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
Installing autonomous and assisted driving features within regular passenger vehicles, including adaptive cruise control, lane-keeping technologies, and blind spot warning, is rising. This drives the automotive sensors market, with cameras and radar costing an average of hundreds of dollars per car. As more advanced self-driving technologies come along and LiDAR 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 enormous 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 drive 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 an excellent 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 significant revenue opportunities for robotaxis.
Electrification to Eliminate Emissions
Emission regulations provide the impetus for electric vehicles to continue to be adopted 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 must prioritise battery electric vehicle sales to minimize potential penalties and meet challenging emission targets.
As electric car prices start to reduce and fuel prices continue to increase steadily and fluctuate, BEVs are presented as a more favourable option for both cost and the environmental benefits that accompany them. With hydrogen fuel cell cars still seeing much lower demand from consumers and 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 and electric vehicles. It includes market forecasts for the next ten years and highlights key players within the industries.