What Lies Ahead for Auto Industry in 2024
Trends in 2024 will demonstrate the need for extended collaboration at all stages in the automotive development process.
The race to develop the most advanced, secure and safe vehicles on the road has been on for quite some time, but we expect that race to gain speed in 2024. Global competition between automakers, consumer demand for advanced features, upcoming automotive industry regulations and new entrants to the automotive silicon market are fueling this fierce battle.
Despite this competition and intensified market pressure, there is still a need for extended collaboration at all stages in the automotive development process to manage the increasing complexity of vehicle systems-on-chip (SoCs), the evolving cybersecurity threat landscape and shortening development cycles.
Here are our top four predictions that we see guiding the automotive market in 2024:
Market Pressure Yields Shorter Automotive Development Cycles
Automakers are rushing to keep up with Chinese manufacturers who are setting the pace of development at levels previously unseen in the traditional market. Due to robust automotive safety standards and resulting testing needs, the technology in a brand-new car is likely to be five to seven years old. Chinese manufacturers are closing that gap to be closer to three to five years. Both silicon and software testing validation need to happen quickly to accelerate development, often in parallel with one another.
One way the industry is lessening the time to market for vehicles is by using digital twin technology, which can be utilized for an entire vehicle, its software, electrical system, SoCs, etc., to detect performance issues, test new features and optimize features throughout the entire design and manufacturing processes.