The automobile industry updates forecast that global online car sales will surge to 7.1 and 7.3 million units by 2024. Electric vehicle (EV) makers increasingly favor online purchasing and are accessible across major markets, with North America leading with almost one-third of the global market share.
The automobile industry is a cornerstone of global manufacturing, driving economic growth and innovation. It encompasses the design, development, production, marketing, and sale of motor vehicles. The industry is currently undergoing significant transformations with the rise of electric vehicles (EVs), autonomous driving technology, and a growing emphasis on sustainability.
Autonomous vehicles represent a significant trend in the automotive industry for 2024. The market is projected to grow from $21 billion in 2020 to nearly $62 billion by 2026, with a compound annual growth rate (CAGR) of 22.75%.
The automotive industry is transforming with advanced manufacturing capabilities. In particular, it is leveraging digital technologies such as robotics, automation, and predictive analytics. Consequently, these innovations enhance production efficiency and deliver high-quality vehicles swiftly.
Recent updates in the automobile industry show that IoT is transforming manufacturing. Sensors and data analytics help manufacturers monitor equipment, optimize production, and implement predictive maintenance to prevent costly downtime.
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