The following are the most prominent automotive technology trends likely shaping the upcoming year and the era to follow.
1. The Rise of Electric Vehicles
There has been a gradual rise in the adoption and de-stigmatization of EVs in the last few years. 2024 is likely to be a significant milestone in this story. This trend is driven by sustainability initiatives, giant leaps in automobile battery technologies, and the rise in EV charging ports across homes, offices, and public spaces. According to the International Energy Agency’s Global EV Outlook 2023, more than 2.3 million EVs were sold in just the first three months of 2023. This is a dramatic increase from previous years and shows clear signs that the first few months of 2024 will see higher adoption volumes.
Beyond 2024, we can anticipate further advancements in battery technology, leading to extended driving ranges and faster charging times. This will likely accelerate the adoption of EVs across various market segments, including commercial transportation, where the demand for efficient, eco-friendly options is rapidly growing. The EV market is expected to rise at a rate never seen before because of government incentives and increasing environmental awareness.
2. Autonomous and Semi-Autonomous Vehicles
We have been hearing about the promise of self-driving vehicles for decades now. 2024 will be the year that this technology, once considered science fiction, will proliferate and become mainstream. According to McKinsey, the adoption of self-driving vehicles can generate between $3-4 billion in the next 12 years. Furthermore, self-driving cars will likely showcase measurable benefits such as greener operations, enhanced road safety, and higher profit margins via increased productivity and efficiency. Some of the most exciting technologies that will power autonomous vehicles include advanced sensors and AI integrations.
In the coming years, the integration of more sophisticated AI algorithms and machine learning models is expected to enhance the decision-making capabilities of autonomous vehicles. This will not only improve safety features but also enable these vehicles to handle complex driving scenarios, bringing us closer to fully autonomous transportation solutions. Partnerships between tech companies and automotive manufacturers will likely play a crucial role in this evolution.
3. Automotive IoT
The modern car is more than just a vehicle. It’s an all-in-one connected system that can provide numerous advantages to regular consumers and enterprises. Automotive IoT in 2024 will result in benefits like sustainability, traffic management, and enhanced end-user experience for drivers. The evolution of automotive IoT is fueled by 5G connectivity and rapid advancements in edge computing. Edge computing is where data collection and processing occur in close proximity, meaning vehicles can gather and process data in real time. In 2024 and beyond, cars will be more like mobile computers.
One notable development within Automotive IoT is the Internet of Vehicles (IoV) concept. The term “Internet of Vehicles” describes a network allowing cars to talk to road infrastructure and other vehicles, resulting in a more intelligent and connected transportation system. This technology aims to decrease the environmental impact, increase road safety, and improve traffic management by streamlining routes and cutting idle times. We anticipate a more seamless integration of these systems into the urban transportation infrastructure as IoV technologies advance.
4. Augmented Reality (AR) and Immersive Technologies
A variety of new immersive technologies will flourish in 2024, especially in automotive contexts. These technologies include AR tools, which means that drivers can get critical information, visual data, and navigational directions directly on their windshields and other panes on their dashboards. Head-up guidance systems (HGS) will help drivers by providing essential information without any distractions. In the past, drivers may have had to avert their eyes from the road to access such information, resulting in accidents. AR and other immersive technologies can help drivers stay efficient while staying safe. These AR automotive technologies will have diverse use cases, including military vehicles and industrial machinery.
Future developments in AR and immersive technologies are expected to extend beyond the driver’s experience, integrating with passenger entertainment systems and providing interactive, customizable in-car experiences. This could include virtual tours, educational content, or entertainment options, transforming the vehicle into a mobile entertainment hub.
5. 5G Connectivity
Every periodic increase in network speeds has resulted in great shifts in the most prominent industries worldwide. 5G connectivity will bring significant gains to the automotive industry, and the following year is likely to be a significant steppingstone. The automotive and smart transportation segment in the global 5G market currently hovers over $2 billion. However, a compound annual growth rate of more than 35% in the next ten years will see this segment reaching a value of almost $42 billion. Increased 5G connectivity and adoption results will include improved safety, optimized route planning, and more organized traffic.
The expansion of 5G will enable more than just enhanced vehicle communication. It will also support the development of smart cities where vehicles interact with urban infrastructure. This could include smart traffic lights that communicate with cars to optimize traffic flow, or parking systems that guide drivers to available spots, thereby reducing congestion and emissions.
6. Automotive Cybersecurity
We mentioned earlier that vehicles today are more like computers than carriages. The benefits of this transformation are significant. However, this also means that automobiles are susceptible to a range of new threats, including cyber-attacks. A major cyber-attack on an enterprise’s smart fleet can cause millions of dollars in damages. Examples of automotive cyber-attacks include phishing campaigns, ransomware injections, infotainment system hijacks, supply chain ambushes, and damage to the backend infrastructure. All the promises of automotive technology can come apart if cybersecurity is not treated as an absolute priority in 2024.
As threats to automotive cybersecurity grow more complex, a collaborative approach to cybersecurity is becoming essential. This involves partnerships between automotive companies, cybersecurity experts, government agencies, and other stakeholders. Such collaboration aims to develop shared standards and best practices, conduct joint research and development, and share knowledge and resources to predict, prevent, and respond to cyber threats in the automotive sector more effectively.