Automotive Industry Trends 2020 | Global Automotive Industry Analysis

1. The automotive industry has gone through a radical evolution with many           significant innovations in technology. The conventional vehicles, which were         previously capable of basic functionalities, have now altered into connected         cars with modernized features which are not limited to Big data, Cloud         computing, Artificial Intelligence (AI) and the Internet of Things (IoT).                                                    The technology-based companies have further progressed through services       like leasing services, usage-based vehicle insurance, automation in new         finance plans, car health tracker, and more to keep automotive companies             engaged with their end customers. As per the global automotive industry           analysis, automotive companies can expand and improve their services using         these advancements.                                                        According to automotive industry trends in 2019 and 2020, automotive         technologies will be intense, electrifying, and inventive. However, new vehicle         sales in budding markets may go down this year due to increasing vehicle             costs, growing public transportation, and new-fangled mobility choices. To         boost up these vehicle sales figures, the automotive industry requires coming             up with innovative technologies and business strategies.                                                           

2. Current trends    and   upcoming   automotive   industry   1. Increase The Usage Of Automotive Software Management System  Nowadays, Most of the automotive industry started using the software  system to manage their task, generate revenue and customers. There is a  number of software available and as per the current automotive industry  trends, ​5iQ workshop software​ is the best mechanical garage management  system which has a bundle of new features such as marketing with AI, job  scheduler, digital forms, inspection forms, real-time vehicle status and more.    5iQ workshop software categories into three phases.    ● Desktop App  In this app, the admin can see the whole (entire database) data  including the technical (Technician) and customer app. They have  access to add, delete and update the data.       

3. ● Technician App  The mobile technicians can manage their whole business from the  palm of their hand. They can generate an invoice, make a payment,  schedule job task, create inspection reports and more.    ● Customer App  Customer app assists customers to book vehicles for garage services in  just three simple steps. They can get notifications from the garages and  can see the real-time status of their vehicle booking.    2. Automotive Usage Based Insurance (UBI)    Image Source:-  https://www.insurancejournal.com/news/national/2013/10/29/309548.htm  The IoT platform assists to link the insurers of a range of sectors and  policyholder blockchain. Insurance companies are progressively utilizing IoT  data to advance their accuracy in key activities such as assessing risk,  managing pricing policies, and estimating crucial reserve.    The automotive usage-based insurance (UBI) is a sort of motor insurance that  considers an assortment of factors for the premium calculations. These  factors comprise the category of vehicle used, overall distance traveled by the 

4. vehicle, and the background of the driver in the midst of others. UBI  promotes safe driving behavior that positively affects lesser accidents, which  in turn assist insurance companies in lessening claims payout and getting  better on the bottom line.    3. Connected and Self-driving Vehicles        Image Source:-  https://medium.com/datadriveninvestor/the-development-of-connected-and -autonomous-vehicles-and-their-ethical-dilemma-a65dfe3d6b73    Automotive technology is surfacing, and consistent industry innovations will  lead to the opening of a superior self-driving car. The AI-based systems will  turn into significant elements in new vehicles in the coming time.    A sturdy IoT backup will connect vehicles as well as devices. The technical  components like GPS, Wi-Fi, Bluetooth, 4G, and 5G (forthcoming) will play an  extremely vital part of mobility-on-demand solutions.     

5.   A payment gateway, human-machine interface, driver assistance systems as  well as autonomous vehicles, will improve the user experience and will be  available to a well-built user base compared to today.    4. Vehicle Health Tracking and Monitoring    Image Source:-  https://thewirecutter.com/reviews/best-obd-ii-car-tracking-and-diagnostic-de vices/    The auto industry trends, such as iris and facial recognition technology are  highly accepted as well as gaining market share. Also, the automotive  biometric identification systems are in a preliminary stage of its development.  Other imperative behaviors like the vehicle driver’s exhaustion, heart rate  tracking and lack of sleep can be perceived and alerted with caution  notification systems.       

6. 5. Electric Vehicles    Image Source:-  https://businessjournaldaily.com/electric-vehicles-will-be-ubiquitous-by-2030/    A lot of start-ups are exploring the electric vehicle industry. The emissions  regulations will go along with an outbreak of new model introductions. You  can expect electrical mobility preferences to turn more enveloping with  journey-sharing and advanced mobility solutions.                           

7. 6. Digital Buying and Sharing    Image Source:-  https://dealersolutions.info/digital-marketing-and-dealerships-how-the-proce ss-of-car-buying-is-changing-and-who-the-gamechangers-are/    Today with AR, digital transformation trends in automotive sectors enable  people with digital buying and sharing. They can check-out the driving  experience of the car they want to buy right from their homes. Even  modernized mobile apps and access to digital marketplaces can assist in  buying vehicles without directly speaking to a vehicle dealer.                 

8. 7. Connectivity and Data    Image Source:-  https://medium.com/datadriveninvestor/building-the-automotive-connectivit y-ecosystem-ef0f71813784    One of the top consumer trends in the automotive industry suggests that  every customer’s car should come equipped with Wifi and connectivity tools.  This scenario will include access to music, social media, Alexa, friends, and  advanced mobile apps while driving.    With so much advanced connectivity, vehicles will be accumulating a vast  amount of data on destinations, drivers, routes, patterns of traffic, favored  music, hotels, restaurants as well as gas stations. Even though there will be a  requirement for managing and keeping this data secure as well as safe.           

9. 8. Augmented Reality in the Automotive Industry    Image Source:-  https://augray.com/blog/augmented-reality-automobile-industry/    Today, AR is used to enhance driver safety and further enable them to see  through the traffic. The driver can now see the car at the left of them when  taking a right turn. And even see beyond a massive truck right in front of  them. AR also helps with the safety and security of drivers.    AR technology trends in the automotive industry will even include the  assistance in revamping the long-established car design procedures as today,  manufacturers find different ways to digitally prototype and assess their  vehicle. This scenario will further save time, efforts, and investments in the  manufacturing process.    AR Future trends in automotive industry show that the driver with AR usage  can react swiftly to shun a crash when another vehicle is in their blind spot.  The rear-view mirror will use AR technology in detecting the blind-spot threat  and dynamically showcase a video feed of it in the mirror. Other rear-view  mirror advancement will be the hybrid view mirror that will merge the rear 

10. and side view camera images collectively to build an unobstructed  panoramic view of what is at the back of your vehicle.    Similar to Apple's FaceID, rear-view mirrors in the coming time will possess  iris scanning to spot a driver. Once a driver is detected, the car will be able to  fine-tune seating, temperature, and music to the driver's liking.    9. Truck Platooning    Image Source:-  https://www.oemoffhighway.com/electronics/sensors/proximity-detection-saf ety-systems/article/12233087/truck-platooning-for-improved-efficiency-safety -and-emissions-reduction  The automotive industry trends 2020 include truck platooning. In truck  platooning, multiple trucks drive very close behind the platoon leader at very  high velocity, with the subsequent vehicle automatedly following the leader  via vehicle-to-vehicle (V2V) connectivity. Platooning is an incremental stage  for autonomous freight transport on public roads and will be accessible  around the year 2020. 

11. 10. Supply Chain Optimization    Image Source:-  https://supplychainbeyond.com/network-model-makes-sense-todays-autom otive-suppliers/    Auto ERP software is another latest trend in the automobile industry that  enables you to communicate better with the number of vendors and users.  This can be done through electronic data interchange (EDI). You can enhance  the supply accuracy, manufacturing and can reduce the wastage materials.  In advance, supply chain optimization can help in identifying exactly which  vendors are supplying materials.    Key Takeaways    Thus, with technological innovation and the automobile industry trends 2020,  the mechanical sector is transforming its focus to platform-based services,  improved products for electrification, and introducing automation at almost  every level.       

12.   Even as per global automobile industry analysis and automotive industry  reports, this modernization and future automotive industry trends will lend a  helping hand to OEMs to augment their user experience. Additionally, they  will help out the suppliers to boost their overall business revenue and profits  by delivering both systems as well as hardware elements.