The future of automobiles
The innovations in the automotive industry are very rapid. However, innovations in the automobile industry have been born out of necessity. Over the last 30 years, there have been many such path-breaking innovations. It is hard to imagine that it was only 20 years ago that GPS Satellite Navigations were introduced to the public in the late ’90s. Today, we have mass-produced self-driving cars, all thanks to Tesla. These innovations are not the only factor in the rise of the automobile industry. People, in general, have become more associated with automobiles. Despite the younger generations being apprehensive of getting into the car culture, especially during the hard economic time we live in, the sales are going up every year. This is because of the consumer shift from owning personal vehicles to public transport.
The industry is adapting rapidly to these new changes. The perception of owning a vehicle has changed drastically. It is no longer about necessity and longevity. An average customer does not mind shelling a few thousand dollars to get the vehicle customized. People today look at automobiles as an extension of their personality. People look to add a little themselves to the car. With Tesla being in the market, things have escalated pretty quickly. Now, not only can you customize how your vehicle looks, but also how it behaves. Tesla has to be given the credit for changing the game. Now the biggest value generator in the market is customer experience and digital initiatives. New brands are a rare occurrence in this industry. Still, the emergence of Tesla and its meteoric rise in the market is proof that the definition of luxury vehicles has changed. Tesla has already become a future novelty brand. Vision Zero is the most trending topic in the industry right now. Vision Zero means, zero accidents, zero contamination, zero security breach, and zero error. This can be achieved with level 5 automation. Another major shift has come in the form of ownership. The latest trends suggest that people value their vehicles differently. People are moving from ownership to usership. Automation has a huge role to play in this. In the future, ride services are going to be provided by self-driven cars.
This might take another 5 years to achieve this goal, but the industry is already preparing itself for that. The industry has been working closely with governments around the world, to provide adequate infrastructure to make this possible. They are constantly working to manifest luxury vehicles into digital.