Driving Into the Future: Automotive Technology Trends Expected in 2024
The automotive industry is subject to rapid changes driven by technological advancements, regulatory shifts, market demands, interest rates, and global events. Staying well informed as the automotive industry navigates the uncertainties of the coming year can help you stay ahead of the curve. As we approach 2024, several trends are poised to further revolutionize the industry from electric vehicles (EV) and autonomous driving to connectivity and sustainability.
The rise of electric vehicles (EVs)
In 2024 electric vehicles are expected to dominate the automotive market more than ever before. With major automakers investing heavily in the development of electric platforms, EVs are becoming more accessible, affordable, and technologically advanced. Some of the drivers include sustainability initiatives, significant advancements in automotive battery technologies, and the growing accessibility of EV charging ports in homes, workplaces, and public spaces. Improvements in battery technology will extend the range of EVs, alleviating “range anxiety” and making electric cars a practical choice for everyday use.
According to the International Energy Agency’s Global EV Outlook 2023, electric car markets have seen a growth in sales. Over 2.3 million EVs were sold in the first quarter of 2023, which is about 25% more than in the same period in 2022. This trend is expected to continue in 2024 and beyond.
Governments worldwide are also incentivizing the adoption of electric vehicles by offering subsidies and imposing stricter emission standards. The EU adopted new CO2 standard for cars and vans that are aligned with the 2030 goals set out to ‘Fit for 55’ package. In the USA, the Inflation Reduction Act (IRA), combined with the adoption of California’s Advanced Clean Cars II regulation by several states, has the potential to deliver a 50% market share of EVs in 2030.
Sustainability in automotive manufacturing
The expected rise of electric vehicles is not only transforming the way we drive but also reshaping the manufacturing process. With an emphasis on eco-friendly practices, the automotive industry is making strides toward a more sustainable future. As the world becomes more conscious of environmental issues, sustainability is becoming a focal point for the automotive industry. In 2024, we can expect increased efforts to reduce the carbon footprint of vehicle manufacturing. From the use of recycled materials to the adoption of eco-friendly production, automakers are aligning their practices with a commitment to sustainability.
Connected vehicles and the risk of cybersecurity
The integration of technology into vehicles goes beyond the engine and safety features. Connected cars are becoming the new norm, with advanced infotainment systems, vehicle-to-everything (V2X) communication, and seamless connectivity. In 2024, cars will be more than just a mode of transportation; they will be extensions of our digital lives. According to a 2022 report by Statista, the number of connected vehicles in the United States is expected to top 150 million by 2025, up from the current 84 million. Although many benefits come with driving a connected car (5G wireless connectivity to enable self-driving capabilities, advanced navigation systems, and fewer road accidents being a few of them), the increasing amount of software in vehicles has also led to heightened cybersecurity concerns.
Examples of automotive cyber-attacks include phishing campaigns, ransomware injections, infotainment system hijacks, supply chain ambushes, and damage to the backend infrastructure. As the complexity of cyber threats to the automotive industry increases, it is becoming crucial to adopt a cooperative approach to cybersecurity. It is probable that the automotive industry will place a greater emphasis on developing strong cybersecurity measures to defend against hacking and data breaches. We can anticipate the implementation of advanced encryption methods, secure cloud-based systems, and real-time monitoring integrated into vehicles. This will not only protect the car's software but also secure the personal data of users.
Autonomous driving
Autonomous driving technology continuous to evolve, and 2024 is expected to see significant advancements in this area. While fully autonomous vehicles may not be commonplace by 2024, we can anticipate more sophisticated advanced driver-assistance systems (ADAS) becoming standard in new cars. We will likely see more Level 3 and Level 4 autonomous vehicles, where human intervention is minimal or not required in certain conditions. These systems will enhance safety and reduce accidents.