Top 6 technology trends in automotive industry

1. Top 6 technology trends in automotive industry The technology trends in automotive industry have been the most receptive to advancements. Technology has led to several innovations in vehicles. For eg, big data analytics are now used to optimize various parts. These technologies will enhance the end-user experience. Currently, the automotive sector contributes more than 7 per cent to India's DP. The market has identified some of the trends for 2019 and beyond. There are various technology trends in automotive industry. Technology Trends in automotive industry have led to several innovations in vehicles. For eg, big data analytics are now used to optimize various parts. Currently, the automotive sector contributes more than 7 per cent to India’s GDP. The market has identified some of the technology trends in automotive industry in 2019 and beyond. Here are the top 6 technology trends in automotive industry - Internet of Things There has been a transformational change in the automotive industry owing to the Internet of Things. It has led to a wave of connectivity and has helped in connecting the insurers of various sectors. One impact that can be considered is the increasing popularity of Usage Based Insurance(UBl). UBI is auto insurance which closely monitors mileage and driving behaviour. It links insurance premium to individual vehicles for accurate pricing. The emerging trend is that insurers will offer bonuses or rebates to the safest drivers. Cloud-based experience The cloud technology has revolutionized every step in automobile production including design, operation, and service. Cloud technology has extended provision of resources for virtual servers. It has helped the automotive industry to address their storage needs. It has helped companies to achieve cost efficiency through virtualization. At the operational level, the cloud infrastructural facilities can improve visibility in specific supply chains. Automotive telematics is a flourishing market that takes advantage of cloud technology. The industry is accelerating at a CAGR of nearly 18%. Blockchain Technology

2. The blockchain is redefining the digital trust as it has been widely known as a potentially transformative technology in various segments. It is considered to be the next big thing in the automotive sector. DAV is a blockchain-based transportation platform. It allows autonomous vehicles to discover each other, as well as service providers and clients around them. Blockchain technology has helped in solving issues such as scalable sharing vehicle ownership and the integration of multiple mobility stakeholders. One considerable impact of blockchain technology is that it could create a trusted and accurate protocol for the automotive parts supply chain. This will help in shaping the pricing strategy of car makers. Manufacturing blockchains make it possible to automatically release purchase orders at certain phases of the manufacturing process. Contracts will automatically be awarded to the supplier with the largest inventory on hand and thus supply chains will be benefited. Counterfeit market for cheap, low-quality and fake auto parts is valued at nearly$12 billion every year. The blockchain helps in dealing with counterfeit parts and it increases transparency into the system. Big Data Multiple sensors and wireless V2V over the IOT are basic pillars of automotive technology. All the data they generate and transmit means a brand new source of revenue for all the automotive companies. Big data helps in-car data monetization and predictive analysis. 'Over 200 data points exist today that can typically provide more than 140 use cases, with the vehicles generating a value of almost $100 per car’, the Frost & Sullivan’s analysis, Automotive Data Monetization Pricing and Business Models. As per a McKinsey research, the overall revenue pool from car data monetization at a may add up to $450-750 billion by 2030. This market will be mainly driven by the use of big data and advanced analytics. Many companies use big data to make informed decisions. The future car will monitor the health of its components and will let you know ahead of time if something needs to be repaired or replaced. This is possible through in-car diagnostic systems that will give access to various sub-components of the vehicle. Autonomous Driving It is the number one factor expected to shape the industry's future. In 2017, Nvidia has introduced a chipset to support Level 5 autonomy and new driver assisted technologies (ADAS) are gradually seeping down today's vehicles. It is already reshaping the automotive. The autonomous vehicles market is expected to grow at a CAGR of 39.6% by 2027.

3. The key players are Apple, Google, Nissan Motor, Ford Motor, Intel, Volvo, General Motors, Argus Cyber Security, Autonomy, Emotive, and Autoliv. North America holds the major market share followed by Europe, China, India, and Japan are the leading markets. The adoption rate of autonomous vehicles is expected to grow because of trending advanced technology, artificial intelligence, Increased investments by automakers, the changing needs and behaviour of customers, and environment-friendly features of autonomous vehicles. Companies will pay more attention to removing barriers around adoption by rebranding the product for wider audiences and designing experiences around the target consumer. The latest tech and eco tyres The tyre technology is moving fast and tyre revolutions are changing the game. It is ever changing and moving on speed as new production processes are introduced to make drivers life easier and safer. There are various techniques of tyres such as chip-in-tyre, twin air chamber, self-inflating tyres, fossil-free tyre, and Soybean tyres. ● Chip-in-tyre​- In this tyre, a chip is inserted which will enable the tyres to connect with the vehicle. The chip will help to relay air pressure and temperature. It will read the tyre status individually. The tyres will directly communicate with the anti-lock braking system and electronic control unit. ● Twin air chamber​- In this tyre, the air chamber is split into two parts. These tyres have a smaller portion in contact with the road. If the tyre gets punctured then the driver can continue the journey on the other part of the tyre, but at a slow speed. ● Self-inflating Tyre​- This type of tyre completely eliminates the need for air in the tyre. With this, the risk of puncture is also removed. ● Fossil-free Tyre​- These are eco-friendly tyres which have a wet grip performance. The tyre is manufactured in a unique process using plant oil instead of mineral oil, natural rubber, and silica. ● Soybean Tyres​-If tyres are made using soybean oils, exploitation of oil-based resources could be drastically reduced. The tread of tyres produced will also last 10% longer. The above technology trends in automotive industry are helping in shaping the automotive industry from a different angle. Are you also looking for the latest tyres? Tyresnmore is a leading destination to buy tyres online​ in India with doorstep delivery and tyre fitting service.