{"id":18523,"date":"2023-05-10T10:08:00","date_gmt":"2023-05-10T02:08:00","guid":{"rendered":"https:\/\/newsbites.hktdc.com\/?p=18523"},"modified":"2023-05-10T10:11:25","modified_gmt":"2023-05-10T02:11:25","slug":"automobile-2324","status":"publish","type":"post","link":"https:\/\/newsbites.hktdc.com\/automobile\/automobile-2324\/","title":{"rendered":"4 Trends Driving the Automobile Industry This Year"},"content":{"rendered":"\t\t
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The automobile industry has witnessed one of the most challenging periods over the past few years. From issues such as semiconductor chip<\/a> shortages to COVID-19 caused many businesses within the sector to suffer from higher production costs whilst facing a lower consumer demand \u2013 resulting in reduced profit margins.<\/p>

Luckily, with global markets recovering from the pandemic, the automobile<\/a> sector is finally making a comeback. The global automobile<\/a> market in 2022 is valued at USD 2.9 trillion with a CAGR of 3.71% up to 2030[1]<\/strong>, substantially higher than several years of market decline before.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Though automobile markets have been underperforming in the past few years, data show that the industry will grow in the coming years.<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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With the rapid development of technology, changes in consumer preferences and growing awareness of environmental concerns, consumers are increasingly focused on automobile<\/a> options that balance performance and overall personal driving experience instead of just focusing on hardware upgrades alone. Customers want software that complement the hard core such as a wireless carplay<\/a>, jump starter<\/a> or EV charger<\/a>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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#1 Autonomous Vehicles<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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In the past, self-driving vehicles<\/a> have always been featured in sci-fi movies and futuristic imaginations. Nowadays, we no longer seem too far away from that vision. Many automobile giants have already developed partially self-driving vehicles<\/a> and are pushing them to be fully autonomous in the years ahead. \u00a0<\/p>

Besides reducing driver fatigue, autonomous vehicles<\/a> can also help boost fuel efficiency, minimise traffic, and even cut yearly carbon emissions by 42 million tons. This is also why the global market for autonomous vehicles<\/a> is forecasted to increase 10 times in the next 4 to 6 years[2]<\/strong>.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Once automobile businesses obtain governmental and legal approvals, fully autonomous vehicles should be available for consumer purchase in the upcoming years.<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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#2 IoT with Vehicles<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Internet of Things (IoT)<\/a> is undoubtedly one of the most recurring technology discussions among many sectors. With 5G<\/a> and IoT<\/a> developments growing more robust, it is no surprise that IoT<\/a> is also a trending topic for the automobile industry. Using IoT<\/a> in automobiles can provide remarkable benefits, such as helping to improve safety and convenience when driving. For example, connected cars can automatically monitor a car\u2019s health and independently assist in preventing breakdowns or interact with other vehicles to understand the roadway environment.\u00a0<\/p>

With 43 billion connected devices to be used in 2023, the automotive IoT<\/a> market is expected to play a massive role within the connected device market[3]<\/strong>. Between 2022 and 2023, the use of IoT<\/a> in automobiles grew by 14.2%, while the global connected car market is expected to grow from USD 55.6 billion in 2021 to USD 191.8 billion by 2028[4]<\/strong>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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#3 Clean Mobility<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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While Electric Vehicles (EVs)<\/a> are not anything new, the prevalence of clean automobiles in replace of conventional petrol cars is expected to continue trending. According to research, 66% of consumers pay extra consideration to environmental impacts when deciding on a car purchase[5]<\/strong>. The majority are even willing to pay over USD 2000 more for greener cars. Coupled with many governmental incentives, clean mobility is definitely one of the biggest markets moving forward.\u00a0<\/p>

Apart from EV cars<\/a>, automobile producers are developing other better alternatives, such as hydrogen fuel cells<\/a>. According to industry experts, fuel-cell<\/a> electric vehicles can fully charge within minutes with a substantially greater range and emits mainly clean water. Once hydrogen fuel-cell<\/a> technology is further developed and more scalable, it is expected to be the next big trend following EV cars<\/a>[6]<\/strong>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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#4 Mobility-as-a-Service (MaaS)<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Referring to a \u2018seamless, single interface, fully integrated and customised transport service\u2019, MaaS is a relatively new concept that targets to move more people in a way that is faster, cleaner and less expensive than current options[7]<\/strong>. MaaS is also how Helsinki aims to remove the need for city residents to own a private car by 2025[8]<\/strong>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Mobile Apps such as \u2018Whim\u2019 used in Helsinki, integrates all forms of transport within one mobile application.<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Through one mobile application, Helsinki residents can plan and pay for all modes of transportation \u2013 including public and private options such as train, taxi or bike-share[9]<\/strong>. Their idea is to make it so convenient to travel through MaaS that residents find it unnecessary to own a private car themselves.<\/p>

With the successes that Helsinki is experiencing so far, there is no doubt that other cities will slowly follow in the footsteps of this pioneering city. As a result, the MaaS market has an expected CAGR of 33.6% up to 2029, with a value of USD 951 billion at the end of the forecasted period[10]<\/strong>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Driving the Future<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Despite a promising future for the automobile<\/a> industry, the sector will undoubtedly face a series of resistance and challenges while implementing new ideas and technologies from existing car owners and governmental policies.<\/p>

By understanding the upcoming industry trends, businesses can stay ahead of the sector and adapt their business strategies to trending and developing ideas \u2013 putting them at the forefront of competitors.<\/p>

Subscribe to NewsBites<\/a> and stay updated on global trends and insights today.<\/strong> At the same time, source trendy and efficient automobile gears and components<\/a> via our e-Marketplace by clicking below banner:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\n\t\t\t\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tReferences<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t
  1. https:\/\/www.azom.com\/article.aspx?ArticleID=22236#:~:text=The%20current%20global%20market%20for,0.6%25%20between%202017%20and%202022<\/li>
  2. https:\/\/www2.deloitte.com\/be\/en\/pages\/consumer-industrial-products\/articles\/autonomous-driving.html<\/li>
  3. https:\/\/www.mckinsey.com\/industries\/private-equity-and-principal-investors\/our-insights\/growing-opportunities-in-the-internet-of-things<\/li>
  4. https:\/\/www.globenewswire.com\/en\/news-release\/2022\/08\/17\/2499966\/0\/en\/Global-Connected-Car-%20Market-Size-to-Hit-USD-191-83-Billion-at-a-CAGR-of-18-1-for-2021-2028-Fortune-Business-Insights.html<\/li>
  5. https:\/\/www.zemo.org.uk\/news-events\/news,survey-twothirds-of-car-buyers-say-environmental-performance-a-factor-in-pu_4343.htm<\/li>
  6. https:\/\/www.carexpert.com.au\/car-news\/bmw-boss-says-hydrogen-vehicles-will-be-the-next-trend<\/li>
  7. https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0967070X2300032X<\/li>
  8. https:\/\/blog.padam-mobility.com\/en\/2019\/08\/01\/the-maas-in-helsinki-the-forerunner-of-a-new-urban-mobility\/<\/li>
  9. https:\/\/www2.deloitte.com\/content\/dam\/Deloitte\/nl\/Documents\/consumer-business\/deloitte-nl-cb-ths-rise-of-mobility-as-a-service.pdf<\/li>
  10. https:\/\/www.globenewswire.com\/en\/news-release\/2022\/11\/10\/2553612\/0\/en\/Mobility-as-a-Service-MaaS-Market-to-Receive-Overwhelming-Growth-of-USD-951-23-Billion-with-an-Excellent-CAGR-of-33-6-by-2029-Size-Share-Trends-Growth-and-Revenue-Outlook.html#:~:text=filingsmedia%20partners-,Mobility%20as%20a%20Service%20(MaaS)%20Market%20to%20Receive%20Overwhelming%20Growth,Trends%2C%20Growth%20and%20Revenue%20Outlook<\/li><\/ol><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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    The automobile industry has witnessed one of the most challenging periods over the past few years. From issues such as semiconductor chip shortages to COVID-19 … <\/p>\n","protected":false},"author":28,"featured_media":18524,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[382,2],"tags":[],"class_list":["post-18523","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-automobile","category-trend"],"yoast_head":"\n4 Trends Driving the Automobile Industry This Year - HKTDC Newsbites<\/title>\n<meta name=\"description\" content=\"The automobile industry has witnessed one of the most challenging periods over the past few years. 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