This week, we will evaluate the future of the automotive industry with our article on Automotive Sector Future Trends.
In the automotive industry, there are great developments, especially in areas such as electrification, autonomous driving, connectivity and sharing economy. Electric vehicles are becoming increasingly popular, and this trend is expected to increase further in the coming years. At the same time, autonomous driving technology is advancing with driverless vehicles and advanced safety systems. The ability of vehicles to communicate with each other and their environment is also increasing, accelerating the formation of connectivity and smart cities. Additionally, with the sharing economy, car sharing and subscription models are also gaining more attention. These trends seem to shape future transformation and innovation in the automotive industry. Let’s take a look at the Automotive Industry Future Trends together.
Increasing use of shared vehicles
Shifting consumer mobility behavior will result in one in ten cars sold by 2030 potentially being a shared vehicle, subsequently driving the market for purpose-built mobility solutions. This will reduce sales of private use vehicles. More than 30 percent of trips taken in new cars sold will come from shared mobility. In this regard, one in three new cars sold in 2050 will potentially be a shared vehicle.
The vehicles of the future will be electric, autonomous, shared, connected and annually updated.
Vehicles of the future will be electric, autonomous, shared, connected and annually updated. With the development of battery technologies, the majority of vehicles in traffic will be electric by 2030. However, the full integration of autonomous vehicles will be completed in 2040. In line with the demands of the new generation, the density of shared vehicles will increase instead of ownership. However, due to population growth, the number of vehicles sold will also increase. While vehicle renewal rates are decreasing, service, maintenance, spare parts and accessory markets will grow as vehicles can be updated.
Changing travel habits
Autonomous vehicles will increase shared vehicle usage habits. However, electric vehicle ownership will increase individual vehicle use due to low costs and carbon emissions.
Redistribution of R&D investments
The automotive industry will begin to invest less in its product range. Companies will invest their R&D budget in software solutions instead of product range. Manufacturers and suppliers will need to turn their direction towards this route.
Declining brand loyalty
With the spread of shared vehicles and vehicles that can be updated both in terms of software and concept, consumers’ loyalty to existing brands will decrease. This situation will be more noticeable, especially as the investments made by world software giants in autonomous vehicles begin to pay off. The upgradability of vehicle parts and software will strengthen the sub-industry and strong brands will begin to emerge within the sub-industry.
Making new market entries possible
As the cars of the future begin to be software-based and convertible, part manufacturers and software companies in particular will begin to gain a foothold in the market by creating their own concept models and developing more concept vehicles on a smaller scale.
Development of smart city concepts
With the development of smart city concepts, more autonomous vehicles will be integrated into the sector in line with consumer expectations. This situation will change many elements, especially the laws. Laws will be rearranged according to the driverless vehicle concept, and automobile companies will most likely face most of the sanctions. However, as accident rates decrease, service and parts markets will begin to shrink in this context.
