Top 3 Ways That Technology Is Altering the Automotive Industry
The advent of new technologies has made vehicles smarter, more connected, fuel-efficient, and even driverless.
FREMONT, CA: The seismic shifts in technology will shape the future of transportation for years to come. The automotive industry has been working hand-in-hand with technology to deliver the safest, comfortable, and advanced vehicles for modern users. Driven by technological improvements, vehicles are transforming to be large smart devices that provide mapping technology, connectivity, improved fuel efficiency, and many more features.
1. The software puts car manufacturers in the fast lane
Car manufacturers take a five to seven-year cycle to innovate on the fundamental building blocks of a vehicle, whereas technology companies refresh their products and underlying technology in drastically shorter development cycles. As vehicles are becoming more wired, cars are no longer frozen once they roll off the assembly line. This convergence between automotive and technology states that a car manufacturer can not only limit it to produce traditional hardware but also become a software provider.
2. Cars become living rooms on wheels
The pace of innovation has augmented even more with the convergence of technology, and automotive continues. Cars deemed to become a living room on wheels. Technology such as Artificial intelligence and augmented reality is coming into the car, and shortly, occupant sensing, heart rhythm monitoring, and maybe some medical diagnostics will find its way in cars.
3. Mobility as a service (MaaS) gains momentum
After the introduction of ride-sharing services, selfdriving vehicles are the next big thing that will alter the face of the automobile industry. Economic efficiency, environmental benefits, and practical utility are making car owners reevaluate the need for car ownership. It is expected that two prominent demographic groups, millennials and boomers plus will prioritize on this changing relationship on vehicle ownership.
Automakers need to remain ahead of the curve and strive to get inside customers' minds to determine their current and future needs, functioning within a complex ecosystem of technology partners to prioritize and fulfill the requirements. Manufacturers with this level of insight will thrive as technology transforms the automotive and transportation industries.
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