The future of the automotive industry is heading towards the acceptance of automation and the enforcement of electrification, with IDTechEx’s latest report, Future Automotive Technologies 2024-2034: Applications, Megatrends, Forecasts covering all the latest and future developments. Despite the crossover of these two phenomena becoming increasingly present within the automotive industry, automation and electrification individually offer unique environmental and safety benefits to vehicles and their passengers.
Autonomy, sensors, and robotaxis
Autonomous and assisted driving feature installations within regular passenger vehicles, including adaptive cruise control, lane-keeping technologies, and blind spot warning, are on the rise. This is driving the automotive sensors market, with cameras and radar adding up to hundreds of dollars per car on average. As more advanced self-driving technologies come along, and LiDAR also becomes more common, this will grow to thousands of dollars per car. However, the high-performance capabilities unlocked by these sensors and their contribution to improving the automotive industry arguably make them worth the extra expense. Not only will these technologies lead to a more comfortable and relaxed driving experience, but over time they will increase vehicle and road safety. IDTechEx predicts that in the early 2030s, private vehicles with point A to point B autonomy and no driver input or supervision could make their way onto the roads.
The sensor market will continue to see huge opportunities for growth stemming from the automotive sector, as sensors are necessary for almost all aspects of vehicle autonomy, from environmental perception to driver-state awareness. European regulations including DDAW (Driver Drowsiness and Attention Warning) and ADDW (Advanced Driver Distraction Warning) are two examples of the need for in-cabin sensing. Such regulations are driving the demand for sensor technology upwards, with each sensor fulfilling a unique purpose and acting as an integral part of a vehicle’s safety.
Robotaxis are a great example of autonomous driving technologies becoming available from the evolving landscape of the automotive industry, with commercial service deployments taking place in China and the US and lots of market growth opportunities going forward. IDTechEx reports that with increased passenger demand and rapid growth in the 2030s, there could be large revenue opportunities for robotaxis in the future.
Electrification to eliminate emissions
Emission regulations provide the impetus needed for electric vehicles to continue their adoption into automotive markets. Zero tailpipe emissions are becoming a long-term goal in many European countries, while the threat of fines for high CO2 emissions is pushing companies to make sustainable changes. Within the US, IDTechEx states that automotive manufacturers will need to make battery electric vehicle sales a priority to minimize potential penalties and meet challenging emission targets.
As electric car prices start to reduce and fuel prices continue to steadily increase and fluctuate, BEVs are presented as a more favorable option for both cost and the environmental benefits that accompany them. With hydrogen fuel cell cars still seeing a much lower demand from consumers, as well as the expenses and difficulties of acquiring hydrogen and building the necessary infrastructure, BEVs continue to dominate the emission-free movement.
IDTechEx provides a portfolio of both autonomous vehicles and electric vehicles, which include market forecasts spanning the next ten years, as well as highlighting key players within the industries.
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