Curious about what the future has in store for the automobile industry? Want to know which trends and major innovations are forecasted for the next wave of motor vehicles?
In this article, we cover the major developments in automobile innovation that are expected to transform the industry over the next ten years. Read on to learn just how different your commute will look in the near future.
Wi-Fi enablement in every car
While Bluetooth appears to be standard in most vehicles today, only a select few car models are Wi-Fi enabled. For the models that do, these updates can be a costly addition. This is expected to change in the next few years as more and more automobile makers continue advancing in-car connectivity tech and rolling out many new technology features in their cars.
Once 5G networks are up and running you’ll be able to connect any smartphone via WiFi to your car every time you sit behind the wheel. You’ll be able to easily call people, play music, and connect to the Internet for your personal and professional needs.
Increase in assistive driving technology
While we’re not at full levels of autonomous driving yet, we can expect major updates in assistive driving technology to take shape over the next couple of years. Nifty assistive driving features such as adaptive cruise control, self-braking systems, and lane keep assist will increasingly become the norm for all new vehicles.
The U.S. and Canadian governments made rear-view camera systems mandatory for all new cars starting this year, and it’s only a matter of time before we start seeing similar announcements made for other safety technologies.
With the integration of new sensor technology, tasks like switching lanes will become safer and easier.
Electric car ownership will dramatically increase
Right now, electric cars are few and far between on most roads. But, this is expected to change. And while most of these models are costly, plug-in cars are slated to become more affordable in the next few years as automobile makers work to reduce their environmental impact. It’s projected that the presence of these cars on the road will dramatically increase – electric vehicle ownership is expected to grow to 125 million by 2030, largely spurred by government policy.
Fully autonomous cars will hit the market
Industry titans like Tesla and Google have stated that self-driving cars should hit the market within the next 4 to 5 years. The biggest challenge of this implementation will be making sure that self-driving cars can easily communicate and recognize human-piloted cars on the road. But by this point, assistive technology in human-piloted cars could be sophisticated enough that they would be able to avoid self-driving cars should the potential for collision arise.
Fully autonomous cars will likely not be made available to major markets until after a few years of fine-tuning as there are many legal implications and liability issues that will need to be addressed before these cars are deemed road-ready. However, by 2028, we might finally be seeing these cars become integrated into personal and public transit.
Interested in investing in automotive innovation?
Are you captivated by innovative and disruptive technologies and how they will affect our future? Investors looking to diversify their portfolio can capitalize on the promising advancements currently shaping the future of the automobile industry.
The Evolve Automobile Innovation Index ETF (CARS) provides investors with access to global companies that are involved in developing electric drivetrains, autonomous driving or network connected services for automobiles.
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