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Top Five Trends
in the Automotive
Industry in 2023

The sales of different type of vehicles has been skyrocketing across nations year-on-year. According to the statistics stated by the National Automobile Dealers Association (NADA), in the year 2022, 13.7 million units of new light-vehicles were sold in the United States. Further, sales of light-trucks grew by 1.6% from 2021, while alternative fuel vehicles, such as battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), and plug-in hybrid vehicles (PHEVs) witnessed an increase of sales by 2.7% compared to 2021. In 2023, the sales of new vehicles are expected to increase by 6.6% from 2022 and touch 14.6 million units in the nation. These sales figures represent the growth of the industry over the past year and what it looks like in the year 2023. The automotive industry, on and all, includes businesses which are involved in the manufacturing, distributing, retailing, and upkeeping of automobiles. Autonomous, connected, and electrified (ACE) vehicles and smart cities are becoming more prevalent in the automotive sector. This includes autonomous automobiles, vehicles that communicate with one another or the outside world via the internet and other technologies, and, most crucially, electric vehicles. An important economic metric, the automobile sector, is on the cusp of new technological advancements. Additionally, in the present day, the automotive industry is being driven by consumer desire for expensive and distinctive features. Consumers of today utilize all-purpose automobiles all around the world, whether they are driving their families to the beach or commuting alone to work. The main categories in the industry include EV, HEV, PHEV, MHEV, NGV, FCEV, Diesel, and Petrol.

automotive-industry

Top Five Trends in the

Automotive Industry

According to NVIDIA Corporation, one of the biggest AI and graphics companies in the world, a lot of automobile businesses will begin integrating their operations with the metaverse in 2023. Companies will be able to track every step of their vehicles' manufacture and suggest changes owing to the installation of metaverse tools. Furthermore, it will also enable designers to work virtually with a true-to-life picture of the items intended for production. The top five trends that are expected to bolster the automotive industry in the year 2023 are:

  • Artificial Intelligence (AI) and Machine Learning - Artificial intelligence (AI) tools like deep learning, machine learning, and computer vision find robotic automation applications in the automotive industry. Future transportation is poised to be dominated by autonomous vehicles. These vehicles are being created and operated in a variety of methods that incorporate artificial intelligence and machine learning. The use of cloud computing, IoT, ML, deep learning, and cognitive systems in the automobile industry will enable the development of autonomous vehicles that are both effective and safe. Similar to this, smart automotive production powered by AI is anticipated to grow rapidly alongside technology. Some applications of AI in automotive industry are:
    • AI in the automotive industry can help drivers prevent accidents. To prevent accidents while driving, several AI-enabled systems or sensors beep or alert the driver. When a component fails, artificial intelligence in car manufacture alerts the driver, ensuring a hassle-free and safe ride.
    • The AI Cloud is the ideal platform for implementing AI technology in the automobile sector. In order for connected or autonomous vehicles to function autonomously, they require an increasing amount of data. The utilization of cloud AI services is advantageous in this situation. It makes sure that data is available when self-driving cars need it. Numerous sensor data points are monitored by AI systems in the automotive sector, which look for problems with vehicle functioning.
    • AI-powered sensors identify driver fatigue and alarm the driver. AI in cars keeps an eye on the driver and determines whether or not they are totally engaged.
    • The most widely used application of artificial intelligence in the automobile sector is testing vehicles. Systems using AI and ML will continuously test and monitor vehicle performance. For manufacturers, ML algorithms are particularly helpful in producing hundreds of prototypes for products and parts.
  • Blockchain in Automotive Industry - There are numerous possibilities for blockchains in the automobile sector. Blockchains are ideally equipped to address the complicated difficulties automakers deal with on a daily basis owing to their fundamental qualities, such as their decentralized structure, transparency, and immutability.
    • Blockchain may result in even more significant advantages for customers. Indirectly, better products at cheaper prices for the consumer will be produced as a result of a more transparent and efficient manufacturing process. Direct blockchain applications, however, can give users new methods to track a vehicle's history, transfer or share ownership, share rides, make insurance claims, and make mobile payments for services.
    • The use of blockchain in the automotive industry may make it possible to create a variety of products, including systems for controlling and tracking large or localized fleets of autonomous vehicles, solutions that make it easier for owners of electric cars to charge their vehicles, and effective methods for autonomous vehicles to gather, store, organize, and share data.
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  • Internet of Things (IoT) in Automotive Industry - IoT in the automobile industry has emerged as a key hub for numerous multifunctional applications. The number of IoT applications in the automobile sector is growing daily and this would lead to the emergence of increasingly sophisticated automotive use cases. This, as a result, would fundamentally alter how we interact with our cars.
    • In response to problems like labor shortages, the truck transportation industry has recently seen extreme transformations and disruptions. A revolution in fleet management has been fueled by IoT technological advancements. Large amounts of data on everything from routes and traffic conditions to fuel consumption and performance indicators are now accessible to operators.
    • When automobiles are produced with internet of things (IoT) capabilities, the integrated sensors gather performance data on particular parts and upload it to the cloud. Predictive analytics process this data there, assess the health of individual parts, and determine the likelihood of failure.
    • IoT-connected cars can permit quick data transfers of crucial information that increase traffic safety through improved communication. Smart vehicles can forecast and avoid accidents and warn drivers of approaching emergency vehicles by sharing position, speed, and dynamics information when they are connected to one another.
  • Big Data in Automotive Industry - Future automobiles can be designed by automakers using big data analytics to consider shifting consumer tastes and needs. Data science and predictive analytics can be a key factor in helping automobile manufacturers make smart business decisions. According to data in order to improve the role of Big data analytics in the automotive industry, almost 90% of new automobiles will have connectivity configurations.
    • Big Data can be quite helpful in preventing accidents. Factors such as snow, fog, potholes, or others, a car may slide off the road or spin out of control. In this case, the sensors on the vehicle can identify the potential threats and give alerts to the following vehicles.
    • In order to enhance the driving experience, connected automobiles can supply sufficient connectivity services and over-the-air (OTA) software and firmware updates. Any new feature can be implemented, its performance can be monitored in real-time, and the feature may be improved using the information gathered.
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  • Cloud Computing Models in Automotive Industry - In the automotive industry, automotive data cloud technology is a pioneer. A tremendous amount of collective innovation is occurring in terms of data pipelines, data capacity, computing capacity, analytics-based algorithms, and AI as a result of the increase in computing and data demand in the automobile industry.
    • GPS and in-car entertainment system performance is enhanced by cloud computing.
    • By sharing data with the nearby data centers, the cloud network solution in electric vehicles enables the driver to be aware of the road and weather conditions.
    • The maintenance benefits of cloud network solutions are the ones that are most frequently discussed. On-site hardware has a high cost because of labor, energy use, and ongoing maintenance.
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