industry on IoT enabled devices and sensors may help ease out traffic and network concerns. However, the authorities must be able to protect sensitive data and networks to ensure individual privacy and data safety from cyber-attacks. Additionally, developing an IoT enabled public transportation system requires a strong network infrastructure with added investments to ensure that networks have the capacity to scale up and drive automation in the transport network.
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- Top 5 Trends in the Automotive Industry for 2017
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With technology advancing at breakneck speed, connectivity has become an integral part of every individual’s life. As a result, key players in the automotive industry have identified the growth potential and opportunities present in the connected car technology market. Connected car companies are striving to ensure real-time connectivity with friends and family and provide real-time location and trip history, which can be viewed from any mobile device, or smartphone. With the growing competition in the market, connected car technology companies must take a reality check and identify the roadblocks and challenges that need to be addressed.
Connected car technology companies require long development times to develop the software and hardware by keeping in mind the production costs and industrial competition. Since automobile manufacturers are plagued with challenges such as short vehicle life cycle, systems and applications have to be constantly improved. Thus, connected car technology companies must focus on developing software and hardware components that can adapt to future automobile upgrades. Connected car technology companies are well aware of the fact that the car dealerships need to spend more time with their customers and educate them about advanced technologies in their automotive vehicles. The solution to this roadblock is to invest in training, provide easy to understand manuals to the car dealers and make them more tech-savvy. With the recent cyber-security attacks that brought the global business to a halt, hacking a car is relatively easier for data thieves and cyber-hackers. When a hacker overtakes the vehicle or hacks the automobile software, he/she gains control over everything right from the car’s AC to the brakes and transmission. In order to overcome this roadblock, connected car technology companies must develop tamper proof software and hardware and encrypt all security codes to ensure complete automobile security.
#1 Challenge: Long Development Time and Short Product Lifecycle
#2 Challenge: Lack of Training for Car Dealerships
#3 Challenge: Security is a Big Threat for Connected Car Companies
Connected car technology companies require long development times to develop the software and hardware by keeping in mind the production costs and industrial competition. Since automobile manufacturers are plagued with challenges such as short vehicle life cycle, systems and applications have to be constantly improved. Thus, connected car technology companies must focus on developing software and hardware components that can adapt to future automobile upgrades.
Connected car technology companies are well aware of the fact that the car dealerships need to spend more time with their customers and educate them about advanced technologies in their automotive vehicles. The solution to this roadblock is to invest in training, provide easy to understand manuals to the car dealers and make them more tech-savvy.
With the recent cyber-security attacks that brought the global business to a halt, hacking a car is relatively easier for data thieves and cyber-hackers. When a hacker overtakes the vehicle or hacks the automobile software, he/she gains control over everything right from the car’s AC to the brakes and transmission. In order to overcome this roadblock, connected car technology companies must develop tamper proof software and hardware and encrypt all security codes to ensure complete automobile security.
The global automotive industry is rapidly transforming with the growing innovations in automobile engineering and increased investment in research and development by the automobile manufacturers. Trends in automotive industry like connected cars, electric vehicles, and autonomous or self-driving automobiles are driving growth in terms of revenue and inventions. The automotive industry is one of the important industries in the world where automobile manufacturers undertake a wide range of activities right from designing vehicles to selling them in the market. The connected car, one of the recent developments in the auto industry, has the potential to disrupt the automobile market with a high level of digital infiltration, which will bring a wave of change across the global market.
Connected cars are touted as the “next big thing” in the automotive industry and will soon replace the traditional mode of transportation for businesses and consumers alike. In simple words, a connected car can be explained as a motor vehicle that leverages mobile technology and the internet to operate and control key functions with the help of a smartphone, watch, tablet, or a desktop. These automatic cars work on the principle of IoT and are expected to offer new services to customers, which will help revamp the driver-car relationship in the near future.
Connected Cars and Their Drivers
The automotive manufacturers are increasingly adopting digital technologies across their automobile designs. Connected cars offer a wide array of technology and IoT-enabled features such as real-time traffic data, smartphone-vehicle synchronization, and driving assistance; thereby, changing the customer’s definition and usage of a motor vehicle. Today, technology led automobile engineering companies leverage artificial intelligence and telematics to deliver an exclusive customer driving experience. Connected cars offer safety, increased efficiency, better value proposition, and personalized customer experience, thereby changing the operations and functioning of the global automotive industry.
What’s driving the connected cars market, you ask? Here’s what.
The market space for connected cars will be driven by these factors, across the globe. However, the automotive industry will face few roadblocks before achieving complete digital transformation. The challenges of the connected car market include data threats, platform incompatibility, and questions over its customer safety quotient. But for now, connected cars are the next big thing in the automotive industry and it is here to stay.