With over 20% of all cars in the world manufactured in the European Union and nearly 6% of the EU work force employed in the automotive sector, the European car industry is a strong global player bringing in a €90 billion trade surplus and a turnover accounting for 6.8% of EU GDP.
Despite the fact that the EU car production slowed down by 0.6% this year, The European Union remains the largest producer, with China coming second. Furthermore, the Union leads the way with clean, efficient, high quality motor vehicles manufactured in approximately 290 vehicle assembly and production plants in 26 countries across Europe.
In September, the most important automotive trade show in the world, the IAA Frankfurt, showcased the future of mobility, with most of the exhibitors and innovations to be seen at the Sofia Motor Show in October. Both expos highlighted the changes driving most strongly the automotive industry of tomorrow, from intelligent driving assistants and smart image recognition, through new mobility services, and to electric car.
The organisers showcased the best vehicles, technologies and services that the automotive industry currently offers; and threw a glimpse into the future, where the next 5 years are expected to change the car industry more than the last 30 years had.
The fourth industrial revolution will see technologies such as Internet of Things, Artificial Intelligence, Augmented Reality, Big Data, Cognitive Computing, Machine Learning and even Blockchain, facilitating the digital transformation of the automotive industry and the automated manufacturing of smart vehicles and smart mobility services.
Industry 4.0 will force OEMs to transform to new business models (most notably to consolidations with tech giants, small startups, and shared services providers) and to set customisation and individual consumer preferences at the heart of all their processes.
Further challenges are to come from numerous regulatory issues (emission standards, corporate sustainability policies and reporting, safety-, self-driving and assisted-driving regulations, etc.), data security, and local and international compliance.
And while the EU auto industry, as the largest private investor in R&D in Europe, is not to be caught off guard when it comes to innovations and digitalisation, car manufacturers in Europe face pressure from uncertainty over investment, profitability and global competition, and need to align their processes to position themselves in the changing models of production and consumer preferences.
EVS Translations, as a market leader for translation solutions for top-tier automotive suppliers and automobile manufacturers, had its representatives at both the IAA and the Sofia Motor Show to discuss the future requirements of its international clients from the automotive industry and as a result, to better optimise its automated processes and workflow to meet their future needs.