Automotive
5 Interesting Automotive Industry Trends and Statistics to Watch
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Did you know that 74 million and 78 million vehicles are sold annually in the automotive industry in the United States? If so, did you know that almost half of the cars sold in the U.S. are imported from five countries, namely Japan, Germany, Mexico, Canada, and Korea?
While lockdowns caused by the COVID-19 pandemic contributed to the chip shortage in the automotive industry, a turnaround is predicted for either later this year or sometime next year.
Are you interested in finding out some more industry trends and car buying statistics to look out for?
Keep reading to learn about 5 intriguing automotive industry trends for 2022.
1. 6 Million EV Sales in the Automotive Industry in 2022
Gartner forecasts that 6 million electric vehicles will be shipped this year, compared to only 4 million EVs shipped in 2021.
The research firm adds that EVs will account for 95% of total EV shipments this year, while the rest will be divvied up among buses, heavy trucks, and vans. So, the EV trend appears to have a lot of roadways ahead. It’s certainly no fad.
While Tesla has popularized EVs, many automakers are in the EV space. Whether offering fully electric vehicles or hybrid vehicles that run on gas and electricity, car manufacturers are tapping into the growing customer demand.
Issues like range anxiety have concerned would-he EV buyers in the past. But EVs today offer greater range than they did in yesteryear, and the network of EV charging stations is growing.
2. Online Vehicle Sales Increasing in Popularity
Do you want to buy car online? The online car dealers industry in the U.S. is worth $45.1 billion. According to IBISWorld, the industry has grown an average of 6.4% annually between 2017 and 2022.
While people have been able to buy vehicles online for years, the trend really took off early in the coronavirus pandemic. As governments implemented lockdowns to stem the virus’s spread, the auto industry had to adapt.
One of the ways they did so is by heavily promoting online buying. It made things easier for consumers who were understandably hesitant about going about business as usual when the virus was spreading like wildfire.
Without leaving their homes, consumers could look at inventories, have one-on-one talks with sales reps, have vehicles delivered to their homes for test drives, and then have purchased vehicles delivered.
For consumers who have never liked the process of physically visiting car dealerships, negotiating on terms, and signing financing documents, the trend toward more online car buying and car shipping is a welcome development.
3. Autonomous Vehicle Capabilities Take Big Step Forward
While the dream of fully autonomous vehicles hasn’t reached fruition yet, that doesn’t mean that vehicle makers aren’t getting closer to that goal.
According to one source, Elon Musk, CEO of Tesla, could have EVs capable of Level 4 self-driving by the end of this year.
Autonomous car levels go from Level 0 to Level 5, with Level 0 referring to cars with zero self-driving capabilities and Level 5 referring to cars with full self-driving capabilities.
Are you in the market for an EV this year but don’t want to play the wait-and-see game as far as Tesla goes? Some good EVs are coming out that have pretty impressive levels of autonomous self-driving features.
For instance, Mercedes-Benz will reportedly roll out the initial mass-production Level 3 vehicle this year, leveraging its Drive Pilot tech. The Level 3 feature will enable motorists to sit back and allow the vehicles to drive.
In other news, the trucking industry, worth $800 billion, could see a reduction in the almost 5,000 trucking-related deaths that happen annually if Level 3 or Level 4 autonomous technology were widely used.
4. Cars Becoming Increasingly Connected
The connected car segment in the automotive industry is valued at about $75.7 billion worldwide this year, and it’s projected to climb to a whopping $191.8 billion by 2028.
Another source notes that about 47.5 billion connected cars were sold in 2020.
Connected vehicles allow for remote diagnostics, vehicle condition notifications, turn-by-turn alerts, and more. So, it’s no surprise that consumers are interested in this type of technology. And automakers are happy to oblige.
As the internet of things (IoT) and 5G technology continue increasing in popularity, the trend toward more connected vehicles is expected to climb.
McKinsey, in fact, says that around 95% of new vehicles sold around the world will be connected by 2030. This compares to about 50% early last year. If your current can isn’t connected, your next vehicle will likely be.
5. Automakers Reviewing Hardware Outsourcing
Another trend in the automotive industry this year is seeing vehicle makers reconsidering their traditional inventory strategy. This strategy has left many original equipment manufacturers and Tier 1 suppliers high and dry during chip shortages.
According to Gartner, car manufacturers are reviewing how they deal with chip makers and are pondering whether to make their own chips.
The research firm predicts that by 2025 half of the top 10 OEMs in the automotive space will create their own chips and create working arrangements with chip businesses.
These Automotive Industry Trends Will Shape 2022
These are 5 automotive industry trends you need to be aware of this year. It’s an industry that has faced many challenges over the year (including the COVID-19 pandemic), but there’s still lots of good news.
For instance, you’ll want to keep your eyes on the EV space as things heat up. Whether you want a car, truck, or SUV, you’ll find plenty of options.
If you buy a car and need it shipped to your address, Nexus Auto Transport can help. It serves online car sellers, military members, college students, and auto auctions. Get in touch today to learn more.
Automotive
Russell’s early departure leaves Lando Norris on pole at the Hungarian F1 GP.
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(CTN News) – Lando Norris and his McLaren squad survived a tough qualifying session for the Hungarian Grand Prix, but they know they must perform on Sunday.
Lando Norris needed to win Budapest after Oscar Piastri locked off the top row in the field’s fastest McLaren. Recent races have been costly owing to wasted opportunities and little mistakes.
He matched Max Verstappen’s pole lap at the Hungaroring, who was unhappy to finish third. In a confident and aggressive approach, the 24-year-old finished more than three tenths ahead of the Dutchman, hitting the apexes.
Piastri followed Lando Norris by two hundredths of a second on the second hot run, demonstrating McLaren’s speed.
McLaren is doing well since Lando Norris won the Miami Grand Prix.
His potential triumphs have been cost by team and driver error, for which both parties have taken responsibility. On Sunday, he and McLaren will know they must do well.
Norris was quietly pleased with his historic first pole in Hungary and third overall. Although confident, McLaren will also be proud of their recent race progress. No one has won the pole in Budapest since Lewis Hamilton won the race and flag in 2012.
Norris and his crew recognize they must capitalize on closing gaps with 12 races left to drive Verstappen to the finish. Lando Norris understands. Behind Verstappen by 84 championship points.
“I know we missed out on some races, but we did the best we could in every one of them, and I don’t want to get back into all that stuff,” he said. I expect Oscar and Max to challenge me in the rear, not a clean weekend.
“Every location and point must be maximized; the more we can do to return to Max and Red Bull, the better.”
Hungary is a great opportunity since Lando Norris Verstappen was plainly unhappy with his car and outperformed. This disappointed him twice because the team had swiftly upgraded this race.
Verstappen had stated that the upgrades will define the second half of the season, but he admitted that he did not think they had gone far enough and could not defeat the McLarens.
“The changes are effective, but we still need more as we are not at the top,” said he. “Despite the imbalance, I liked the laps. I was pushing hard, so you had these little moments. Fast lap times are less crucial today. Simple: we need to work more because we’re moving slower. McLaren’s qualifying performance suggests a lot of ground to cover.
Lando Norris completed his best lap despite two crash-related stoppages.
Verstappen looked great in dry Q3 hot laps. He set a record with a lap time of 1 minute, 15.555 seconds and was quickest through each sector.
Lando Norris followed and pushed through the corners with fearlessness, posting a perfect 1:15.227 lap time. Piastri improved to second place on the penultimate laps while Verstappen did not, and Yuki Tsunoda’s crash halted the session.
A tardy coda didn’t matter when practice resumed because the last two minutes on old tires were worthless. McLaren has all the cards, but they must perform at the highest level to prove the legendary brand can win again.
Carlos Sainz of Ferrari was fourth and Lewis Hamilton of Mercedes fifth. George Russell, Sainz’s teammate, was unexpectedly ousted in the first round.
Sergio Pérez of Red Bull struggled again in the first qualifying round. He hit the curb, lost the rear at turn eight, and crashed, interrupting the session.
Poor performance again for the Mexican, whose Red Bull berth is in risk after a succession of poor performances, especially in qualification. His contract, recently extended to 2025, may have a performance clause, and Red Bull is unlikely to tolerate him underperforming for long. He was sixteen.
Russell fell behind because Lando Norris Mercedes didn’t fuel the car until the session ended. The British driver was eliminated in 17th place after staying out when the track dried after the break.
Charles Leclerc of Ferrari placed sixth, Fernando Alonso and Lance Stroll of Aston Martin placed seventh and eighth, Daniel Ricciardo of RB placed nine, and Tsunoda placed tenth.
Nico Hülkenberg and Kevin Magnussen of Haas finished 11 and 15, Valtteri Bottas of Sauber 12 and Alex Albon and Logan Sargeant of Williams 13 and 14. Esteban Ocon and Pierre Gasly placed ninth and twentieth for Alpine, while Guanyu Zhou placed eighth for Sauber.
SOURCE: GN
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Automotive
M5 Partially Closed as Cullompton-Exeter Crash Hospitalizes Two
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(CTN News) – Two people were sent to the hospital for treatment as a result of the M5 tragic vehicle accident that happened in Devon.
The accident between two vehicles was the cause of the disaster. One more consequence of the crash is that it has left the M5 partially blocked to traffic to this day.
Between junction 28 for Cullompton and junction 29 for Exeter, the highway was blocked in both directions; however, one lane on the southbound carriageway has been opened up for previously closed traffic.
In a statement issued by the South Western Ambulance Service NHS Foundation Trust, they stated that they were notified of a traffic accident that had happened in the Exeter district at 2:29 p.m. on Friday, July 12.
M5 happened in Exeter, according to reports.
Furthermore, information was given to them by the South Western Ambulance Service.
To provide medical assistance to those injured, four land ambulances, each with two crews, an air ambulance, a critical care M5 vehicle, a doctor, an operations officer, and a responding officer were dispatched to the scene of the incident.
Furthermore, a critical care vehicle was dispatched. We also dispatched an air ambulance to the scene of the event.
Two patients were transported to their respective hospitals: one was transported by land ambulance to the Royal Devon and Exeter Hospital, while the second patient was flown there by air ambulance.
After being moved, the two patients were sent to hospitals in Devon and Exeter, respectively. Simultaneously, both patients were transferred to their respective sites at the same time.
Here’s what Devon and Somerset M5 Fire and Rescue Service said:
“We responded to the scene of a road traffic collision on the M5 at 2.30 p.m. today, between junctions 28 and 29.” The statement cited above was part of an official declaration.
A car that had been hit by another car coming from the other direction had two persons inside that had been rescued. It had been traveling in the other direction.
We offered support as the people were being taken out of the car. These people are now receiving medical assistance from the ambulance service in order to fulfill their duties.
The event caused significant delays for the M5 and the routes that pass through Exeter during the period when traffic was being redirected. In order to accommodate the traffic, this was being done.
A southbound vehicle experienced wheel failure, causing it to cross the center reserve and merge with the northbound road approaching. The car was going the wrong way, which is why this happened. The vehicle was traveling southward at that precise moment.
National Highways indicated that based on the facts they have provided, it is expected that the police would begin their investigation into the occurrence given the magnitude of the calamity that occurred. The entity that made this information public was National Highways.
The Devon and Cornwall Police Department issued the following statement:
“We know the M5 closure is causing traffic.”
The statement that was released is located beneath you. “We will get people moving safely when we can but please bear with us while we deal with the incident and causalities at the scene.”
In order to accommodate cars and other small vehicles that were traveling on the now-closed northern route towards M5 Taunton and Bristol, the back of the line has been shifted.
This was done to create space for these cars, which were heading towards Taunton and Bristol. The purpose of this activity was to provide space for larger cars. At this point, it seems like more and more vehicles are being stopped from going forward.
Due to this incident, a second lane has been opened up for use by any and all vehicles traveling southward.
SOURCE: ITV
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Honda to Cease Production at One of its Thailand Auto Factories
Car Dealers in Northern Thailand Struggling to Stay Afloat
BYD Car Buyers in Thailand Outraged Over Huge Dealer Discounts
Automotive
Honda to Cease Production at One of its Thailand Auto Factories
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(CTN News) – The Japanese vehicle firm Honda Motor made the news in a statement that was posted on Tuesday. The statement stated that the company intends to center its production at the site that it operates in the province of Prachinburi.
As a consequence of this, the production of automobiles will be halted at the facility that it operates in the province of Ayutthaya in Thailand by the year 2025.
The more difficult circumstances that the second-largest car manufacturer in Japan is facing in the country of Thailand, which is located in Eastern Southeast Asia, are exemplified by this move. Thailand is located in Southeast Asia.
There are several reasons for this, including the fact that Chinese firms are determined to grow their market share in Thailand, and a growing number of consumers are expressing an interest in electric vehicles (EVs). They both play a role in contributing to the problem.
The combined output of automobiles produced by Honda’s two facilities has fallen throughout the course of the succeeding four years, going from 228,000 vehicles in 2019 to less than 150,000 vehicles annually. This downward trend has occurred during the course of the past four years.
The preceding four years have been the time period during which this decline has taken place. With regard to the sales that the company has made in Thailand throughout the course of the past four years, there has been a consistent range of less than 100,000 to less than 100,000 for the entirety of this time period.
This is according to Honda’s spokeswoman.
When the factory first opened its doors in 1996, the company anticipates that it would continue to manufacture vehicle components at that location. When the firm finishes manufacturing vehicles at the Ayutthaya facility in the next year, the spokesperson stated that the company intends to continue producing automobile components at the plant.
In accordance with the statement that was given by the spokesman, the Prachinburi factory, which was built in 2016, will be utilized for the purpose of integrating the facilities with which automobiles are created. This was said in the statement. There are only two factories in Thailand that are owned and operated by the vehicle manufacturer, and these two factories are the only ones in the country.
According to the statement made by a spokeswoman for Honda in Thailand, the company’s goal is to reduce the disparity between the number of automobiles it produces and the number of sales it has experienced in the nation.
According to the remark that was made by the spokesman for the company, the automobile manufacturer are already exporting their products from Thailand, particularly to other Southeast Asian countries such as Indonesia and the Philippines. According to a statement that was sent by a spokeswoman for the company.
Currently, Honda has no plans to invest in Thailand.
When it comes to mainland China, Honda and Nissan Motor, a Japanese automobile manufacturer that competes with Honda, have been hit particularly hard by competition from rising Chinese manufacturers.
Nissan Motor is a competitor of Honda. As a result of the fact that these businesses provide reasonably priced plug-in hybrids and electric vehicles that are loaded with software, a significant number of customers have been drawn to them.
Now, Japanese automobile manufacturers are at risk of losing clients in countries outside of China, such as those in Southeast Asia, to Chinese companies that are increasingly attempting to increase the quantity of automobiles they export and build up operations outside of China.
As a result, Honda Japanese automobile manufacturers are facing a potential loss of customers. They are exposed to this danger as a result of the fact that Japanese brands compete with Chinese brands in these locations.
BYD, a Chinese manufacturer of electric vehicles, recently launched a plant in Thailand that will be responsible for the production of automobiles that are powered by electronic batteries.
This plant was established last week. The Chinese electric car manufacturers are beginning to establish facilities in the country, and this factory is a component of the wave of investments that they are making in the country. These investments have a total value that is greater than 1.44 billion dollars together.
SOURCE |SCMP
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