Automotive & Transportation Market Research Report
The automotive and transportation industry is a hotbed of innovation, with a growing emphasis on connected and safer vehicles. The North American market leads the way, having embraced advanced technologies early on. The industry is on the cusp of a s
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ignificant transformation over the next five years , driven by ongoing automotive advancements. An increasing number of automakers are now prioritizing sustainability by developing novel vehicles aimed at reducing carbon emissions. Many are turning to the manufacture of electric vehicles to align with environmental regulations imposed by governments. According to the International Energy Agency (IEA), global electric vehicle sales reached 2.1 million in 2019, with a rapid growth trajectory expected in the coming years. The demand for specialized automotive sensors, covering aspects like position, pressure, oxygen, magnetism, and temperature, remains robust due to evolving end-user needs and changing policies. Moreover, the integration of smart efficiency is accelerating manufacturers' ability to design and produce smaller, high-performance engines with improved aerodynamics and stability. This entails the use of eco-friendly and energy-efficient components throughout production. LED lighting, for instance, is widely adopted in vehicles to reduce energy consumption. Additionally, the use of materials like carbon fibre and aluminium makes vehicles lighter, enhancing efficiency. Artificial intelligence is also taking centre stage, with manufacturers increasingly incorporating AI into their vehicles to deliver a smoother and safer driving experience. With ongoing technological advancements, automotive and transportation industry players are well-positioned to leverage multiple enhancements to expand their customer base and compete effectively with their peers.
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