Vehicle-to-Everything Technology and Autonomous Long-Haul Trucking Are Among Winning Emerging Automotive Technologies
As automotive technology trends continue to create new and exciting opportunities within the industry, tech-savvy companies are building and launching innovations that are changing the auto sector’s landscape. Businesses looking to follow suit and capitalize on the latest trends have a lot to discover, with autonomous vehicles, artificial intelligence (AI) applications, vehicle-to-everything (V2X) technology, tech-driven vehicle insurance and voice-operated features taking center stage as some of the most important emerging technologies.
To keep pace with disruptive tech companies that are active in the automotive sector, and convert digital threats into opportunities in 2022, automakers and aftermarket players need to grasp how these developments are impacting their vertical, and see which companies are leading the way.
V2X technology is a cover-all term for the connected communication inside a vehicle. The idea is that, via V2X, a vehicle can use its onboard communication tools to deliver numerous benefits to both the driver and vehicle. This technology provides businesses and individuals with:
-Easy vehicle data tracking for insurance
-Increased driver safety
-Improved traffic management
V2X will help improve driver safety by using big data that can adjust vehicle settings based on current road conditions and identify warnings and road signs. Vehicles should also gain more longevity through the use of cloud-stored vehicle data that can predict potential maintenance issues. Mechanics can use predictive data analytics to offer maintenance suggestions directly through the vehicle or a connected user device.
V2X functionality is also key to an autonomous vehicle’s ability to create a picture of its surrounding environment. Within a specified range, this technology can communicate with nearby vehicles, instantaneously helping to assess the risk of crashes and take evasive actions. This makes it an essential supportive technology for autonomous vehicles as they become a more regular part of the automotive industry in the coming years.
Experts estimated that the global automotive V2X market grew from $517.31 million in 2020 to $619.42 million in 2021, and they expect the market to reach $2.25 billion in 2025. Based on these numbers, V2X seems likely to continue experiencing exponential investment and growth.
Human-Machine Interface (HMI) is AI that features easy-to-use high-tech functionality to better operate vehicles. It allows drivers and passengers to interact with their vehicles more easily through touch screens, swipe and gesture functions, as well as speech recognition.
HMI safety features, such as gesture functions and speech recognition, allow the driver to focus on the road without additional dashboard displays or buttons, and increases overall driving safety and enjoyability.
Car makers are already implementing multi-information displays in vehicles. HMI solutions are enabling drivers to operate their vehicles more efficiently, using technology that, for instance, aids parking, recognizes objects around the vehicle and alerts drivers when they are being distracted. All the while, passengers can enjoy online streaming entertainment or get work done on their own displays.
Investment and advancement in HMI features should continue to grow as these interfaces become a regular part of every modern vehicle. There will be an increased need for customizable technology for these interfaces, opening up an entirely new sector of business within auto tech in what experts believe will become a $4.5 billion industry by 2026.
AI-based Vehicle Insurance
While it may not grab the attention of autonomous vehicles or augmented reality interfaces, vehicle insurance is also going through tech-powered changes that are nothing short of revolutionary.
Experts predict that in the next decade vehicular AI will be able to suggest routes that are safer and trigger instant reductions in monthly insurance premiums; it will do so in real-time. When an accident occurs the car will be able to instantly determine the extent of the damage, after which the driver can send photos to the insurance company and, within minutes, receive claim approval via their car’s dashboard.
While implementation of this slick end-to-end process is still on the horizon, the technology is now available and ready for implementation. With $300 billion available annually in the automotive insurance market, the companies arriving earliest to this high-tech party will be able to reap the benefits from the start.
Autonomous Long-Haul Trucking
The era of fully autonomous vehicles dominating roads is drawing near. While much of the public’s attention is on the thrilling prospect of a car share service like Uber scooting commuters around town sans human driver, driverless commercial trucks are closer to becoming mainstream.
Two companies leading the way in developing driverless commercial transport vehicles, Aurora and Kodiak, expect their trucks will be on American roads by 2023. This is a full year ahead of the estimated release of driverless passenger vehicles.
Manufacturers have shifted their focus to driverless long-haul trucking over driverless taxis for two key reasons: the rise of e-commerce, and more technologically feasible development and implementation.
This strategy of focusing on driverless trucks makes sense, considering autonomous vehicle development took on an estimated $120 billion in investment from car companies between 2017 and 2019. Manufacturers are now ready to get their technology out into the world. The potential financial gains of getting into the commercial trucking sector are huge, raking in a whopping $791.7 billion per year, giving automotive companies plenty of motivation to get vehicles on the road.
Jan Beránek is chief executive officer and founder for U+, a leading global digital product development company, specializing in corporate research and development, the launch of corporate and startup innovations, and the transformation of Fortune 1000 companies’ digital ideas into real products. During the past 12 years, U+ has successfully turned more than 90 ideas into reality with total valuation exceeding $1B in the fintech, energy, telco, e-health and automotive industries. U+ is a digital innovation provider for Bridgestone, Volkswagen Group and other companies within the automotive sector. For more information, please visit https://u.plus/.
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