With technology changing how everything works around us, it comes as no surprise that the future trends in the automobile industry revolve around improving technology both in the vehicles themselves and in the manufacturing processes. There are countless technology trends in the automotive industry to come, and we've outlined some of the most noteworthy below.
10 Technology Trends in the Automotive Industry to Watch Out for in 2021
As you look towards 2021 and beyond, you'll notice that new automotive trends are heavily involving the implementation of technology. Here are 10 of the most notable upcoming technology trends in the automotive industry expected in 2021:
1. Car Manufacturing Going Digital
From supply chain optimization to the use of digital manufacturing processes, the entire automotive manufacturing process is going digital. Many manufacturing plants have already begun using artificial intelligence in their manufacturing processes. From the planning process to the actual building of vehicles, robotic workers have been hard at work to keep up with consumer demand.
Blockchain is another digital tactic being utilized in the auto industry. During the manufacturing process, it's used to improve efficiency across the supply chain and back-office works through the collection of data. The information provided through blockchain can also be used to identify fake auto parts, which is a growing problem in recent years.
2. 3D Printing in Manufacturing
Another piece of technology that's making its way into the automobile industry is 3D printing. Consumers are always on the lookout for newer, better products, especially when it comes to automotive trends.
As demand continues to increase for these products, manufacturers are looking for ways to speed up the manufacturing process without sacrificing the integrity of their work. 3D printing technology is still being tested, but it shows promise in creating prototypes for vehicles and parts.
3. Automotive Usage-Based Insurance (UBI)
With more people driving less and turning to ridesharing services, consumers are looking for more affordable auto insurance pricing. The idea of automotive usage-based insurance (UBI) is appealing for that reason alone.
Many consumers first found UBI a bit intimidating because it required their driving habits to be monitored via a plug-in or app in your vehicle's computer. However, more and more consumers are willing to give their insurers access to this information if that means fair pricing down the line.
4. Vehicle Health Monitoring
Your vehicle comes equipped with a system that alerts you to potential issues with your car. Thanks to technology, there are now more advanced methods for monitoring your car's health, giving you even more detail into what could be wrong with the help of devices that plug directly into your vehicle's computer system and communicate with an app on your phone when something isn't quite right.
Electrification is the automotive trend of manufacturing and distributing electric and hybrid vehicles. Electrification aims to help move us into a more sustainable future by halting the need to use limited resources proven to be harmful to consumers and the planet. Research shows that by 2030, battery electric vehicles will likely account for 81% of all new electric vehicles sold.
6. AI-Based Autonomous Vehicles
Artificial intelligence (AI) is finding its way into almost all aspects of our lives, so it comes as no surprise that it's been making its way into the automotive industry. The most common examples of AI-based autonomous vehicles are the many self-driving cars on the road today. Studies show that there are approximately 1,400 self-driving cars on the roads in the U.S. already, and despite the massive blow that was caused by the COVID-19 pandemic, the industry is estimated to be worth $556 million by 2026.
7. Contactless Driver-Vehicle Interactions
Another technology trend in the automotive industry that is gaining more attention is the inclusion of more contactless driver-vehicle interactions. While technology allows you to make hands-free calls and puts your temperature and music controls within easy reach, this new trend in the automobile industry will allow you to make these changes via voice recognition or simple gestures. This limits your need to touch controls, which means you can keep your eyes on the road.
8. Augmented Reality for Test Driving Purposes
Augmented reality (AR) is no longer just for video games. In fact, many dealerships have been dabbling with augmented reality for purposes such as test driving, especially in the wake of the strict COVID-19 lockdowns. Instead of going into the dealership to try out a car, shoppers can get a general feel of the vehicle through AR.
Another area where AR is being utilized is in dashboard/windshield technology. The goal is to accurately show drivers the current driving conditions during bad weather and help them get to safety.
9. Machine Learning in the Automotive Industry
Machine learning is an absolute must-have for autonomous driving and AI technology. Machine learning helps collect relevant data on industry trends and trends in consumer use.
Depending on the algorithms utilized, machine learning can use this and other digital information, such as maps and traffic patterns, to safely guide drivers to where they need to go.
10. Car Connectivity
Lastly, car connectivity is continuing to develop as more wireless connections are made available. Car connections used to be limited to Bluetooth, which allowed you to pair your smartphone to your car, giving it access to your phone's internet and several applications. Thanks to technology advancements, many vehicles are now equipped with either Wi-Fi, 4G, and soon even 5G connectivity, allowing for more advanced connections between you and your car.
Future Trends in the Automobile Industry Could Affect Your Junk Car's Value
With so much technology going into the creation and use of cars as we head into the future, what can you expect when it comes to selling your old junk car? What will be considered a fair price? How do you get the most money for an older car?
This will all depend on factors such as the car's condition, its potential resale value as a whole, or whether it can be sold for parts.
If you've got an old car you're looking to unload, then contacting the closest dealership and your local junker is your best bet to find out what your car is worth and how you can get the most bang for your buck.