The automobile industry is one of the most rapidly evolving industries in the world. From advancements in manufacturing and engineering to the emergence of new technologies, the automobile industry is constantly pushing its markets boundaries. The evolution of the automobile industry has been driven by a number of factors, including increased demand for more efficient and safer vehicles, advances in technology, and
changes in consumer preferences.
“As a result, manufacturers have had to continually innovate to stay ahead of the competition.”
Technological Advancements in a wide scale
In recent years, there has been an increasing focus on developing electric cars and autonomous driving technologies as well as other advancements that could revolutionize how we use our vehicles. With advancements in electric cars, self-driving cars, and augmented reality, the automobile industry is making leaps and bounds in terms of technological development. This technology is transforming the way we drive and interact with our vehicles. From self-driving cars to augmented reality displays, there are endless possibilities for what technology can bring to the automotive industry. In addition, there are also numerous opportunities for automakers to use this technology to improve safety, efficiency, and convenience for drivers, making it one of the most rapidly advancing industries in terms of technology.
Real-life examples of Disruptive Technologies
Taking real-life examples into account, Volvo has begun to explore the use of self-driving cars that would allow for carpooling, which would lead to a huge economical impact on car ownership. They are also exploring the use of augmented reality displays in cars. If a driver is not distracted by driving, they can shift their focus to the augmented reality display and make important personal safety decisions such as when to apply brakes or exit the vehicle; simply the auto drive technology in four wheelers. Car companies like Tesla are already working with self-driving cars that are also on autopilot technology whereby an autonomous monitor decides when, where and how fast it travels within all traffic laws. As a result of the impact that Tesla has had on the automobile industry, a lot of other car companies have been focusing on creating electric cars.
How large is this industry?
“The global automotive market is estimated at $2 trillion and growing rapidly.”
The global automobile industry is very lucrative. In 2017, the profit was estimated at just 3% of the global automotive market share. This means that 97% of automakers in the world are losing money on each car they sell but still it's worth it for them to continue their investment in research and development in newer and faster technologies. Since their competitors are also investing heavily and developing new innovations, this will allow them to remain competitive in this highly competitive industry.
Investments??
The automobile industry is undergoing rapid evolution, with huge investments being made in the technology that powers our vehicles. Investment in the automobile industry has been made by a number of corporations and governments. This investment has led to the advancement of autonomous driving, electric vehicles, and connected cars. Automakers are now investing in the research and development of these technologies in cars and motorcycles to stay competitive in the global market. The advancements of these technologies have created a need for more investment in the automobile industry. Automakers are investing heavily in research and development to stay ahead of their competition and develop new innovations that will make their vehicles more efficient, safe, and reliable. This investment will ensure that automakers remain competitive as they strive to create better products for their customers.
Most recent automobile technologies
The most unique and evolving technologies that are slowly being used in many automobile manufacturers of four-wheelers as well as two-wheelers include:
a. Artificial Intelligence entertaining the concept of auto-pilot drive modes
b. 3D printing used in vehicle prototyping and manufacturing
c. Big Data Analytics to make the vehicle SMART
d. Virtual assistance and interactive vehicles
e. Inbuilt GPS (Global Positioning System) in the vehicles
f. Connectivity making the vehicle a big mobile device
These are a list of the most heard of and popular innovations that are applied to the
functions of a vehicle. There are so many more disruptive technologies of the
automobile industry that will change the stances of the traditional automobile industry
and will go beyond just solving the need of mobility and transportation.
Technology in the Nepalese auto industry
The Nepalese auto industry is heavily dominated by the distributors and dealers of the foreign automobile products. Nepal majorly has just seen the import of disruptive technologies in the automobile sector rather than manufacturing it. But in recent years, there has been a breakthrough in the two-wheeler industry of Nepal. YATRI; the electric bike manufacturer has become the first ever electric two-wheeler (bike) to be manufactured in Nepal. This was the Nepali Automobile Industry’s entrance to the world of innovations and technological advancement. They did borrow the concept of an electric bike from the already existing electric two-wheelers from all over the globe, but it is commendable that YATRI bikes could reach such heights of success and popularity. Here, We can deduce the role of technology in the automobile industry by evaluating how technology has influenced the manufacturers of YATRI bikes to make the first ever NEPAL MADE ELECTRIC BIKE.
Thus, Technology is important for efficiency and safety. Automobiles are one of the most complex products, so they require a lot of technology to make them. Things like radar and GPS have helped to make the cars safer and more efficient than they would be without these technologies. The automobile industry has an interesting relationship with technology because they are always trying to figure out how to incorporate it without making it too complicated for the average consumer. Technology is important for the automobile industry because it is an integral part of their business.