Global Automotive 4.0 Market - Strategic Insights and Forecasts (2023-2028)

The global Automotive 4.0 market is will witness robust growth over the forecast period. Since Henry Ford introduced mass production, the automotive industry has come a long way forward. Currently, the automotive industry is undergoing a fourth industrial revolution which is termed Automotive 4.0.

The automotive industry comprises cars, buses, trucks, industrial vehicles, and mobile machinery such as mining equipment, forklift among others. The car and related application segment have a significant share of the automotive industry owing to a huge consumer base. 
Automotive 4.0 aims at the convergence of the automotive, technology, and telecom industry to construct features like automated driving, connectivity, and shared mobility and power electrification.

Companies around the world are investing in technological advancements for driverless vehicles. For traveling a short distance, companies are focusing on utility pods. Whereas, for long-distance and premium vehicles, companies are making advancements in providing better in-car entertainment systems and more legroom. Driverless vehicles would be able to detect other vehicles, traffic signals, curbs, and pedestrians. Moreover, these vehicles aim to reduce accidents by providing automation reports, activity reports, and hard signal sensors to help counteract mishaps. However, government regulations will impede the growing demand for these vehicles as certain government rules state that a driver has to be present in the driver’s seat.

Companies are investing to find a solution to the growing environmental concerns by exploring alternative fuels and power electrification. Power electrification would help conserve fossil fuels and reduce pollution. In addition to it, alternative fuel sources such as ethanol and natural gas are under the trial stage to determine cost efficiency.

The evolution of transportation choices of people belonging to generation Y is motivating producers and manufacturers to design innovative technologies to fulfill their needs. Mobility-on-demand will drive the demand for this market due to increasing vehicle-to-mobile connectivity. Additionally, the cost of the ride by mobility-on-demand will be lower than taxis, but, higher than public transport. Additionally, the technological advancement in these vehicles will provide vehicle status and operation. In the event of car-jacking, the real-time location of the vehicle and alerts to safeguard the owner and relatives will be sent. Remote control of the vehicle would be granted in such circumstances if the regulation of the country allows it. However, with such connectivity advancements, the risk of car hacking would impede the increasing demand for such vehicles during the forecast period.

The demand for such vehicles will rise depending on the demographics, market maturity, and population density. Demand for such vehicles would be higher in developed economies as compared to developing economies. Mobility-on-demand will be a major driver for this market in densely populated areas due to cost-effectiveness and changes in ownership patterns.

Automotive 4.0 offers a wide range of opportunities for companies specializing in car interiors, app developers, web developers, OEMs, and start-ups for obtaining a market share at an early stage by providing innovative and cutting-edge products. However, this poses a threat to existing market players as they have to stay up-to-date with recent technological advancements in order to retain their market share.

Some of the major players discussed in this report are Apple Incorporation, Microsoft Corporation, Tesla Incorporation, Toyota Motor Corporation, and Chevrolet among others.

Segmentation

The global automotive 4.0 market is segmented as technology, end-user industry, and geography.

• By Application

• Autopilot

• Connectivity

• Power Electrification

• Others

• By End-user Industry

• Enterprises

• Personal

• Others

• By Geography

• North America

• South America

• Europe

• Middle East and Africa

• Asia Pacific