The automotive industry is quickly transitioning into a revolutionised age due to the rapid advancement of technology, shifting consumer behaviour. And growing market competition brought on by the entry of numerous new players. Because of the exponential growth of autonomous driving, cloud computing, electric vehicles, machine learning, blockchain, and networking. Consumers are now able to enjoy experiences with greater value. As a result of the pandemic’s impact on the supply chain and operations. Industry players are also developing fresh, effective business plans to stay competitive. (car news)
The automotive industry now has a wealth of opportunities to explore new trends. Including the increasing number of electric vehicles on the road, virtual showrooms, and simple financing options. Automobile brands are cleverly utilising technology to entice their prospects through advancements in the assembly line. The supply chain, and personalization of marketing content.
Digital sales of automobiles (car news)
Automakers are looking into options to make the entire purchasing process online through virtual showrooms in order to make it even simpler for customers to purchase vehicles. Since there were restrictions on physical movement during the pandemic, the need for the virtual showroom increased significantly. Even after the pandemic, customers’ propensity for online shopping—even for cars—prevailed. The main reason why automakers prefer virtual showrooms is that they simplify the sales process and reduce overhead and infrastructure costs, allowing retailers to offer competitive prices and lucrative offers. Other advantages of online shopping include virtual car tours, online documentation, and payment through secure channels.
Sales of used vehicles (car news)
Used car sales have increased significantly, with industry experts predicting a 9% growth rate between 2019 and 2025. Four-year-old or used electric and hybrid cars, which are supported by the newest technologies but less expensive than new cars, have seen an increase in sales. Dealerships are now building inventories as a result of the increase in sales, with a focus on maintaining pre-owned vehicles.
In order to help drivers with navigation, recent technological advancements have increased the average car’s over 100 million codes and 30,000 parts even further. Because it will allow wireless information exchange.
Including weather and traffic updates while driving, the adoption of 5G technology in particular will change the game.
Adoption of connected vehicles
Connected cars, which are made possible by the Internet of Things. Are safer, more comfortable, and offer a convenient multimedia experience. They do this by utilising on-demand features that let drivers do anything they want online while they are driving. Not only can connected cars communicate in both directions with other systems, but they can also share internet connections and data devices both inside and outside the car. With the help of these vehicles, users can avoid breakdowns by monitoring and exchanging data and services like digital data and remote diagnostics, vehicle health reports, data-only telematics, access to 4G LTE Wi-Fi Hotspots, car health issues, correct directons, & etc.
Although fully autonomous vehicles are still a fantasy on Indian roads, technological advancements, particularly in the fields of artificial intelligence (AI), machine learning (ML), and neural networks, may soon enable the commercial availability of advanced driver-assistance systems (ADAS) and semi-autonomous vehicles. The immediate need to address critical issues like pricing, safety, consumer understanding, and a weak regulatory framework, however, is necessary for the smooth introduction of autonomous vehicles.
For more of our content CLICK HERE.