Automotive Industry Trends


Top 5 Automotive Industry Trends:


1. Governments Targeting Emissions Reductions: Around the world, governments are enacting strategies to reduce emissions within the automotive sector.There are ambitious targets to slash greenhouse gas emissions by a significant margin within the next decade. The European Commission is working towards steep cuts in vehicle CO2 emissions in the coming years, with goals that could effectively end the sale of fossil-fuel-powered vehicles. There is a growing policy emphasis on the transition to electric power as a means to mitigate greenhouse gas emissions from transportation.


2. Intuitive Interactions: Human-Machine Interface (HMI) Innovations: Human-Machine Interface (HMI) technology will continue to evolve, offering drivers and passengers more intuitive ways to interact with their vehicles. This includes touchscreens, gesture controls, and augmented reality displays that provide vital information more seamlessly. New vehicle models will likely showcase these HMI innovations through enhanced user experiences, with manufacturers highlighting the ease of use and safety benefits in their promotional efforts.


3. Eco-Driven Choices: The Rise of Hybrid and Pre-Owned Vehicles: With growing environmental consciousness and economic considerations, demand for hybrid vehicles is likely to continue to rise, offering a balance between traditional fuel and electric capabilities. The pre-owned vehicle market is also expected to expand as consumers look for cost-effective alternatives amid new car price hikes. This trend will be visible through increased sales figures for hybrid models and a more robust certified pre-owned (CPO) market, with dealerships and manufacturers enhancing their offerings in these segments.


4. Revolution on the Road The Era of Over-The-Air (OTA) Updates: OTA updates are set to become the norm, allowing automakers to remotely upgrade and enhance vehicle software, including security features, system performance, and even adding new functionalities. This trend signifies a shift towards software-defined vehicles. You'll see this trend through regular updates advertised by automakers, just as you receive notifications for your smartphone updates. Cars will continually evolve post-purchase, enhancing their capabilities and value over time.


5. Decline in New Vehicle Sales: The boom in EVs contrasts with the broader automotive market, which hasn't fully bounced back from the pandemic's effects. Possibility of oversupply of vehicles and potential price cuts to boost sales. In the U.S., economic pressures have led to reduced sales forecasts, with new vehicle sales potentially hitting a low not seen in many years. Europe also faces a downturn in car sales, with expectations of a significant decline compared to previous years.






More Automotive Trends:


* Rising EV Demand and China’s Dominance: The market for electric vehicles (EVs) is experiencing substantial global growth, with China emerging as a central force. The country has seen a considerable year-over-year increase in EV production, maintaining strong sales even without subsidies. China's global competitiveness in the EV sector is rising, supported by significant government backing and the innovative practices and economies of scale of its automakers. A large portion of the global passenger EV sales this year is expected to come from China. The global electric vehicle market is projected to expand dramatically over the next several years.


* Advancements in Self-Driving Vehicles and UK Legislation: The UK is at the forefront of embracing self-driving vehicle technology, with new laws introduced to Parliament to prioritize safety and position the UK as a leader in this field​​. The self-driving vehicle sector received a boost with the indication of new legal frameworks to support the industry​​, and the UK government is set to clarify and update the law to allow the introduction of such vehicles on the roads​​. The goal is to see self-driving vehicles, including cars, coaches, and lorries, operating on motorways in the near future, and the government is aiming for early deployments by 2025​​​​.


* Navigating the Bottlenecks: Resilience in Automotive Supply Chain: The automotive industry is expected to continue facing supply chain disruptions, with labor strikes and the ongoing semiconductor chip shortage posing significant challenges. Companies are likely to adopt more resilient supply chain strategies to mitigate these issues. These disruptions may lead to sporadic vehicle availability, price volatility, and perhaps a push towards regional supply chain solutions. We might also see investment in alternative suppliers or in-house production of critical components.


* Guardians of the Road: Advancements in Automotive Safety Technologies: Safety technology in vehicles is rapidly evolving, with advanced driver-assistance systems (ADAS) becoming more sophisticated. By 2024, features like automatic emergency braking, lane-keeping assist, and fatigue detection systems are likely to become standard in many models. The incorporation of these technologies will be evident in the marketing of new vehicles, with safety ratings becoming a more prominent factor in consumer decision-making.


* The Connected Journey: Seamless Integration in Automotive Connectivity: Connectivity in vehicles is set to go beyond infotainment systems, integrating more deeply with other devices and services. Cars will increasingly become part of the 'Internet of Things', interacting with smart home devices, traffic management systems, and more. Expect to see new models boasting about their connectivity features, with collaborations between automakers and tech companies becoming more common to provide seamless digital experiences for drivers.


* Clearing the Air: The Drive Towards Low-Emission Automotive Futures: The automotive industry is expected to continue its push towards reducing carbon emissions, with manufacturers adopting greener production practices and developing vehicles with lower emissions. This includes the use of sustainable materials and energy sources in manufacturing, as well as advancements in vehicle technology to improve fuel efficiency and reduce carbon footprints. This trend will be visible through industry reports on sustainability, increased electric vehicle (EV) production, and the marketing of eco-friendly manufacturing practices and vehicle emissions ratings.


* The Fast Lane of Connectivity: 5G Revolutionizing On-Road Communications: The rollout of 5G technology is set to revolutionize the automotive industry by enabling higher speeds and more reliable vehicle-to-everything (V2X) communication. This facilitates advancements in autonomous driving, real-time traffic updates, and improved in-car entertainment and functionality. The impact of 5G will be noticeable in the proliferation of connected services within vehicles and the development of smart infrastructure in urban environments to support these advancements.


* Conversations on the Go: AI Voice Assistants as Co-Pilots: AI voice assistants are becoming an integral part of the driving experience, offering hands-free control over various car functions, personalized assistance, and even driver monitoring for safety. These systems are becoming more advanced, with the ability to understand and predict driver needs and preferences. The presence of AI voice assistants will be evident in the standard features list of new cars, with collaborations between automakers and tech companies to integrate proprietary voice technologies into vehicle systems.


* The Expansion of V2X Communication: Vehicle-to-Everything (V2X) communication is expected to advance, enabling vehicles to communicate with each other and with road infrastructure to improve traffic flow, reduce accidents, and increase overall transportation efficiency. This will be visible in smart city projects and autonomous driving developments. Expect to hear more about vehicles that can "talk" to traffic lights or relay safety information to other cars to avoid potential hazards.


* The Minimized Machine - Compact and Advanced Automotive Electronics: The miniaturization of electronics is likely to continue, with components becoming more compact, efficient, and powerful. This allows for more spacious and flexible vehicle interiors, as well as improved performance and energy efficiency. New vehicle models will boast about their advanced electronic systems, highlighting features like energy-efficient lighting, sophisticated infotainment systems, and electronic control units that support a host of driver assistance systems.


* Driving Through New Dimensions: The Integration of AR in Automotive: Augmented Reality (AR) technology is poised to transform the driving experience, integrating real-world environments with digital information. AR can enhance navigation systems with real-time overlays on windshields and interactive heads-up displays (HUDs). You'll notice this trend in the way manufacturers market their newest models, emphasizing the immersive experience and interactive features provided by AR, such as highlighting points of interest, lane departure warnings, and more, directly within the driver's line of sight.


By 2024, the automotive industry is expected to undergo significant transformation, with digital technologies becoming a core part of the driving experience. Cars are anticipated to be more than just means of transport; they'll serve as connected hubs providing convenience, enhanced safety, and a modernized driving experience. Sustainability, connectivity, user experience, and interactive technology will be the main focus, leading to the creation of sophisticated and eco-friendly vehicles. The impact of these trends will be evident in vehicle design, manufacturing, consumer interaction, and the overall infrastructure. Success in this evolving market will depend on automakers' ability to manage supply chains, integrate new technologies, and respond to changing consumer needs, with sustainability and innovation at the forefront.




Energy Industry Trends


Top 5 Energy Industry Trends


1. Energy Consumption Increase in 2024: Global electricity consumption is projected to rise annually through the next year, with renewable energy expected to make up the majority of the increase in electricity demand. China is anticipated to be the leader in electricity consumption during this period. In the United States, electricity consumption is predicted to recover after a decrease the previous year. The growth in electricity usage is likely to occur across various sectors, with the residential sector expected to see a noticeable rise due to its sensitivity to weather conditions.
2. Striving for a Carbon Neutral Future: Governments globally are actively pursuing net zero goals, with a large portion of the revenue from the world's major companies now subject to a net zero target. The number of national legislative and policy frameworks supporting net zero targets has risen substantially, covering a significant portion of global greenhouse gas (GHG) emissions. However, there are still issues with the integrity and practical implementation of these targets, as many entities do not have concrete emissions reduction targets and few comply with the criteria.
3. Fossil Fuels Dominance: Despite the increase in renewable energy, fossil fuels are expected to remain prevalent in the energy market, reaching high consumption levels globally, particularly driven by demand in Asia. The fossil fuel market is forecasted to grow at a significant rate through the latter part of this decade. However, peaks in demand for coal, oil, and natural gas are anticipated within this decade, indicating a transition towards cleaner energy as technological and economic changes occur. Current production plans for fossil fuels are likely to exceed the levels compatible with the climate goals of the 2015 Paris agreement, suggesting a need for policy adjustments to meet these targets.
4. China's Dominance in Renewable Energy Expansion: China's electricity consumption is expected to grow, with a substantial proportion of its energy capacity coming from non-fossil sources. The country has goals to significantly increase its wind and solar capacity, with a particular emphasis on grid integration. It is also on track to surpass its renewable energy consumption goals within a few years.
5. Optimizing Energy with AI Innovation: AI is increasingly being used in the energy sector for a variety of applications, with its market potential recognized to be substantial. AI's role in forecasting supply and demand, especially for renewable energy, is crucial, with notable companies employing it to optimize their operations. AI is also important for maintaining power grid health through predictive maintenance, though challenges in cybersecurity, privacy, and AI's own energy consumption need addressing.


More Energy Industry Trends:


* Blockchain Technology: Blockchain is making an impact on the renewable energy sector by ensuring secure transactions and enabling peer-to-peer electricity trading, thus revolutionizing sustainable energy solutions.
* Robotics in Energy: Robotics play a significant role in optimizing energy use and improving safety measures within the energy sector, leading to better resource management.
* Hydrogen Gas as a Renewable Source: Despite conversion efficiency challenges, hydrogen gas development is a trend to keep an eye on due to its potential as a renewable energy source.
* Grid Integration Technologies: These technologies are crucial for controlling electricity flow and supporting electric vehicles, making them indispensable in the renewable energy landscape.
* Innovative Energy Storage Solutions: Both battery-based and batteryless, these solutions are essential for distributed energy storage and are experiencing fast-paced growth.
* Big Data and AI: These technologies are vital for informed decision-making and operational efficiency in the renewable energy industry.
* Solar Photovoltaic Technologies: With substantial investments and advances, solar technologies are at the forefront of the renewable energy conversation.
* Renewable Energy in Transportation: As electric vehicles become increasingly popular, the demand for renewable energy in the transportation sector is on the rise.
* Navigating New Policy Directions in the U.S. Energy Landscape: The U.S. has launched ambitious policies focused on reducing greenhouse gas emissions from transportation by mid-century. Significant investments have been announced for electric vehicles, biofuel production, and transforming a U.S. territory's energy grid to be fully renewable by mid-century. Additionally, substantial investments have been made for domestic manufacturing of batteries and solar products.
* Low Hydrogen Production: The production of renewable and low-carbon hydrogen constitutes a small portion of the global hydrogen production. As of the last year, renewable and low-carbon hydrogen made up less than a minor percentage of the total, which is below the amount required by the end of the decade to meet energy transition goals. The International Energy Agency suggests that current initiatives could potentially lead to a considerable annual production of low-carbon hydrogen by the end of the decade, but this depends on the actualization of all planned projects. Currently, a small percentage of this capacity has secured financial backing, revealing a large discrepancy between plans and actual investments in low-carbon hydrogen production. Additionally, the cost parity of green hydrogen with traditional hydrogen is not expected until later decades, although some countries might achieve this sooner.
* The Rise of Cost-Competitive Wind and Solar: The addition of global renewable capacity, especially solar, is expected to rise significantly. The cost-effectiveness of wind and solar power is improving, despite economic and logistical challenges. The increase in onshore wind capacity is forecasted due to the completion of previously delayed projects, particularly in China. Solar PV is also expected to continue its growth, supported by falling costs and favorable policies.
* Energy Realignment After Geopolitical Upheavals: The conflict in Eastern Europe has dramatically altered the global energy landscape. The shift of a country's oil exports to Asian markets, despite sanctions, and Europe's plan to become independent from those fossil fuels while significantly increasing renewable electricity capacity, are indicative of the continent's efforts to promote clean energy and secure alternative energy sources. This has led to a noticeable reduction in that country's share of EU gas demand.
* Biofuel's Balancing Act in Energy Security: Biofuels have been crucial for energy security, offsetting a significant daily amount of oil consumption. Biofuel prices are expected to decrease but remain higher than before a recent geopolitical conflict. Demand for biofuels is set to grow, with specific countries' policies driving this expansion. However, price factors and technical limitations may restrict further growth in developed countries until later.
* Europe's Accelerated Shift to Renewables: The European conflict has pushed the EU to hasten its renewable energy uptake to reduce reliance on imported natural gas. The EU has implemented more policy and regulatory changes to speed up the adoption of renewables recently than in the past several years. These changes are expected to result in substantial savings for electricity consumers and displace a considerable amount of fossil fuel generation. The expansion of renewables, particularly in distributed solar PV, is projected to reduce natural gas use for heating in the future.
* Indonesia's Energy Transition Plan: Indonesia, as a significant energy consumer in Southeast Asia, plays a crucial role in the region's energy shift. The country's energy transition requires substantial investment, including notable funding in renewable options like geothermal and hydro power. The plan, supported by international partnerships, is designed to reduce emissions and promote a move to cleaner energy. Moreover, a roadmap has been developed in collaboration with the Indonesian government to ensure the country's energy transition is in line with climate objectives, with a long-term view towards decarbonization.
* Biomass Energy: As a circular energy generation solution, biomass is gaining recognition for its sustainability and efficiency.
* Wind and Hydro Power: These traditional renewable sources remain strong and reliable contributors to the energy mix.


These trends indicate a global momentum towards increasing the share of renewables in the energy mix, driven by both policy initiatives and the intrinsic economic competitiveness of renewable energy technologies. The focus on energy security, spurred by geopolitical events, has further emphasized the importance of a diversified and resilient energy system.




Mobility Trends


Top 5 Mobility Trends


1. Mobility Hubs: Definition and Future Outlook: Mobility hubs are the modern equivalents of train stations and bus depots, integrating today’s mobility options such as rentable scooters, bike sharing, and car sharing. They are designed with advanced features like interactive wayfinding, real-time traffic data, and universal payment options​​. These hubs are part of urban planning in cities and they represent a shift in how cities are conceptualized, with a focus on connectivity, and facilitating different modes of travel—walking, biking, transit, and shared mobility—to converge seamlessly​​.
2. Microsharing: Small-Scale Urban Mobility: Microsharing includes shared mobility options like rental bikes, e-scooters, and mopeds. This trend is gaining ground in urban areas, affecting daily life by providing spontaneous sharing options that contribute to the mobility transition, enhancing urban mobility, and supporting sustainability​​.
3. Flex Commuting: Mobility Budgets: Flex Commuting is a concept where traditional company cars are replaced by mobility budgets. These budgets provide employees with the flexibility and independence to choose their preferred mode of transportation for commuting, reflecting a shift towards personalized and sustainable commuting practices​​.
4. Autonomous Horizon: Autonomous Vehicles (AVs) represent a significant shift in the mobility landscape. The industry is moving towards the integration of autonomous technologies in passenger cars and a pivot towards automated trucks and delivery vehicles. By 2035, a substantial share of new cars is expected to feature advanced autonomous driving technologies. AVs promise a unique opportunity for a fundamental change in urban mobility, potentially leading to healthier, more competitive, and greener cities​​​​​​​​​​.
5. V2G (Vehicle-to-Grid) Technology:Vehicle-to-Grid (V2G) technology is another pivotal trend transforming the mobility landscape. This technology turns electric vehicles (EVs) into mobile power storage units that can supply electricity back to the grid when not in use, thus enhancing the integration of renewable energy sources into the grid​​. The market for V2G is rapidly expanding, with significant growth projected in the coming years as EV charging infrastructure becomes more ubiquitous​​. Notably, major funding has been allocated to scale V2G technology across various continents, underscoring the industry's commitment to sustainable mobility solutions​​. Pioneering projects and commercial services are set to launch, offering EV owners the potential to monetize their vehicle's battery power, further incentivizing the adoption of V2G systems​​​​.




More Mobility Trends


* Eco-Mobility Shift: Sustainability and new climate regulations are shaping the future of mobility. With the increased focus on sustainable practices, especially post-COVID-19, transportation modes are being re-evaluated for their environmental impact. Policy innovations and new technologies such as electric and zero-emission vehicles are becoming more critical as tools for combating climate change. The transport sector's decarbonization is key to meeting climate targets, with an emphasis on making mobility sustainable while maintaining connectivity​​​​​​​​​​.
* Self-Driving Taxis: Robo-taxis are emerging on the market. This marks a considerable advancement in urban transport, with self-driving taxis promising to change the landscape of city commuting and personal transportation​​.
* Micro-Mobility Momentum: The micro-mobility industry is on an upward trajectory despite initial setbacks due to the pandemic. As the market recovers, the usage of lightweight vehicles like bicycles, e-scooters, and mopeds is expected to grow significantly. The industry's value is projected to increase substantially by 2030, with a strong Compound Annual Growth Rate (CAGR). This growth is attributed to the appeal of micro-mobility as a convenient, fresh-air alternative to other transport modes post-COVID-19​​​​​​​​​​.
* Personal Vehicle Persistence: Despite the growing alternatives and the push for more sustainable transportation options, private cars remain the most popular mode of transport. Private cars account for a considerable percentage of mobility, with projections indicating that they will continue to be a significant mode of transport in 2035. In the United States, for instance, a significant majority of commuters use their own car for daily commutes, illustrating the deep-rooted preference for personal vehicles over other forms of transportation​​​​​​​​​​.
* Mobility as a Service (MaaS) Revolution: Servitization in mobility, where customers use services rather than owning the assets, is becoming a cornerstone of the industry. Companies like Porsche are offering holistic mobility services that go beyond just cars, including app-based services for remote vehicle parking. This shift towards a service-based economy in the automotive industry is seen as a key contributor to decarbonization and economic recovery post-COVID-19​​​​​​​​​​.
* The Resurgence of Traffic Tide: Post-pandemic traffic patterns have shifted, and as life returns to a semblance of normalcy, road congestion is on the rise again. Though there was a slight uptick in congestion in 2021, the levels have not yet returned to pre-pandemic levels in some cities, suggesting a gradual return to previous traffic volumes. Private vehicle usage has increased due to ongoing health concerns, potentially contributing to this congestion​​​​​​​​​​.
* Collective Commute Wave: Shared mobility is projected to grow significantly, capturing a large share of consumer spending in this segment by 2030. The shared mobility market is diversified across different vehicle ownership structures, and services range from private to fleet vehicles and from driver-driven to pooled rides. The industry has seen a marked improvement in service quality, such as the extended lifespan of shared e-scooters, which is likely to contribute to its growth​​​​​​​​​​.
* New Horizons in Mobility: Consumers are showing great enthusiasm for new mobility options, including autonomous driving, electrification, connectivity, and shared mobility. There is an observable trend towards clean, connected mobility, with a significant demand for electric vehicles among early adopters. Start-ups in the mobility sector are responding to these interests with innovative services and purchase options. Consumer attitudes are also shifting, with a growing concern for environmental impacts influencing purchasing decisions​​​​​​​​​​.






Motorcycle Trends


* Revival of Agile Sportsters: Middleweight motorcycles are making a comeback, with riders showing a preference for versatile and manageable bikes that provide a good balance of performance and ease of use, as evidenced by the increasing popularity of middleweight naked twins.
* Surge in Motorcycle Market Dynamics: The motorcycle market is experiencing a significant upturn, with expectations of a steady compound annual growth rate across various forecasts. This reflects a growing global enthusiasm for motorcycles, likely due to their practicality and economic efficiency.
* Buzz of the New-Age Hornets: The new iteration of older models have been launched with advanced features and more robust engines. These models, offering a variety of colors, suggest a trend of reviving historic models with contemporary technology to attract today's riders.
* Renaissance of Iconic Italian Marques: Historic Italian motorcycle brands are seeing a revival, with some under new ownership, and are once again becoming sought after. High-demand models and the entry of these brands into new markets indicate a growing appreciation for their legacy and craftsmanship.
* The Quiet Revolution: Electric Motorcycles Gaining Ground: The electric motorcycle market is gradually expanding, with improvements in specifications and style diversity. This growth is fueled by an increasing interest in eco-friendly transportation options.
* Vintage Future: The Rise of Retro-Inspired Rides: There is a rising interest in retro-inspired motorcycles that combine classic design elements with modern technology, showing a market segment's preference for nostalgic aesthetics along with current-day reliability and performance.
* Geographic Shifts: Europe and APAC Motorcycle Market Dynamics: Europe is emerging as a rapidly growing motorcycle market, while the Asia-Pacific region remains the largest in market share, indicative of the strong motorcycle industry dynamics in both areas.
* Economizing Riders: Catering to Budget-Conscious Consumers: A trend toward value-conscious purchasing is becoming more prominent, reflected in the motorcycle industry by the offering of cost-effective models that deliver quality and performance for riders looking for affordable and adaptable options.


Boating Trends




* Navigating New Waters: The Emergence of Self-Sailing Vessels: Autonomous boats and self-docking systems are becoming more prevalent. The boating industry is experiencing significant advancements in automation technology, including boats equipped with self-docking systems, collision avoidance technology, and autopilot features​​​​. These innovations are providing boat owners with enhanced convenience and safety.
* Personalized Seascape: The Craft of Custom Boating: Customization in boating is a trend that continues to gain momentum as boaters seek to tailor their experiences on the water. The boating industry's evolution includes a growing emphasis on personalized designs and boating habits​​.
* The Electric and Hybrid Horizon: Electric and hybrid propulsion systems are revolutionizing the boating industry by offering new levels of efficiency and performance. As hybrid and electric vehicles have grown in popularity, boat manufacturers are following suit by designing and building electric boats, reflecting a shift towards more sustainable boating solutions​​​​.
* The Power of Persistence: Advancements in Electric Boat Battery Life: Lithium battery technology has significantly improved the capabilities of electric boats. These batteries are smaller, lighter, and more energy-dense than traditional lead-acid batteries, enabling them to run four times longer. The efficiency of lithium batteries is higher than their lead-acid counterparts, and they are more eco-friendly. Electric boat companies are creating faster and more powerful electric boats, challenging traditional speed boats​​. Moreover, the use of lithium batteries has contributed to electric boats being quieter, requiring less maintenance, and being more environmentally friendly​​. There is a growing belief among industry experts that with continuous improvements in lithium battery technology, electric boats will soon match the range and speed of traditional fossil fuel-powered boats​​.
* Compact Luxury: Small Boats with Big Offerings: The trend toward multifunctional boats is clear in the boating world, with small boats being designed to offer a variety of amenities and capabilities. These versatile vessels are increasingly featuring hybrid designs that merge elements from different boat types, such as the hull of a fishing boat with leisure amenities like swim platforms and wakeboard towers. Modular designs are also on the rise, allowing for easy reconfiguration of boat spaces to cater to different activities, whether it's lounging, fishing, or water sports​​.
* Green Waves: Emission-Conscious Boating: Emission awareness is becoming a significant trend in recreational boating, with an emphasis on sustainable practices. Boaters and manufacturers alike are focused on reducing carbon footprints and using eco-friendly materials. Advances in technology are leading to smart gauges that provide real-time information on fuel consumption and performance, which can be monitored via smartphone apps, aiding in the adoption of more efficient boating habits. The boating industry is expected to increasingly incorporate energy-efficient propeller systems and alternative fuels into new boat designs. Furthermore, marinas are anticipated to support sustainability with the installation of features like solar panels, electric charging stations, and recycling bins​​.
* Peer to peer and shared boating: The nautical industry is experiencing a significant shift towards collaborative consumption, with peer-to-peer boat sharing emerging as a game-changer. Platforms akin to Airbnb for boats are connecting boat owners with those who wish to rent, creating new business models and expanding access to boating experiences without the need for ownership​​​​. This trend has shown substantial growth, with some platforms reporting drastic increases in bookings, indicating a solid rise in water access through shared programs​​. As the movement grows, the number of boats available for rent is expanding across the globe, offering diverse boating experiences from private yacht charters to casual boating escapades​​​​.




Biking Trends


* Pedal Revolution: Urban Surge in Eco-Conscious Cycling: There has been a significant increase in cycling across urban areas in the United States, with cities supporting the green movement by adopting infrastructure that facilitates biking. The surge is most notable in dense urban regions and metropolitan areas, reflecting a shift towards more sustainable and eco-friendly transportation methods​​​​​​.
* Hybrid Horizons: The rise of ultra-light e-bikes, which blend the qualities of traditional bikes with electric assistance, is a testament to the hybridization trend in cycling. These bikes are becoming more popular due to their reduced weight and more natural riding experience, appealing to riders who seek a bit of extra boost without the bulkiness of traditional e-bikes​​.
* Cycling Continuum: Steady Trajectory for Biking Industry Growth: The biking industry is poised for steady growth over the next five years, with increased interest in bicycling as a leisure activity and a healthy mode of transport. This upward trend is expected to continue, reflecting growing health consciousness among consumers and a broader acceptance of bicycles as a dependable mobility option​​​​.
* Charge Forward: The Electric Bike Momentum: Electric bikes (e-bikes) are becoming increasingly popular, with advancements in technology making them more accessible and convenient. Innovations such as automatic gearing, swappable batteries, and disc-drive motors are expected to reach mass adoption. Furthermore, the launch of new e-trikes could make electric three-wheelers a more common sight, providing stability and ease for a broader range of riders​​​​​​​​.




Technology Trends


Top 5 Technology Trends


1. AI Investment and Integration: There's a significant increase in the intent to invest in AI following the popularity and impact of tools like ChatGPT. Organizations are feeling the pressure to deliver on this interest and integrate AI technologies into their operations.
2. Sustainability in Tech: There's a strong focus on sustainability, beyond the concept of "green IT." This trend has reached board-level importance due to its significance in fiduciary responsibility. The intersection of technology and sustainability is seen in data analysis, power regulation, IoT, and helping governments make informed decisions. Focusing on sustainability is reported to increase digital maturity by necessitating a data-driven approach. As the urgency to address the climate crisis intensifies, technology is increasingly focused on sustainability. In 2024, there is an expectation of a surge in innovative yet responsible technologies. This includes the growing market share of electric vehicles, advancements in green cloud computing, and the development of circular economies where products are designed for reusability. However, there is a caution against "greenwashing" - superficial eco-friendly practices primarily aimed at public relations rather than genuine environmental benefit.
3. Quantum Computing: 2024 is anticipated to be a significant year for quantum computing. This technology, known for its ability to perform calculations at extraordinarily fast speeds, is expected to revolutionize various industries. These include finance, healthcare, materials science, and space exploration. The trend suggests a shift from theoretical quantum computing to practical applications that tackle significant challenges.
4. 5G Network Evolution: The adoption of 5G is set to revolutionize connectivity with faster speeds, enabling seamless streaming, remote surgeries, and contributing to the development of smart cities.
5. Internet of Things (IoT) and Hyper-Connectivity: IoT sensors and networks of connected devices are becoming increasingly important, laying the foundation for creating digital twins, building the metaverse, operating smart machines, and designing future cities. The proliferation of smart devices is leading us towards a hyper-connected world, where IoT plays a central role in shaping various aspects of our digital and physical environments.


More Technology Trends


* Mixed Reality for Immersive Experiences: Mixed reality is expected to be used to enhance user experiences, particularly for those in roles that benefit from immersive interaction with data. Knowledge graphs are suggested as an effective way to integrate data into these experiences.
* Machine Customers: The idea that businesses will increasingly cater to "machine customers," which are systems that negotiate and seek reliability without human emotions. These may eventually incorporate ethical decision-making based on providers' adherence to ESG (Environmental, Social, and Governance) criteria.
* Real-Time Data Utilization: A trend towards the real-time use of data, pulling information from knowledge bases, endpoints, and enhancing the digital experience for users to prevent dissatisfaction and attrition.
* AI and Ethics: Interacting with AI systems will involve an ethical component, where AI might make decisions based on certain ethical guidelines or promises met by service providers.
* Security and Privacy in AI: As more organizations pilot AI technologies, they're beginning to encounter security and privacy issues that need to be addressed beyond the initial concerns of AI hallucinations (where AI produces incorrect or nonsensical information).
* Continuous Threat Exposure Management: This involves a set of disciplines that use the output from tools and AI to protect organizations and identify threat patterns. Adopting such agile approaches to protection significantly reduces the likelihood of breaches.
* Multimodal and Multimodel AI Environments: Looking ahead, the environment is predicted to be multimodal and to involve multiple AI models. The trend is towards integrating functionalities across open source models and various types of models.
* Platform Engineering: The idea is to build functionality in standardized ways to combine disparate elements across an organization into a product managed by actual product teams. This includes providing development services for business developers to use, enhancing developer experience by reducing cognitive load and complexity, and thereby making them more productive.
* Developer Productivity: There is a study of "gen four" developer productivity, with some reports indicating productivity gains of 40-50-60%. The focus is on what's real in these gains and the use of AI tools that help with legacy modernization.
* Caution Against Vendor Lock-In: There's a warning against committing to a single enterprise-specific vendor, especially given the future multimodal, multimodal environment that will require integrating functionalities across open source models and various types of models.
* Digital Convergence: This trend highlights the integration of the digital and physical worlds. Technologies like augmented reality (AR), virtual reality (VR), and immersive internet environments are evolving rapidly. There is a growing trend towards living, working, and playing in virtual spaces with digital avatars. The concept of a digital twin, which is a virtual representation of a real-world object or process, is becoming increasingly significant. This trend is blurring the lines between the real and virtual worlds more than ever before.
* Cyber Resilience: As cyber attacks grow in sophistication and frequency, the focus is shifting from solely building defensive walls to being prepared for recovery after breaches. Cyber resilience involves integrated frameworks that combine security measures with continuity protocols, going beyond traditional cybersecurity solutions. In 2024, there is an emphasis on technologies that ensure the safety and robustness of our digital world.
* Generative AI: Generative AI made a significant impact on mainstream consciousness in 2023, and by 2024, it is expected to reach its full potential. This trend is about leveraging AI to empower lives, streamline tasks, and enhance productivity. Imagine having a highly intelligent assistant available 24/7 for tasks like scheduling and compliance, thereby allowing more focus on creativity and innovation. However, this power brings with it the responsibility of addressing ethical and regulatory challenges.
* Digital Twins: Digital twins have been emerging as a significant technology trend over several years. They are virtual representations of physical objects or systems, used for simulation, analysis, and control.The trend of digital twins is particularly prominent in the industrial sector. They enable testing and simulation in various settings, such as industrial plants. Digital twins involve digitizing physical entities and optimizing processes and equipment through the use of artificial intelligence. This technology enhances safety, quality control, and predictive maintenance, leading to significant improvements in business processes, efficiency, and cost savings in sectors like construction, aeronautics, healthcare, and education.
* Blockchain for Redesigning Trust: Blockchain technology is transforming online payment processes. Traditionally, online transactions between two parties involved an intermediary for data verification, which could lead to various issues. Blockchain eliminates the need for a centralized system, offering a more secure and efficient way to conduct transactions. This innovation is reshaping trust in digital interactions and has wide-ranging implications for various industries.The decentralized model of blockchain offers a significant advancement in terms of data security and control. It removes the need for central authority, with data being stored in a highly secure, encrypted manner. This decentralization fosters new ways of transacting and doing business, facilitating automation, and enhancing digital property management. Blockchain is revolutionizing business models by speeding up transaction verification, preventing fraud and cyber attacks, and providing reliable and secure solutions. It is set to play a crucial role in data tracking, billing systems, patents, sales processes, and medical data protection.
* Artificial Intelligence and Security in IoT: As IoT devices proliferate, securing the data exchange between these devices, especially in smart grids, is becoming a major trend. Improving the security capabilities of IoT devices is a priority, and artificial intelligence (AI) is central to this effort. The rise of 5G technology is facilitating faster communication and the ability to connect more devices. AI and machine learning are playing key roles in enhancing the security and efficiency of these interconnected systems.
* Artificial Intelligence Advancements: AI's capabilities are expanding, significantly influencing various sectors such as healthcare with personalized treatments and finance with market trend predictions.
* Internet of Things Expansion: IoT technology is becoming more prevalent in daily life, with smart homes and cities using IoT to improve efficiency and reduce carbon emissions.
* Extended Reality (XR): Virtual reality (VR), augmented reality (AR), and mixed reality (MR) are enhancing digital experiences, from gaming to professional simulations.
* Edge Computing: This computing paradigm processes data at the source, minimizing latency and bandwidth issues, improving response times and analytics in various industries.
* 3D Printed Organs: 3D printing technology is advancing to potentially allow the printing of human organs, which could dramatically impact medical transplants and research.
* Generative AI - not just a fad but a trend that is here to stay, the speed at which generative AI is advancing is incredible and will continue to do so during the upcoming years. More and more companies are transitioning to using AI generated images in their material which means they do not need to pay licensing fees. 2024 Google is rolling out Product Studio which is intended to help businesses create product imagery using AI.
* AI prompt engineering - AI Specialists and Prompt Engineers are in high demand. With AI becoming more widely adopted in everyday work, prompt engineering and building prompt libraries becomes all the more crucial for companies utilizing AI.
* AI powered chatbots - Supercharged chatbots that can adapt to situations and help users based on their knowledge, in 2024 there will likely be a surge in these types of bots, thanks to increased accessibility.
* GPTs and GPT Store - Open AI released GPTs and their GPT store in November 2023, with the goal of creating a new kind of App store and making the creation of custom GPTs accessible to everyone.
* Protecting data and APIs - Companies are looking for ways to protect their data and APIs and adopting protective methods against scraping.
* Platforms are becoming more and more similar, standing out of the crowd can give you a competitive advantage.




Manufacturing Trends


* AI-Driven Manufacturing Intelligence: Artificial Intelligence (AI) is playing a crucial role in manufacturing by providing insights from large volumes of data. This helps in optimizing production, scheduling maintenance, and managing assets more effectively. AI is also being used for predictive maintenance to reduce unplanned shutdowns, enhancing inventory management, supply chain visibility, and quality control​​.
* Eco-Efficient Manufacturing for a Sustainable Future: The push for carbon neutrality in manufacturing is gaining momentum, with significant efforts by companies to reduce their carbon footprint. This involves adopting energy-efficient technologies and optimizing processes that lead to cost savings and operational efficiency. Companies are also accessing new markets and customers by meeting the growing demand for sustainable products​​.
* Automation Renaissance in Manufacturing: Advancements in automation, particularly through robotic automation, are transforming the manufacturing landscape by streamlining production processes such as material handling, assembly, and painting. These improvements in efficiency are paving the way for increased productivity and scalability in manufacturing enterprises​​.
* Digital Twin Technologies for Advanced Manufacturing: The use of digital twins in manufacturing is expected to scale improvements across various processes. These smart factory technologies, which include AI, data analytics, and cloud computing, will provide real-time insights and end-to-end visibility to enhance manufacturing operations and drive innovation​​.
* Industrial Internet of Things (IIoT) Integration: IIoT is revolutionizing manufacturing by enabling the integration of sensors, devices, and instruments throughout the manufacturing process. This connectivity allows for remote monitoring and control of operations and supports advanced solutions like predictive maintenance, significantly boosting productivity and competitiveness in the industry​
* Next-Gen Industrial Revolution with Smart Factories: The concept of smart factories aligns with the fourth industrial revolution, leveraging advanced automation and smart systems. Investments in digital transformation can lead to improved product quality, increased efficiency, and contributions to sustainability goals, with the smart factory market projected to grow significantly​​.
* Reshoring for Supply Chain Resilience: In response to global disruptions, manufacturers are bringing production closer to home to reduce transportation costs, improve quality control, speed up market access, and create local jobs. This trend towards reshoring is expected to continue as it offers several strategic benefits​​.
* Cultivating Talent through Reskilling Initiatives: Manufacturers are combating labor shortages and high turnover rates by increasing wages and focusing on reskilling and upskilling their workforce. Training and development are pivotal in retaining talent, and partnerships with educational institutions are being prioritized to improve technical skills​​.