Automotive is anything that has a connection with motor vehicles. The automotive industry is responsible for the design, manufacturing, and selling of motor vehicles. It is one of the world’s largest industries in terms of revenue earned. The automotive industry is also one of the biggest producers as well in terms of units.
In the world today it is just not possible to go anywhere without seeing motor vehicles on the road. It has become almost a necessity to have one. They have made our lives much easier and have made traveling much more accessible. It is all due to the automotive industry.
The first car was invented in 1886 by Benz. This was the start of an industry that would one day be worth hundreds of billions of dollars. Cars came into global use in the 20th century. Companies such as Ford were the first to start large-scale production of motor vehicles. In the early 20th century, the automotive industry played a big role in world wars as well. Other than producing military cars and bikes, some factories were also used for aircraft manufacturing. Thus playing a huge role in some of the most important events in history.
In 1901 Oldsmobile was the first company to start mass production of affordable motor vehicles. Thus making them one of the pioneers of the industry. Soon after them, Ford introduced the first moving line assembly. This meant that cars were being made at astounding rates. Every 15 minutes, Ford was manufacturing a new car ready for consumer use. This was the start of a journey that would take the automotive industry through advancements people dreamt of.
To understand the future of the automotive industry we need to understand its present. In today’s era, the automotive industry is worth billions. In 2021, it is estimated to be worth around 82.6 billion dollars. This value has come after years of advancements and hard work. Below we have listed some of the features that it possesses today.
No one should be surprised that the automotive industry is automated. In the early years of motor vehicle production, assembly was carried out through humans. However, with the advancements in technology, it has been made possible for us to replace humans with machines. Robots such as palletizing robot arms and pick and place robots have made the manufacturing of motor vehicles much less time-consuming. Thus resulting in higher levels of production in lesser time. This has made cars readily available for consumers. It has also incentivized producers to keep producing.
The automotive industry is defined by innovation. Every year hundreds of cars are released by companies having better features than the previous years. The competitiveness in the market for this industry has led to innovation. Producers all across the world try to innovate their motor vehicles to gain an advantage over the competition. This has led to the development of technologies that we once dreamt of. Today cars with autopilots are being produced. Electric cars are very much a present thing now. This is all due to the innovative factor in this industry.
There is not a country on Earth today where motor vehicles aren’t sold. This means that the industry has a global reach. Anywhere you can find a human you can find cars. This is not just applicable to motor vehicles. It also applies to after-sale products such as spare parts. The automotive industry doesn’t just comprise vehicle manufacturers. It also consists of products such as tires, motor oil packaging. etc.
Flying cars? Cars that can float? 400mph speeds? The truth is anything is possible when it comes to the automotive industry. We have seen the industry take huge leaps in advancements in recent years. Cars have gone from being purely powered by gas, to hybrid vehicles and now electric. There is so much collaboration and innovation in this industry that nothing is too far from the present. Projects are already underway for making technology used in motor vehicles even better.
One of the most exciting research happening in the industry is related to smart and self-aware vehicles. With the power of AI, it will be possible for cars to be much smarter and make decisions for you on the road. With the reduction in the supply of natural resources such as oil and gas, electric vehicles will be a big part of the future.
Another thing that we are certain about is the sales. Yes, people are becoming more environmentally conscious. However, that does not mean the automotive industry will suffer in sales. It just means more environmentally friendly vehicles will be produced. Even with the present pandemic, we have seen the automotive industry strive and perform. Some manufacturers have even made it possible to order vehicles online.
In conclusion, the automotive industry has a very bright future ahead. One of the things that they do need to keep in mind is the constantly changing consumer demands. Thus if innovation is continued, the automotive industry will flourish even more.