The year 2023 and new development trends of the global automobile industry

Technological developments as well as environmental changes have forced the auto industry to adapt if it wants to survive in the long term.

The automobile industry has existed for a long time and has led to many accompanying developments. However, at the present time, manufacturers are forced to change to adapt to many standards as well as new challenges to survive. Maybe in 2023 there will be new trends that will be more explosive.


This is considered the vehicle of the future, many countries and continents have set deadlines for car companies to gradually convert. According to estimates from the international energy agency IEA, there are more than 10 million electric vehicles on the road after a decade of development.


In particular, China and Europe are currently the two leading markets in electric vehicle sales growth over the past 5 years and in 2022, Europe has become the place with the largest electric vehicle consumption in the world.

Bloomberg New Energy Finance expects electric vehicles to account for 10% of all new vehicle sales by 2025 and rise to 58% by 2040. Much of this growth will be driven by the goal of reaching net-zero emissions by 2050 in many countries.

To popularize electric vehicles, automakers have reduced the price of Lithium-ion batteries by 89% over the past decade, reaching 137 USD/kWh by 2020. Even in China, there is information that Lithium-ion battery prices can now drop below 100 USD/kWh.


In addition to popularizing battery prices, the increasing range of electric vehicles helps reduce user concerns about new energy vehicles. For example, the Tesla Model S Long Range Plus 2020 can travel more than 645 km on a single charge and is expected to be upgraded to have a range of more than 800 km. In addition, Chevrolet, Hyundai, KIA, Nissan and Jaguar all have electric car products with more accessible prices with a basic operating range of 320 – 400 km.

Self-propelled vehicle

Developing alongside electric vehicles is autonomous vehicles, this market share is currently valued at only $54 billion, expected to increase about 10 times in the next 4 to 6 years. But the issue of user safety and accompanying regulations remains a major barrier.

In addition, according to surveys, only 2/3 of people interviewed said they would rather drive a car than sit in an autonomous vehicle. Therefore, to optimize development, manufacturers are tending to shift their focus to the $800 billion road transport industry.


Not only that, the application of autonomous technology in the transportation industry is expected to significantly reduce the number of deaths occurring each year, because the pressure in this industry is quite high. In addition, experts say that just applying levels 3-4 is enough for the road transport industry. This could allow drivers to keep their jobs, but avoid injuries and deaths caused by work exhaustion.

Apply many smart technologies

Cars are now not only a means of daily transportation, but they also integrate many smart technologies thanks to the application of 5G waves and the Internet of Things (IoT). According to statistics, in 2020, about 47.5 million smart cars were sold.

This number continues to increase sharply in 2021 and 2022 as 5G technology becomes increasingly popular and could be valued up to 88 billion dollars by 2023. Not only that, the two technology giants Google and Apple are also have paid attention to this market.

Most prominent is the information about self-driving electric vehicles being considered by Apple for a $3.6 billion investment that could be launched in 2024 or Google and Ford recently announced a partnership with the Team project. Upshif.

Buy cars online

E-commerce is increasingly developing, buying and selling becomes easier and more time-saving. According to CarPrice, 90% of car buyers currently do online research before making a transaction, and more and more sales activities take place entirely online.


Regarding manufacturers, Tesla is currently the first car company to decide to close all of its stores in 2019 and switch to online car sales. In addition, some car manufacturers have also promoted virtual reality showroom experience activities and this trend may explode strongly in the near future.

Auto parts growth

Technological development also unintentionally led to the rise of the global auto parts industry, especially e-commerce platforms that have completely changed the auto parts market. According to statistics in 2021, the global auto parts market brought in a huge revenue of 723 billion dollars in 2021.


With the development of the internet and the car user community, car owners can now search for the right type of spare parts as well as product information they need. In addition, the trend of users switching to high-clearance vehicles largely contributes to the growth of the auto parts market because accessories and spare parts of this type of vehicle are often sold at higher prices.

Stock shortage and chip shortage will no longer be a problem

Recently, the Covid-19 epidemic has been controlled and the demand for cars has also begun to return, but the shortage of semiconductor chip supply has directly affected the auto industry. This has caused many auto manufacturers to temporarily close factories in the past 2 years and the auto industry has suffered hundreds of billions of dollars in losses.


Currently, this situation has been resolved satisfactorily in 2022. According to Gartner, the amount of chip storage is abundant, helping auto production activities return to normal from the third quarter of 2022. Therefore, cars produced from 2023 will have all the features that automakers previously removed to save chips.

Hydrogen fuel is developed

In parallel with BEV electric vehicles, FCV fuel cell electric vehicles are also an alternative to vehicles using internal combustion engines. The benefits of FCV vehicles are that they do not emit CO2, refuel quickly, and the operating range is the same as an internal combustion engine vehicle, about 480 – 650 km on a full charge.


Just like electric vehicles, hydrogen refueling stations are still a limitation hindering the popularity of FCVs. However, manufacturers still decided to invest and develop FCV vehicles when they realized the potential of this vehicle line in the future.

Luxury cars still have their own market share

After many upheavals caused by epidemics and wars, most car manufacturing brands encountered many difficulties, but luxury car companies had unexpected successes. Accordingly, in 2022, the luxury car segment will be worth an estimated 7.88 billion dollars.


Experts from JD Power said sales of cars priced above $100,000 outsold low-priced cars by a ratio of 3:1 in the first quarter of 2022. They predict a sales increase of This level will continue until the end of 2023.

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