5 Auto Industry Trends To Watch in 2023

The automotive industry has been around since the 1800s, and this industry is always evolving. New trends and technologies are always emerging every year, and the year 2023 promises something no different. 

There will be several exciting changes on the horizon with things such as how vehicles are powered, driven, shopped for and acquired. Everything from cannabis in the automotive industry to the rise of electric vehicles, if you want to learn more about the five trends to watch out for in the coming year, keep reading! 

Cannabis in the Automotive Industry

It might seem strange to think about cannabis in the automotive industry; however, the two have merged. Cannabis is a versatile plant, and it can be used in various ways besides the common medical and recreational use when consumed with practical bongs and pipes. Cannabis can offer a lot of benefits in the automotive industry. 

This includes being used as a fuel, additive, and material for a motor vehicle’s parts and components. An example of this would be hemp-based composites being used to make car parts that are lighter and stronger. 

The Rise of Electric Vehicles

Another thing that is becoming increasingly popular is electric vehicles, and in 2023, it seems these vehicles will become even bigger! Several major automakers are planning to launch new models of electric vehicles in the next few years, and the price of these electric vehicles is expected to continue to fall. 

As a result, electric vehicles are expected to make up a significant portion of new car sales by 2023. Automakers are continuing to integrate more digital technology into their technology to match the digital shift that is happening globally in all other industries. Tech companies like Tesla and Google are also starting to work on electric and self-driving vehicles. 

The Rise of Autonomous Vehicles

Another trend that we can expect is that autonomous vehicles will become more common in 2023. This is because more companies are beginning to launch self-driving cars. Self-driving cars are shown to be safer, reduce downtime, and reduce driver’s fatigue and negligence-related accidents. They also improve fuel efficiency by 10% and reduce CO2 emissions by 42 million metric tons annually. 

Many major tech companies and automakers are already beginning to work on autonomous vehicle technology, and we can expect these vehicles to enter the mainstream market in the next few years. 

The Decline of Traditional Car Ownership

Did you know that traditional car ownership is in decline? Well, this comes as there is favour towards alternative ownership models such as ride-hailing and car sharing, which is when two or more people use the same vehicle with short-term access. 

Mobile sharing has become a lot more popular in recent years, and this is a trend expected to continue in 2023 as more and more people start turning towards alternatives for their transportation needs. More companies are starting to offer shared mobility options as a creative, affordable and convenient alternative to vehicle ownership; as a result, there is expected to be a decline in the total number of cars on the roads. 

The Growth of Mobility Services

Lastly, mobility services such as ride-hailing and car sharing are expected to grow significantly in 2023. This comes as more and more people are beginning to turn towards these alternative modes of transportation to fulfil their transportation needs. This growth is likely driven by the continued decline of traditional car ownership and the increasing availability of autonomous motor vehicles. 

Like every other industry in the world, the automotive industry is always evolving to become better and more efficient. In 2023, we will see trends focusing more on being environmentally friendly. 

New trends and technologies are emerging in the industry in 2023, such as cannabis in the automotive industry that is being used as fuel, additives and materials for parts and components, electric vehicles on the rise with the price of these vehicles declining as well. 

There is also the rise of autonomous vehicles with the launch of self-driving cars and the decline of traditional car ownership. Lastly, there will be a growth in mobility services.