Mar 16/23
A Look Into the 2023 Auto Industry Trends
Projections show that the global automotive industry will reach a size of $6.07 trillion by 2030.
Auto industry trends are always changing, so car suppliers need to keep up with what’s happening to ensure they can compete with other businesses. In 2023, there are likely to be several factors that you’ll want to focus on.
For a rundown of the key auto industry trends to look out for in 2023, keep reading.
The Continued Rise of EVs
In recent years, electric vehicles have gained a lot of popularity, and it doesn’t seem like that will change any time soon. More and more people are taking an interest as the environmental impact of traditional vehicles becomes clearer.
Several car manufacturers already have EVs on the market, and more will continue to follow suit. As the world adapts to EVs, things like charging stations are becoming more common. This makes EVs far more viable for people to own.
Digital Technology
Cars have come a long way, and in recent years we’ve seen a lot of development in the technology we see. Smartphone connectivity is a common example, allowing people to connect their phones to their cars and use a range of features such as phone calls, navigation, and music playback.
There are various other technologies that auto manufacturers are starting to implement such as:
- Driver assistance systems
- Biometrics
- Digital cockpits
Many cars currently have displays with touchscreen controls, but we’ll likely start seeing versions with haptic feedback soon. The software used for in-car systems will also continue to develop, offering better functionality and new features.
5G will also be used to provide improved connectivity. There has even been talk of things like AR (augmented reality), VR (virtual reality), and metaverse technology. Exactly how manufacturers will implement such technologies is yet to be seen, but they present a lot of potential to improve the user experience.
Fuel Cell Electric Vehicles
Despite how recent EVs are, companies in the auto industry are already making huge advancements resulting in superior vehicles. Fuel cell EVs charge faster than other EVs, and they can go further on each charge – potentially 5 times as far as standard EVs.
The only thing that comes out of the tailpipes is water, which is a significant improvement on the exhaust fumes that regular cars produce. Various companies all over the world are working towards the wider use of fuel cell technology. Mainstream adoption is still to come, and 2023 could be the breakthrough year.
Autonomous Self-Driving Vehicles
Self-driving vehicles are one of the most interesting automotive advancements of all time. While there are several vehicle models already, 2023 will likely see many more on the roads.
Many people are still apprehensive about self-driving vehicles. It’s natural to have concerns about safety and reliability, but studies have shown that they’re actually safer than people behind the wheel. As the technology improves, self-driving cars will only get safer, so they will likely see much more adoption in 2023 and beyond.
Future Auto Industry Trends
Various auto industry trends will affect the auto market over the next year. More energy-efficient electric vehicles will be on the rise, and the implementation of new technologies such as automated driving will become more common as capabilities improve.
To be able to succeed in the auto industry, your company needs to use the best quality parts. Mayco International is a leading supplier for automotive companies all over the world. Take a look at our services page to find out more about how we can help your business.