Pratinav Mishra
The automotive industry is one of the most dynamic and innovative sectors of economy, constantly adapting to changing customer needs, expectations and regulations. In 2024, it will face many challenges, both technological and market-related, that will affect its situation and forecasts.
WHAT CHALLENGES DOES THE AUTOMOTIVE INDUSTRY FACE IN 2024?
The automotive industry is facing a number of issues that require flexible adaptation to difficult economic and geopolitical conditions, tightening environmental requirements or technological changes related to digitization, among others. One of the most important challenges is decarbonization, i.e. reducing CO2 emissions and switching to alternative fuels such as green electricity or hydrogen. At the end of 2023, assumptions were set for the new, more stringent Euro 7 standard, which is to take into account not only emissions from the exhaust system, but also those generated during braking, and even the durability and battery life of electric and hybrid cars. As a result, manufacturers need to balance the emissions and weight aspects of vehicles more and more sensibly, along with the insulation and comfort aspects of cars. Meanwhile, technological changes and the development of artificial intelligence are causing users to expect individualization of vehicles and greater driving comfort. According to some predictions, it is the experience of using a vehicle that will be a key factor in the purchase decision. Therefore, one of the most important criteria for selecting suppliers in the automotive industry will be high flexibility of the offer.
Trends in the Auto Industry:-
Electric Mobility:- According to the latest automobile industry trends, the automobile industry is witnessing a major shift towards electric mobility, with more and more automakers investing in the development of electric vehicles (EVs). Governments across the globe are implementing policies to support the growth of the EV market, making these environmentally friendly cars even more popular. The Indian government’s FAME II scheme aims to promote the adoption of electric and hybrid vehicles in the country. With increasing concerns over air pollution and rising fuel prices, the adoption of EVs can grow exponentially in 2024.
Advanced Driver Assistance Systems (ADAS):- Autonomous driving is one of the major automotive industry trends that are shaping the future of the automotive industry. Advanced Driver Assistance Systems (ADAS) are becoming better and better, enabling vehicles to handle difficult situations on the road with minimal human intervention. While fully autonomous vehicles are still in the development phase, we can expect to see a gradual increase in the integration of ADAS into new vehicles in 2024, resulting in a safer and more efficient driving experience.
Connected Cars and the Internet of Things (IoT):- Connected cars are changing the way we interact with our vehicles, as the Internet of Things (IoT) enables seamless communication between cars, infrastructure and other devices. This interconnected ecosystem (IoT) allows for real-time data exchange, resulting in enhanced safety, efficiency and convenience. In 2024, we can expect to see more connected car features, such as remote diagnostics, over-the-air software updates and advanced infotainment systems, becoming a standard offering in new vehicles and the automotive industry overview.
AUTOMOTIVE MARKET SITUATION AND FORECASTS FOR THE NEXT FEW YEARS:-
According to a Deloitte study, the future of the automotive industry by 2035 will be characterized by quite dynamic changes, driven by shifts in customer preferences, climate protection requirements and technological advances. Internal combustion cars will increasingly give way to electric cars, which will gain more intelligent features. Fully autonomous vehicles are unlikely to hit the streets for a long time to come, as too many drivers lack confidence in such solutions. A tangible trend of the future, on the other hand, is zero-emission vehicles built from ultralight parts. Personalization and ease of customized comfort solutions will become one of the key conditions for success in the automotive market. As a leader in the field of innovative plastics processing, we offer our partners a wide range of production capabilities and individual design support using the latest technologies. It is worth entrusting us with the outsourcing of the production of innovative foam components that can be easily tailored to meet requirements in every respect.
