The automotive industry is facing a huge shakeup in terms of a new era of self-driving cars and the gradual declining of oil-dependant vehicles. We are now at the cusp of a revolution, a time ripe for innovation and change within the auto industry. Some automakers will adapt to electric vehicles, self-driving cars, and the ride-sharing economy, but there will also be others who will be swept away by the torrent of new tech coming.

Here are 3 technologies which will change the automotive industry as we know it.

1. EVs are replacing the internal combustion engine

Most cars now run on the internal combustion engine, but that will likely change within the next few years as electric vehicles are now taking over the roads. With companies like Tesla paving the way on electric vehicles and infrastructures to support it, it won’t be surprising to see electric vehicles overtake the traditional engines.

A major block to mass adoption for electric vehicles has been problems with cost and efficiency. But this is changing as production costs can be lowered as long as there are enough adopters. And as the infrastructure for charging EVs expands, we are sure to see a change in automotive buying habits.

There is another perfectly sensible reason to switch to an EV: The total cost of ownership over the vehicle’s lifetime is becoming equal to or lower than that of an ICE car. With fewer moving parts to service, maintenance costs are lower.

Other parts of the world are already seeing the shift to EVs, however. Countries like the U.K. and France have gone as far to promise that cars reliant on petrol will be illegal by 2040. There are 23 plug-in electric cars and 36 hybrid cars available on the U.S. automotive market today. The EV is also backed by nearly every major car manufacturer as they make significant investments toward realizing a future with EV vehicles.

For some people, cars remain more than just a vehicle to get to a destination; it is the status, the lifestyle and the speed of the thrill that drives them. This is where large companies like Tesla and BMW have been so crucial in upgrading the profile of EVs to sleek and sexy models. With the current technological developments in electric engines, there’s no reason a hybrid or EV shouldn’t look as good and drive as well as a luxury vehicle.

2. Plying the trade with ride sharing services

Uber, Grab and other ride sharing services have changed how people see privately owned vehicles. Owners of cars will be using these ride-sharing apps to ply their trade, individuals who prefer not to own cars can easily get a ride anywhere they want. If it’s easier, cheaper, and safer to use an app like Grab or Uber, will individuals even want to own cars anymore?

In order to adapt to this change, automakers needs to find new business models to attract the newer generation of people. The idea is to reinforce our relationship with the automotive brand without looking at the specific car. While it takes a longer time in Malaysia for such business models to take a hold, we can expect that as Grab’s monopoly over the ride sharing circles takes a hold, more and more of these inventive experiments and unlikely partnerships will increase in number.

3. Rise of the self-driving car

We’ve written many articles on the rise of the autonomous car; with Google’s Waymo and Tesla taking control of expanding this emerging technology. How these vehicles will affect our lives remains an open question, as the potential impact these cars will have on cities, infrastructure, business models, employment and in our daily lives is a huge one.

While ride-sharing services are on the uptick, the draw of the self-driving car has obvious implications as well to help with car ownership. There will be people who want to maximize their time on their daily commute, or families who prefer to reach their destinations without the need to be engaged on the roads. Self-driving cars could a real asset to the elderly and those living with disabilities as well.

There are many opportunities for those automakers, and car owners who are willing to evolve with the fast-paced technological advancements of the auto industry. Benefits such as increased accessibility, less-congested commutes and a positive footprint on the environment are huge draws for adaptation of these new technologies. Now all it takes is the next big push for the industry and see where it takes us in the next decade or so.

What do you think? Are you ready to embrace these new technologies? Leave a comment below!