Auto industry news is going to be big in 2023, with plenty of changes taking place. From the ongoing auto industry chip shortage to big automotive industry trends to follow in the EV and technology arenas, this is likely to be a year of recovery and growth.
Here's the biggest auto news and trend information for January, to get your year started out with the information you need to improve and expand on the value of your automotive manufacturing business.
The Electric Vehicle Market is Growing Rapidly
The growth of the electric vehicle market is one of the biggest areas of auto news for January, and likely for all of 2023. With the number of EV vehicles in demand, production is having a difficult time keeping up. Some of that is coming from a lack of available parts, and some from the different processes required to produce EV vs. gasoline-powered options.
Because the EV market is strong and growing, manufacturers that follow trends in the automotive industry carefully know that they need to place more focus on getting EV options to market. Without doing that, they could easily find themselves being left behind the competition.
The Auto Industry is Embracing AI and Big Data
Artificial intelligence and big data are coming for the auto industry. They've already been a part of it, but with continuing advancements, there are now more options than ever before. Vehicle monitoring continues to advance and the data collected can provide manufacturers with more information about the needs and wants of automotive consumers.
Self-driving cars and additional innovations are surging, as consumers are looking for easier and more convenient ways of getting around. When consumers tell manufacturers what kinds of things are important to them, manufacturers that listen are much better able to command good market share.
Vehicle Connectivity Continues to Improve
The connectivity between vehicles and mobile devices is advancing. This is one of the areas that is closely tied to AI and big data. Being able to ask questions, send text messages, and find a different radio station has all been done by voice before now. The quality and ease of use are both improving, as are the options and abilities that come along with connected vehicles.
Digital transformation is affecting the automotive industry in a big way. Soon, connected cars will be able to do more than just interact with phones and send emails when the oil needs changed. They will be able to interact with other vehicles, as well. That could become a game changer for autonomous vehicles and self-driving cars, further adding to convenience and safety.
Used Vehicle Prices are Falling Again
After months of being priced much higher than their normal levels, used vehicles are falling in price again. They aren't tumbling, and will probably remain high for some time. But the cost of a used vehicle has dropped in January and will likely continue to decline. One of the reasons behind the drop is that new vehicles are becoming more available now that supply chains are catching up.
The new vehicles coming on the market are changing, even if they look the same. That's largely because the gasoline-powered vehicles still being produced are already being influenced by their EV counterparts. Designs are being created with more of a focus on protecting the environment, and advancements in technology mirror a lot of what EVs have to offer. Over time, the innovative nature of new cars means used car prices may continue to decline.
Supply Chain Disruptions Still Plague the Industry
Even though supply chains are improving, which means more vehicles are available for consumers, there are still disruptions. Trends in automotive industry efforts show that manufacturers are making some changes to get vehicles out to dealerships faster. In some cases that includes manufacturing vehicles with fewer features, especially where computer chips are needed.
Because there is still a shortage of computer chips for the automotive industry, any systems that require these chips delay production of larger numbers of vehicles. Some manufacturers are choosing to make vehicles with fewer options, and consumers are accepting these changes with little to no complaints.
Get the Right Start on the 2023 Manufacturing Year
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