Auto industry speeds ahead on innovative technologies

Automakers and their supply chains have invested hundreds of billions of dollars in emerging technologies that promise to transform how vehicles are constructed and how people will get around. That investment stream is now outpacing other industries' quests for innovation.

Autonomous vehicle technology was the fastest-growing technology group in the U.S. last year, as measured by the compound annual growth rate of patent applications between 2018 and 2022, according to research firm IFI Claims Patent Services. The growth rate of patent applications in autonomous tech even outpaced those for quantum computing, machine learning and digital data processing.

But that's just in autonomy. When factoring in vehicle connectivity, powertrain electrification and shared mobility, companies have spent more than $530 billion on emerging automotive tech since 2010, according to McKinsey & Co.

It's not just traditional automakers delivering the goods. Parts suppliers, as well as technology companies that are relatively new to the space, are driving much of the progress.

According to IFI, Toyota Motor Corp. and Honda Motor Co. led all other companies in patent applications for autonomous vehicle technology in 2022, but Waymo finished third.

Meanwhile, Robert Bosch, the world's largest parts supplier, ranked No. 5 among all companies, behind those three and Hyundai Motor Co.

The following glimpses of emerging automotive technologies reflect this growing array of innovation sources. Traditional automakers such as General Motors and BMW are represented, as are supplier stalwarts such as ZF Group and Continental. A large number of them also stem from battery companies, technology firms and startups that are new to the auto sector but already leaving indelible marks.

These technologies and processes may still be unfamiliar to many in the industry. But given the push for innovation, they could be core components soon.