Table of contentsIntroductionEconomic crisis: transformation of the industryElectric cars: the future of the automobile industryConclusionWorks citedIntroductionIn today's society, public transport and private vehicles are the means by which people move from one destination to another. However, these vehicles, although essential in the present, do not prepare the future of the automobile industry. They lack the fundamental advantages required for vehicles of the future. Therefore, the future of the industry will be defined by the development of new and improved vehicles, capable of meeting the changing needs of society as a whole. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”?Get the original essayEconomic Crisis: Transforming the IndustryTo begin with, the future of the automobile industry has been forged by an economic crisis that has started in 2007 and affected the global automotive industry, leaving several countries with billions of dollars in lost revenue. These major revenue losses have led automakers to research and discover new ways to help the industry grow better. According to McKinsey & Company, “the industry's profits in 2012 (54 billion euros) were much higher than those of 2007 (41 billion euros), the last year of crisis” (Padhi, 3). This significant increase in profits is due to new research into reducing car emissions and implemented technology updates. This crisis leads researchers to believe that “by 2020, global profits could increase by another 25 billion euros, to reach 79 billion euros” (Padhi, 5). While a dramatic drop in profits for an entire industry typically leads to companies going bankrupt or bankrupt, the crisis that hit the auto industry actually helped pave the way for the future and increase revenues totals for the entire industry. The automobile industry was helped by the economic crisis, federal regulators forced manufacturers to implement vehicle regulations which, in turn, also paved the way for the future of the automobile industry. With the implementation of regulations aimed at reducing global warming and other environmental risks, automakers have begun to create vehicles that are more fuel efficient and emit fewer greenhouse gases. According to an article in Access magazine, “all classes and sizes of vehicles are subject to the same regulations, which has helped cut carbon dioxide emissions per kilometer in half. In terms of fuel economy, today's average compact car that gets 30 mpg will achieve about 51 mpg in 2025, and today's 17 mpg full-size pickup will achieve about 29 mpg in 2025. » (Lutsey, 11). These statistics show that regulations are implemented not only to benefit the environment and help fuel economy, but they are also there to help improve vehicles, which will in turn lead to more revenue for the automotive industry in the future, as customers are satisfied with their vehicle and the fuel efficiency it obtains. Although these regulations may be a burden for automobile manufacturers today, they will help improve environmental quality and lead to economic growth of the automobile industry in the future. Electric cars: the future of the automotive industry and lead to the creation of more electric cars. Electric carswill play an important role in the future of the automobile industry and lead to greater fuel economy and a better environment, just like car regulations. The benefits of electric vehicles include charging your vehicle in seconds, greater range in the distance the vehicle can travel without recharging, and consumers can benefit from significant tax incentives for owning an electric vehicle (Fisher, 10) . These benefits help prepare for the future because they can lead to more profits for automakers, better air quality and stricter environmental standards. Additionally, the electric car will lead the future of the automobile industry because efforts are being made all over the world to try to ban gasoline-powered vehicles outright. This means that all major automakers will phase out their internal combustion engine vehicles and shift to electric vehicles in the near future (Williams, 9). Going electric will allow automakers to produce more vehicles that are safer for the environment and provide greater incentives to consumers. As more and more electric cars are produced in the future, the hydrogen car looks promising for the future of the automobile industry. . Hydrogen cars are similar to electric cars, where they are very beneficial to the environment and can help improve overall air quality. The benefits of a hydrogen vehicle include that the hydrogen gas is made from renewable resources, excess energy used in the braking system is reused for other purposes and also helps reduce air pollution. air in the environment (Franklin-Wallis, 9). Having a car that is made from renewable resources and is environmentally friendly is the key to the future and can help solve the problems the world faces today. Additionally, the hydrogen car “can travel more than 300 miles on a single tank and refuel in minutes…whereas today's electric vehicles take several hours to recharge” (Franklin-Wallis, 19) . As hydrogen car manufacturers begin production in the coming years, these cars will help prepare the auto industry for the future ahead. Apart from the automobile industry moving to electric power in the future, these changes cannot be made possible without new and improved technological advancements in the field. vehicles. Without a doubt, in-car software is what will lead the automotive industry into the future, with technologies such as autonomous vehicles and lane control information. In-vehicle software will be the future of the industry as it can provide information that can improve regular journeys through automatic emergency braking, collision warning, autopilot in traffic jams, lane assist warnings and autonomous driving systems (BlackRock, 4). Additionally, technological advancements will help pave the way for the automotive industry in saving lives. As stated in a report by the BlackRock Investment Institute, [they] believe that the development and adoption of [technologies] can help avoid and minimize the impact of accidents and improve road safety - just like safety devices existing tools such as seat belts and airbags have done so. » (Black Rock, 5). These features will make driving safer for everyone in the future and., 2017.