The automotive industry is one of the fastest moving industries, in terms of upgrades and progress in the manufacturing and consumer-oriented technology.
Here are ten of the most prominent trends that we are noticing in today’s automobile manufacturers all over the world.
1. Hybrid Vehicles:
The idea of building truly hybrid vehicles has been on the top of most carmaker’s lists for quite some time now. The idea of a vehicle that can successfully use two different sources of power to run is just too irresistible. There are many hybrid vehicles already out there that use electric power and I.C. engines to great effect. Honda rolled out its hybrid vehicle called Insight, and many other companies have followed the trend since then. The new millennium has been touted to be the age of the hybrid vehicle. While some arguments can be made in favour of this statement, a lot still needs to be done to actually support the claim.
2. Reduction in the Prices of Used Cars:
Many business sources have been quite accurately predicting, to some extent, that the prices of used cars will see a drop, as the prices have indeed gone down to a great extent. The fall in the prices is in the tune of 4.5 %, and is something everyone will be watching out for.
3. Active Safety Technology:
Security is today a top priority for most automobile manufacturers. Active safety systems are being put into place in many vehicles to provide a new layer of security in times of accidents, collisions and other mishaps.
4. Improved Car Loans:
Buying a car has become quite easier on the pocket for several prospective buyers, thanks to banks and other financial institutions coming forward with loans at decent or manageable rates of interest.
5. Car Insurance Coverage:
Motor insurance is mandatory in the UK, and is being taken seriously in many other parts of the world as well. Car insurance offers benefits and protection against accident charges and medical expenses as well.
6. Mergers of the Majors:
Major automobile companies from around the world are opening up to the possible advantages of partnering up and working together to offer better products to the customers. Company mergers such as the Porsche-Volkswagen merger in 2009 and the offer by Fiat to merge with GM’s Opel are examples of the trends to be seen in the near future.
7. Artificial Intelligence:
With major advancements being made in automotive technology, smart systems are being developed that could become the drivers of the future. Unmanned vehicles do not belong to the category of science fiction anymore.
8. Alternative Propulsion Systems:
With fossil fuels reaching critically low levels and facing irrecoverable depletion, many car makers are waking up and trying to develop alternative propulsion systems. Alternative fuels are the only way to go, as traditional fuel such as petrol and diesel are becoming scarce.
9. Driver Assistance Systems:
With advancements in technology, better systems are being developed to assist the driver while on the road. For instance, accurate GPS systems are being installed on vehicles. Many cars now come with smart systems and microcomputers that can be used to monitor many aspects of the vehicle. Moreover, there are new systems that are capable of providing detailed help on vehicle parking, monitoring and support.
Many new companies are springing up into existence, and striving to become mainstream commodities. Some established companies from other industries are entering into the automobile industry, as they have intentions of making it big in the automotive industry as well.