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Getting Back on Track Amidst the Changing Automotive Industry Landscape

The growth in the automotive industry has shifted to markets like US, Western Europe, and China, while their growth rate in emerging markets seems to have cooled off in recent times. At this pace, we can expect the sales in the global vehicle market to slow down over the next few years. Furthermore, at the current pace of evolution and technological advancement in the automotive industry, we believe the automotive industry is likely to witness more changes in the next decade than it has in the last 20 years. Here’s our take on some of the key automotive industry trends revolutionizing this sector:

Automotive industry trends 2019

Usage based insurance

Almost every industry in the world is greatly influenced by the Internet of Things (IoT). IoT has established a wave of connectivity even in industries such as insurance and fintech. For instance, insurance companies are increasingly using IoT data to improve their precision in assessing risk, pricing policies, and estimating a necessary reserve. It has also created significant opportunities in the automotive insurance sector such as usage based insurance (UBI). Usage based insurance (UBI) for the automotive industry is a category of motor insurance that takes into account several factors while calculating the premium. This includes factors such as the type of vehicle used, distance traveled, and the behavior of the driver. Usage based insurance encourages safe driving behavior that consequently leads to fewer accidents, which in turn helps insurance companies to reduce claims payout and improve the bottom line.

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Top Innovations in the Automobile Industry You’d be Surprised to Know

From horsecarts and the first steam-powered automobile built in 1769 to supercars and electric vehicles, the automotive industry has come a long way. Innovation is what drives the automobile industry to deliver and exceed customer expectations and change the industry landscape. While it may seem like the automobile industry has hit a brick wall in terms of innovation, it is far from the truth. Automotive innovations take place in both smaller and larger scale from minor improvements in engine performance and fuel economy to driverless cars and automotive telematics. The car industry is rapidly innovating to improve sustainability and decrease its dependence on fossil fuels. Today, the automobiles are not all about the hardware and engines but incorporate software and artificial123 intelligence to become a truly smart car. So, what are the automotive innovations that are transforming the car industry?

Top innovations in the automobile industry

Hydrogen powered cars

Imagine an electric vehicle, which can be refilled similar to traditional processes and provide the same range as conventional cars and trucks. Hydrogen powered cars use hydrogen gas to power an electric motor. It uses hydrogen and oxygen to produce electricity and produces only water and heat as a byproduct. Toyota has taken initiatives to succeed in this area by rolling out Toyota Mirais in California. By 2017, the company already sold as many as 5,3000 Mirais globally. A five minutes refueling can provide a driving range of around 312 miles.

Self-driving cars

To err is human, and self-driving cars don’t rely on humans to navigate safely on the road. Tesla has revolutionized the automotive industry by developing complex AI systems, which can drive far cars more efficiently and safely than humans. Such cars can easily detect road signals, incoming traffic, and sudden lane changes to maintain safety. Additionally, full autonomy will allow fleet management and logistics companies to lower the financial cost of transportation. Tesla cars are equipped with 12 ultrasonic sensors that detect both hard and soft objects at nearly twice the distance of the prior system.

Holographic dashboards

Dashboards are the control panel in a car and provide the driver with the necessary information and alerts. It also allows the user to control specific aspects of the vehicle. But wouldn’t it be cool to control by just looking at it? Porsche just unveiled Mission E, a concept car which can be charged by merely driving over a special tile and has a holographic dashboard which can be controlled just by looking at it. The dashboard instruments in the car are operated by eye-tracking and gesture control systems and some even via holograms.

Mercedes vision van

At CES 2017, Mercedes unveiled their Vision Van, which reimagines how a future van should be like. The vehicle integrates numerous innovative technology by featuring a fully automated cargo space and has delivery drones that can deliver packages up to 2kg till distances up to 20kms. The car is powered by a 75kW electric drive system, which offers a driving range of up to 270km. Vision Van also features a telematics system, which collects and processes data related to the status of the delivery.

Goodyear spherical tire

The auto industry has witnessed numerous automotive innovations relating to cars or driving systems. However, many people wouldn’t have expected innovations in terms of a vehicle’s tires. Goodyear brought some refreshing idea with its concept tire, Eagle-360. The tire was designed with key features of maneuverability, connectivity, and biomimicry to enable autonomous mobility. The tire can communicate with autonomous vehicle control systems to sense road conditions and weather conditions to improve safety and adapt to road conditions. Additionally, the tires also shape-shift to adjust to different terrains and automatically repairs itself.

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Automotive Companies

Top Automotive Companies Across the World

With a majority of the population owning cars in the developed parts of the world, one may be compelled to think that the automotive market is reaching its saturation point. However, that claim is far from the truth as 81.6 million automobiles are expected to be sold by the end of 2018. The major reason driving this growth can be attributed to the growing income in the developing nations. Additionally, people also see cars as a status symbol and often upgrade to a better model for better looks or performance. So who are the top automotive companies in the world fuelling the overall growth? Explore them in this article.

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Top Automotive Companies Across the World
Top Automotive Companies Across the World

#1 – Toyota

Toyota has been dominating the automobile industry for over a decade now. The world’s largest automaker is on the top of the list even after their market cap fell by 13.9% in the past three years. Toyota Prius is their top-selling model with more than 10 million units sold till date. The auto manufacturer has a market cap of $157 billion, which is nearly three times the size of the car company 5th on our list. The automotive company is also the world’s largest hybrid electric vehicle seller with the popular Prius and Camry model available in hybrid electric form.

 #2 – Daimler AG

You may have guessed Volkswagen or General Motors to take this spot, but the recent success of Daimler AG, owner of luxury Mercedes-Benz brand, means they make the number two spot. It is the largest German automaker selling about 3 million vehicles last year. Their luxury brand Mercedes-Benz itself sold around 2.3 million cars in the same period registering an increase of 9.9%. Alongside luxury sedans, the auto manufacturer offers smart cars, trucks, buses, coaches, camper vans, and other mobility services.

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#3 – Volkswagen

One of the top automotive companies in the world, the Volkswagen Group, includes a host of top car brands in the world including Audi, Bentley, Lamborghini, and Porsche. The company is experiencing phenomenal growth with a 4% year-over-year sales increment. At the same rate, it is expected to be the leading auto manufacturer surpassing Toyota very soon. The company sold 6 million units in the year 2016 with VW brand’s Jetta, Bora, and Vento amongst the best-selling brand.

#4 – BMW

The luxury car manufacturer has moved up the ranks significantly in the last few years with sales of over 2 million units in the year 2017. The company is actively contributing to environmental sustainability by focusing its effort towards BMW I, a plug-in electric vehicle. Furthermore, the company has significant motorsport history especially in touring cars, sports cars, Formula One, and Isle of Man TT. BMW 3 Series is their top-selling model with the company reporting sales of over 70,000 in the year 2016.

#5 – Tesla

Although a newcomer in the top 5 listing, Tesla has been making headlines with its launch of Model 3 and Tesla Roadster last year. Tesla completely revolutionized the electric vehicle industry and redefined performance of electric cars. For instance, their electric sports car Tesla Roadster can do 0-60 in 1.9 seconds and provides an impressive range of 620 miles, touching a top speed of 250+mph. Tesla’s CEO, Elon Musk, is a renowned public figure and also manages Space X. The company sold more than 100,00 Model S sedans and Model X SUVs in 2017.

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4 Major Roadblocks to Success in the Automotive Industry

The automotive industry is one of the key adopters of advanced technologies, resulting in rapid innovations and disruptions in this sector.  , the future looks bright for automobile companies. Especially with the recent technological advancements, the industry is grooming itself to take customer experience to the next level. But on the flip side, the journey to success will not be a bed of roses for companies in the automotive industry. The consumers are changing and evolving from an ownership-centric mindset to service-centric demand. This demands businesses to keep track of the changing demands of their market continually. Keeping tabs on the consumer’s demands coupled with the dynamic market trends could prove to be a daunting task for automotive companies. But this is only one of the challenges that companies in this sector need to be aware of. Here’s a list of the top automotive industry challenges to watch out for in 2018 :Request Free Proposal

Rise in globalization

The increasing rate of globalization is undoubtedly good news for the growth of the automotive industry. However, expanding operations at a global level could be a challenging task for companies. Drastic shifts in global sources of supply, combined with strategies to take advantage of emerging markets, gives rise to new challenges related to global trade and international finished vehicle logistics fulfillment. Which means the players in this sector have to ensure that their knowledge about foreign markets, supply chain, and other operational strategies have to be impeccable in order to survive in a global scenario.

Innovation is the need of the hour

The automotive industry is one of the biggest sectors in the world, which means there is no shortage of competition in this industry. Also, the growing inclination of customers towards the latest technologies and customization is forcing players in the industry to update themselves and efficiently cater to customers’ needs. In this situation, it becomes highly challenging for automakers to find new ways to get closer to meeting customer demands while simultaneously maintaining their profitability to gain an edge over other players in the industry.

Increasing regulations

One the most pressing hurdle for the automotive industry is the need to meet rising restrictive emissions and fuel-consumption regulations in the Western world. It’s easy enough for automakers to build a single car model that meets these requirements. However, in the U.S. the problem is that an automaker’s entire model lineup, including SUVs and light trucks, have to maintain an average level of higher mpg and lower emissions. Automobile companies are expected to improve fuel efficiency by at least 20% and as much as 60% by 2025, depending on the company and regulations.

Maintaining costs

Players in the automotive industry have recognized that most of their customers are attracted to the rapidly progressive intelligence and connectivity in vehicles. But designing and producing these smart cars and trucks is no easy task, and it poses real risks. Additionally, the cost of incorporating and managing new technologies and data is skyrocketing. This poses a major challenge for automotive companies when it comes to integrating new technologies cost-effectively.


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Trends That Will Drive Change in the Automotive Industry in 2018

The past few years have witnessed the automotive industry taking huge leaps in terms of technological innovations. Automobile companies are investing heavily in the latest technologies that can be incorporated into their machines. In 2017, several top players in the sector had awed us with the pioneering pilot study on autonomous vehicles and new models of electric cars. The current state of innovations in the automotive industry is something that was far from imagination, probably a decade or two earlier. Though we will not be seeing flying cars like the ones from the popular movie ‘Back to the Future’ anytime soon, there are several exciting trends in the automotive indusContact UStry that are expected to hit the roads this year.

Top Trends in the Automotive Industry 2018

Carpooling and shared cabs are the way forward

Who doesn’t loathe traffic jams? But considering the number of vehicles sold each year in the and the rate at which the vehicles-on-road is increasing, there no better outcome you could expect. Taking this into consideration, market leaders in the automobile industry such as Uber and Lyft have launched shared cabs and carpooling services. These facilities not only help reduce the stress while commuting but also reduce the level of pollution. 

The new entrant: Blockchain

Of late, the use of blockchain for pathbreaking innovations in several industries has been making the news. This technology is slowly catching the attention of automobile companies. But what is the application of bRequest Proposallockchain in the automotive industry? Dealing with counterfeit parts is one of the significant challenges faced by the companies in the automobile industry. Blockchain capabilities have emerged as the best possible solution to rectify this problem. With the help of blockchain technology, companies can simplify the methods to identify and remove the counterfeit parts. Furthermore, this brings transparency into the system and improves the overall pricing strategies.

An eye for multi-terrain vehicles

The adrenaline rush especially among millennials and baby boomers to be adventurous is popularizing multi-terrain vehicles in the automotive industry. Multi-terrain vehicles provide the comfort and ease of operation in difficult terrains. Additionally, their heated leather seats, frugal fuel consumption, five-door utility, and high-end audio systems are all incredibly appealing to the young customer segment.

 Crossover vehicles are trending

Crossover vehicles have proved to be a huge success among the present generation who expect the comfort of an SUV with fuel and operational cost-effectiveness. Get More InfoCrossover vehicles are a mix of regular Sedans and SUVs. They have proved to be one of the most convenient ways to commute without compromising on comfort and style. In 2018, we can expect more players in the automotive industry to invest heavily in crossover vehicles.

Automotive manufacturing is going 3D

Numerous safety benefits and cost-effective nature are grabbing more eyeballs for 3D printed cars. At present, cars are designed to withstand up to five crashes and last an average of seven to ten years. But 3D printing enables automobile companies to build a car on a solid chassis with an outer body designed for a single crash. Then cost-effectively replace the damaged part while leaving the basic vehicle structure in place. This technology could completely disrupt our concept of accident repair of vehicles.

 


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To know about the challenges for the automotive industry in 2018:

4 Major Roadblocks to Success in the Automotive Industry

Business Forecasting

The Best Car Manufacturers from Around the World

The increasing automobile sales each year is good news for the car manufacturers around the world. But is the mounting competition from innovators in the market posing a serious challenge for automotive manufacturers? From phone to cars, everything is becoming ‘Smart’ today and innovators in the market such as Tesla have already introduced electric cars and have also started pilot testing ‘Self-driving cars”. This puts pressure on the other car manufacturers in the market to gear up their strategies and provide customers with better designs, technology, and features to their cars.IR_Brochure

Want to know who are the fast and furious players in the automotive industry? Here is the list:

Volkswagen  

You might be aware that the German automobile giant Volkswagen group owns some of the best-known car brands such as Bentley, Audi, Lamborghini, Porsche, Skoda, etc. That’s not all –  the popular motorcycle brand Ducati and commercial vehicles such as MAN, Scania, Neoplan, etc. are some of the additional feathers on Volkswagen’s cap. Since 2016, Volkswagen has maintained their position as one of the top car manufacturers globally.

Toyota

Toyota is one of the most popular car manufacturers in the world. The Japanese automotive player is a market leader in hybrid electric vehicles. Their operations mainly include designing and assembling passenger cars, trucks, and other heavy vehicles. They also provide lease finance to their customers.

Renault-Nissan

Renault-Nissan has been a significant performer in the top global car manufacturers’ list. This automotive maker controls several notable brands such as Renault, Nissan, Infiniti, Datsun, Mitsubishi, etc. The alliance partners are one of the top manufacturers of plug-in electric vehicles in the world.

General Motors

This American based company is one of the renowned car manufacturers around the world. General motors, popularly called GM, sells vehicles under the brand names such as GMC, Chevrolet, Cadillac, Opel, etc. They are basically into designing, manufacturing, and sales of passenger vehicles, automobile parts, and trucks worldwide. They also have operate extensively in aircraft engine manufacturing.

Ford Motors

Ford motors is a US-based automobile manufacturer, headquartered in Michigan. The company sells automobiles around the world and has a rich history of 113 years. The primary segment that garners maximum profit for this company is their pickup trucks. Apart from their own brand, they also sell vehicles under the name Lincoln and Troller.

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