Electromobility, digitization promise boom for car industry

June 08, 2017 // By Christoph Hammerschmidt
Autonomous driving, connected vehicles and Big Data analytics are triggering massive growth in the automotive and related industries, states a study from market researcher Frost & Sullivan.

Already now, the enabling technologies for autonomous driving, electromobility and connected car have a strong impact to the automotive value chain, the study finds. Over the years ahead, the economic thrust created by these technologies will increase. By 2030, they will have a volume of 1.3 trillion US dollars.

 

"Digitalization underpins the strategies in the automotive industry, as the OEMs establish digitization-oriented departments and invest in the development of platforms for the Internet of things that support solutions for a life in digital networking," says Frost & Sullivan Mobility Industry Principal Shwetha Surender. The growing digital ecosystem between automotive OEMs, software integrators, telecom companies and other companies will open up new areas of the competition”, the expert said. Among the most pivotal factors for the growth belong the progress in natural speech recognition, with focus on biometric language recognition, real-time translation services, virtual assistants based on Artificial Intelligence, Deep-Speech language systems and vision analysis.

The study identifies carmakers Tesla and Toyota as well as automotive supplier Mobileye and IT company Google as the main trendsetters and technology bellwethers.

At the same time, Big Data analysis and digitization will increase sales and customer penetration, while online marketplaces will challenge OEMs and traditional retailers. Increasing competition, according to the study authors, will also accelerate the investment of volume producers in mobility services and promote the concept of mobility-as-a-service.