How New Technologies are Impacting Vehicle Ownership and Financing

Auto Tech Outlook | Tuesday, September 14, 2021

How New Technologies are Impacting Vehicle Ownership and Financing

The automotive sector is focusing on novel technologies that can meet the customers' future requirements.

FREMONT, CA: Automobile companies are currently paying close attention to novel technologies and breakthroughs, such as electric vehicles, autonomous vehicles, and ridesharing. While transformation is unavoidable, but uncertainties about when it will arise due to persistent technological, legislative, infrastructure, and consumer acceptability challenges must be overcome.

Automobile manufacturers are faced with making significant R&D investments in electrification and autonomous technology for long-term advantages while maintaining a continuous stream of conventional car sales that account for 95 percent or more of their revenue.

While the transition of the automotive sector is taking longer than expected by the media, several organizations understand the necessity to evolve and transform their solutions to meet future industry requirements while preserving the market-leading position in automotive finance.

CAAR

CAAR stands for Connected, Autonomous, Alternative Fuel, Ride, and Carsharing, and it's a popular acronym in the automobile industry to define the industry's revolutionary emerging trends.

Connectivity

Connected contributes to the expansion of technological improvements in automobiles that involves connectivity with the help of mobile devices, apps, telematics, Wi-Fi, and digital platforms. Several automakers are setting the standard with fully connected vehicles that can download software over the air.

Autonomous

Autonomous is a novel way of planning for the future of transportation. There has been a steady shift in the industry toward developing completely autonomous vehicles that do not involve human drivers. Autonomous cars will profoundly alter the auto business. With the advent of autonomous vehicles, it is expected that there will be significant changes in auto design, sales, finance, insurance, automobile ownership, and regulations.

Alternative Fuel

Due to increasing environmental concerns and continuous government legislation, electric drivetrain vehicles (and variations) have started to gain market share. Many predict that they will eventually replace standard ICE (internal combustion engine) automobiles.

Ride and Carsharing

As the demand for ridesharing grows, many people believe that car ownership will decline. Additionally, developments in autonomous vehicle technology increase this effect, as autonomous vehicles minimize the expense of ridesharing, making it a more appealing choice due to improved travel efficiency and reduced downtime.

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