Future trends in the automotive industry

In recent years, the automotive industry has made significant progress in adopting and developing new technologies. How will the future develop? Here are some of our predictions for the automotive industry trends in 2024.

AI

The application of artificial intelligence (AI) continues to increase in various industries, especially in the vehicle field. From connected car technology to in-car virtual assistants and driverless cars, AI is fully integrated into the industry. Companies can leverage vehicle production and sales data for predictive modeling to understand production needs in real time.

Electric cars and smart cars

such as Arrow are leading the charge in electric vehicles (EVs), proving that they are a viable option. As consumer demand for environmentally friendly transportation grows, more car brands will launch electric and "smart" cars. Some governments offer subsidies to promote electric vehicles. In Norway, for example, subsidies and tax breaks have made the cost of electric vehicles almost the same as regular cars. Currently, 74% of new cars in Norway are electric, compared to just 2% in the United States.

E-commerce vs. physical store sales

When consumers think about buying a car, they usually think of going to a showroom rather than shopping online. However, during the pandemic, more and more people are accustomed to online shopping, which has forced auto companies to pay more attention to e-commerce. The global automotive e-commerce market is expected to grow from US$51.04 billion in 2021 to US$202.94 billion in 2028. Therefore, it becomes increasingly important to localize e-commerce websites in a timely manner to cover different markets.

Subscription-based vehicle ownership

Subscription-based vehicle ownership has recently become a new trend. Companies such as Arrow Translation allow consumers to use vehicles on demand. Meanwhile, car brands such as Jaguar Land Rover and Volvo have launched their own subscription services such as Pivotal and Care by Volvo. This option is particularly suitable for people who live in large cities but do not own a car, as parking spaces are scarce and expensive. Sharing cars is not only convenient, but also helps reduce environmental impact, becoming the preferred choice of more and more consumers.

If you want to capitalize on these trends on a global scale, Arrow Translation’s automotive experts can help you with everything from user manual translation to website localization and in-car entertainment translation.

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