World Market for Automotive

Delivery

This report comes in PPT.

Key Findings

Extended reality

While virtual and augmented reality (VR and AR) have been used mostly to play games or preview holiday destinations, according to Euromonitor’s Voice of the Consumer: Digital Survey 2023, such technologies are becoming increasingly prevalent in the automotive industry. Virtual reality showrooms, digitally created environments which look and feel like physical showrooms, have become more widespread as consumer demand for more immersive and personalised experiences has grown. Meanwhile, designers use AR technology to make real-time changes to virtual models.

Generative AI

Artificial intelligence (AI) is progressively becoming a new source of efficiency and productivity for companies. Within the automotive industry, generative AI is helping companies to improve vehicle design, engineering and manufacturing processes. For example, Toyota has developed a generative AI technique that incorporates certain engineering parameters into design sketches. Generative AI can help speed up the design phase of vehicles, thus helping to reduce the time-to-market of new vehicle models.

Giga casting

Giga casting, the manufacture of a car body from just a few main components is revolutionising the automotive production line. Tesla was the first company to widely utilise the giga press, a high-pressure die-casting machine which injects molten aluminium into casting moulds. This is in stark contrast to traditional models which involve OEMs sourcing a wide variety of components from various companies. According to some industry experts, the technology has allowed Tesla’s Model Y rear body to be manufactured with 40% lower cost. Toyota is one of the major automotive companies planning to use giga casting technology.