Index IntroductionEconomic Crisis: Industry TransformationElectric Cars: The Future of the Automotive IndustryConclusionWorks CitedIntroductionIn today's society, public transportation and private vehicles are the means by which people travel between destination to another. However, these vehicles, while essential in the present, do not prepare the future of the automotive industry. They lack key benefits required for vehicles of the future. Therefore, the future of the industry will be defined by the development of new and improved vehicles that meet the evolving needs of society as a whole. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay Economic Crisis: Industry Transformation For starters, the future of the auto industry was shaped by an economic crisis that began in 2007 and affected the global auto industry, leaving multiple countries with billions of dollars in lost revenue. These major revenue losses have led automotive companies to research and discover new ways to help improve the industry. According to McKinsey & Company, “industry profits in 2012 (54 billion euros) were much higher than those in 2007 (41 billion euros), the last year of the crisis” (Padhi, 3). This notable increase in profits was explained by new research into reducing car emissions and implemented technology upgrades. This crisis leads researchers to believe that “by 2020, global profits could increase by another 25 billion euros, to reach 79 billion euros” (Padhi, 5). While a drastic decrease in profits of an entire industry usually leads to bankruptcy or bankruptcy of companies, the crisis that occurred in the automotive industry actually helped pave the way for the future and increase the total revenue of an entire industry . The automotive industry has been shaped by the economic crisis, federal regulators are forcing manufacturers to implement vehicle regulations which in turn have also paved the way for the future of the automotive industry. As regulations are enforced to help reduce global warming and other environmental risks, automakers have begun creating more fuel-efficient vehicles that emit fewer greenhouse gases. According to an Access Magazine article, "all classes and sizes of vehicles have the same regulations which have helped cut carbon dioxide emissions per mile in half and for fuel economy, the average compact car today getting 30 mpg will achieve approximately 51 mpg in 2025.” , and today's 17-mpg full-size pickup will achieve about 29-mpg in 2025” (Lutsey, 11). These statistics show that the regulations are implemented not only to benefit the environment and to help save fuel, but they are also there to help improve vehicles which in turn will lead to more revenue for the automotive industry in the future because the customers are satisfied with their products. vehicle and the fuel efficiency they achieve. While these regulations may be a burden on auto manufacturers today, they will help improve environmental quality and lead to economic growth in the auto industry in the future. Electric cars: the future of the automotive industry. Furthermore, the regulations represent a start for the future of the automotive industry. the automotive industry and lead to the creation of more electric cars. Electric cars will play an important role in the future of the automotive industry and lead to greaterfuel savings and a better environment, just like the regulations for cars. The benefits of electric vehicles include charging the vehicle in seconds, increased range in how far the vehicle can travel without charging, and consumers can acquire large tax incentives for owning an electric vehicle (Fisher, 10). These benefits help pave the way for the future because they can lead to greater profits for automotive companies, better air quality and higher environmental standards. Furthermore, the electric car will lead to the future of the automotive industry because there are efforts around the world trying to completely ban gas-powered vehicles. This means that every major automaker will phase out their internal combustion engine vehicles and switch to electric vehicles in the near future (Williams, 9). The transition to electric will allow car manufacturers to produce more vehicles that are safer for the environment and with higher incentives for consumers. As more and more electric cars are produced in the future, the hydrogen car looks promising for the future of the automotive industry. Hydrogen cars are similar to electric cars, where they are very beneficial to the environment and can help improve overall air quality. The advantages of a hydrogen vehicle include that hydrogen gas is produced from renewable resources, excess energy used in the braking system is reused for other purposes, and it also helps reduce air pollution in the environment (Franklin-Wallis, 9 ). Having a car made from renewable resources and environmentally friendly is crucial for the future and can help solve the problems the world faces today. Additionally, the hydrogen car “can travel more than 300 miles on a single tank and refuel in minutes…while today's electric vehicles take several hours to charge” (Franklin-Wallis, 19). As hydrogen car companies begin production in the next few years, these cars will help prepare the automotive industry for the foreseeable future. In addition to the automotive industry transitioning to electric in the future, these changes cannot be made possible without new and improved technological advances in the industry. vehicles. Undoubtedly, the software found in cars is what will drive the automotive industry into the future, with technologies such as self-driving vehicles and lane control information. Software in vehicles will be the future of the industry because it can provide information that improves smooth travel through automatic emergency braking, collision warning, traffic jam autopilot, lane assist warnings and autonomous driving systems (BlackRock, 4). Furthermore, technological advancements will help pave the way for the automotive industry by saving lives. As stated in a report by the BlackRock Investment Institute, [they] believe that the development and adoption of [the technology] can help avoid and minimize the impact of accidents and improve road safety, just as safety features have done existing systems such as seat belts and airbags. ” (Black Rock, 5). These features will make driving in the future safer for everyone and allow people to become more aware of their surroundings on the road. Please note: this is just an example. Get a personalized document now from our expert writers.Customize essayConclusionTo conclude, the automotive industry is preparing for the future through an economic crisis that has forced automakers to work harder for the future., 2017.