To better understand the automobile industry, information is needed on the industry and the technology.
GLOBAL AUTOMOBILE MARKET
- The total revenue the global car and vehicle sales industry in 2018 was $3.8 trillion, with a CAGR of 3.3% between 2013 and 2018.
- Top manufacturers in the global automotive industry are Toyota, VW, Hyundai, GM, Ford, Nissan, Honda, Fiat, Renault, PSA, Suzuki, SAIC.
TRENDS IN THE INDUSTRY
- The automotive industry has evolved significantly and factors such as digital technology, change in customer sentiment, and economic health have driven the evolution.
- Connected technology is taking an even more prominent place in the evolution of vehicles and with this technology new features and offers are being introduced.
- Some trends regarding digital technology are all new cars manufactured will have WiFi, augmented reality will be used to improve driver safety, and the development of autonomous driving vehicles.
- Technology that is expected to affect the automotive industry are sensor fusion technology (which integrates and manages data from the sensors in a car); CV2X (cellular vehicle-to-everything) which allows cars to communicate with other cars, smart traffic signs and anything connected to the IoT; contextual artificial intelligence and deep learning; and 3D printing.
- Executives in the automotive industry believe the key trend until 2025 is that fuel cell electric vehicles will replace battery electric vehicles.
- China's vehicle sales have declined for the first time in more than 20 years, the US market had a slight growth. Other global events that are expected to affect the automotive industry are Brexit, USMCA, and the US-China trade war.
- Dominant trends which will continue are "trends such as declining sedan sales, increasing alternative fuel powertrains especially electric vehicles, and more value-added services in digital retail."
SUMMARY OF FINDINGS
- As it was not clear what exact information was needed regarding the automotive industry, the market size, past growth, the key players in the automotive industry, and trends in the industry have been provided.
- Below are suggestions for continued research on the subject.
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