New technologies have transformed the automotive industry over the last half-century. As we approach the second half-century, this trend isn't slowing down. It's getting harder to predict what will happen next because so many other industries are also being transformed by technology—and they have been for decades. At the same time, automakers are still searching for ways to keep up with these changes and stay ahead of the competition. Here are eight ways that technology will impact your business in 2023:
1. There will be an array of electric vehicle options
I expect electric vehicle options to be more affordable and environmentally friendly, with the average cost projected to fall from $42,500 in 2020 to $30,000 by 2023. It is partly due to lower battery costs and increased production capacity for lithium-ion batteries. Additionally, automakers are investing heavily in electric vehicles as an increasingly popular lifestyle choice among consumers who want a car that's fun to drive but also cares about the environment.
2. Autonomous vehicles will transform the driving experience
Self-driving cars will reduce traffic congestion and accidents. The technology used in self-driving cars will also be able to detect and prevent road conditions that could lead to accidents. It will help keep drivers safe as well as reduce the number of car crashes overall.
They will reduce environmental impact, particularly CO2 emissions and air pollution caused by car engines running at high speeds for long periods.
Autonomous also have the potential to improve mobility for all as they allow people with disabilities or less favorable conditions (like blindness or deafness) to drive independently without compromising their safety or quality of life in any way.
3. AI and machine learning will change product development and manufacturing
In the automotive industry, AI and machine learning will change product development and manufacturing in many ways.
Artificial intelligence for product design has rapidly grown as designers use machine learning to create more efficient designs better suited for certain applications or markets.
The ability to 3D print parts has become extremely popular within the automotive industry because it allows companies to quickly create custom parts or prototypes without manufacturing them by traditional methods such as stamping or injection molding (which can take weeks). This technology also opens up opportunities for manufacturers who want their products made from sustainable materials like wood rather than plastic or metal—and they can do so much faster than before, thanks primarily due to these advancements in robotics technology.
4. Big data and analytics will drive efficiency and improve operations
Analytics tools are helping companies make better decisions and improve their operations. They can help you reduce costs, increase revenue, and improve customer experience and product design and development.
One of the most data-driven industries in the world is the automotive industry—and it's here to stay. With more than 5 billion connected vehicles expected by 2035 (6% growth from 2018), there will be plenty of opportunities for companies within this space to create value for customers. Analytics solutions allow them to understand trends across different lines of business like supply chain management & optimization processes; finance & accounting functions; product development cycles; manufacturing processes, etc.
