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Home Industry Automotive

Digitalisation of auto industry to accelerate transition to EV

FutureIoT Editors by FutureIoT Editors
November 17, 2023
Photo by Daniel Andraski: https://www.pexels.com/photo/pouring-oil-to-engine-13065690/

Photo by Daniel Andraski: https://www.pexels.com/photo/pouring-oil-to-engine-13065690/

Traditional automobile manufacturers face the considerable challenge of transferring their product lineups to electric vehicles (EVs), while balancing the need to maintain sales and profits to afford the switchover from sales of their vehicles with internal combustion engines (ICEs).

ABI Research forecasts that automobile manufacturers will spend US$83.3 billion on digital technologies in 2023, growing by a CAGR of 8.5% to surpass US$188 billion in 2033.

“The transfer to EVs is driving demand for software, as manufacturers need to design new vehicles and simulate the vehicles' performance,” says Michael Larner, industrial and manufacturing markets research director at ABI Research.

He added that the new production lines will also need to be simulated before launch. Manufacturers are realizing the potential of digital twins to enable teams to collaborate to bring the new operations to life. 

Larner added that before creating digital twins, automobile manufacturers will need to remove data silos and create digital threads with suppliers such as Amazon Web Services (AWS), Google, NVIDIA, and Siemens standing to benefit.

Related:  49 million 5G connections to bring US$2.4 billion in connection revenues
Tags: ABI Researchautomotive industry
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About FutureIoT

Asia’s ONLY dedicated IoT publication

The race to harness the power of Internet of Things (IoT) is here. FutureIoT is dedicated to individuals, as well as public and private organizations looking to tap the potential of IoT to transform the way we live, work and do business. FutureIoT is the dedicated media that provides the single source of truth about IoT, the technology, its application and regulation, originating from Asia. << Read more >>

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