Vehicles with aging and limited features can get monotonous and tiring to deal with over a period of time. However, the ever changing technology is bringing with itself age of electric vehicles upon us. Gone were the days when cars would benefit people only with features of convenience and commuting. Today cars offer attributes just more than commuting. Range of features from entertainment to communication, car electronics have witnessed major advances over years. Furthermore, with developing technology, cars offer features that comprise of commuting, tracking route of destination through GPS, entertainment through installed music system equipped with FM and AM, and calling facility in order to avoid any accidents. Moreover, due to developing technology, various cars will now be able to interact with street pedestrians, showing them indications related to functions of cars.
Drivers of Purchase
Furthermore, another factor that is expected to drive growth of the car electronics and communication accessories market, is owing to availability of various cars, which are not updated, or are of counterfeit or inferior quality. Due to such factors, consumer preference is witnessed to be more inclined towards technically equipped cars, which are embedded with updated features of technology. There are a range of drive.ai cars, which are manufactured in such a manner that will enable them to make communication with street pedestrians and bicyclists. These cars mainly comprise functions more than traffic signals, as they will function similar to robots, with text displaying in a banner, where it will either mention car’s direction or a warning or informative sign to street pedestrians for precautious purposes. Moreover, driver.ai does not focus on manufacturing cars, however mainly focuses on retrofitting cars for company-based commercial fleets in order to offer services such as parcel delivery or taxi services.
With age of electric vehicles upon us, first hybrid-electric vehicle, Toyota Prius was introduced in Japan first, which had marked an initial breakthrough for such technologically equipped cars. Such electrically enhanced and technically embedded cars are expected to offer a new world of ‘smart vehicle’. Owing to various factors such as collision protection, traffic routing and remote management of vehicle. Cars that are technically equipped, play a vital role in stabilizing power grid as power is drawn from electrical grid when car is parked.
Restrains of Sales
With increasing momentum of ‘self-driving’ cars on roads, these technically equipped cars are making a leapfrogging breakthroughs. While technically equipped cars are making way on roads of various developing and developed countries gradually, however customers must be in cognizance regarding limitations and complications of these cars along with benefits offered. Various challenges posed to trends could breach security and could have questionable attributes as well. It is imperative to ensure proper security in order to prevent unauthorized software such as various viruses, Trojans, or other malicious malware can hack car, which could risk driver’s life.
Another significant factor, which is expected to restrain growth of market is owing to voice recognition problems in various such car. While these cars are technologically equipped and offers innumerable features to customers, however various technological features do not function well, owing to limited technological advancements. Voice recognition has always been an issue owing to which, various features do not work if they are dependent on voice recognition attribute.
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Owing to increasing consumer preference for such cars, increasing trends are witnessed such as adoption of tools for online configuration for car accessories, growing trend of e-retailing in emerging markets, increasing number of joint ventures and consolidation of different market distribution channels. However, disregarding a few loopholes, mainly majority of customers are now opting to purchase such cars and benefit from various applications that are offered by these cars.