2024 AI Dominates, Net Zero Transition, Automotive Industry Chain Embraces New Business Opportunities

Date: April 17, 2024

Title: AI Dominates, Net Zero Transition, Automotive Industry Chain Embraces New Business Opportunities

YTY Precision Tools Co., Ltd. (YTY Tools, hereinafter referred to as YTY) participated in the 2024 Taipei International Auto Parts and Accessories Exhibition (Taipei AMPA) held from April 17^th to Apr. 21^st.  This event, organized by the Foreign Trade Association, is one of the most influential annual events in the vehicle industry in Asia. With the participation of 1,000 domestic and international companies showcasing 2,700 booths, the event successfully transitioned from fuel-based mobility to smart mobility, covering multiple industries including automotive parts, automotive electronics, three-electric systems, semiconductors, ICT, panels, and more, forming a “360° Mobility” comprehensive future mobility ecosystem.

Understanding Industry Trends and Grasping Market Dynamics

Through the displays and discussions of exhibitors at AMPA, YTY gained in-depth insights into the dynamics and latest trends in the automotive industry, as well as innovative transformations and applications driven by AI. Apart from smart mobility and vehicle safety systems, new energy has also become a focus of attention. In addition, Vicki Lee, manager of YTY, held discussions with Shilin Electric to explore the importance of charging stations in the automotive industry and the energy-saving benefits of green energy.

Climate Change Prompts Industry Transformation, Expanding Business Opportunities

Vicki Lee, manager of YTY, stated that the issue of climate change is receiving increasing attention globally, and countries around the world are taking action. According to data from the World Meteorological Organization (WMO), Asia suffered the most severe climate and weather-related disasters globally in 2023, while Europe experienced the fastest warming among the seven continents, with temperatures rising at a rate twice the global average. Moreover, the European Union and the European Parliament reached an agreement in January this year to implement stricter 45% carbon reduction targets for heavy-duty commercial vehicles starting from 2030. These factors will accelerate the transformation of the automotive industry towards developing more energy-efficient and environmentally friendly vehicles.

According to market research institutions, the market potential of hydrogen equipment and components is expected to exceed $200 billion, and the charging station market is also expected to grow to $417.3 billion by 2030.

YTY stated that AMPA provides valuable cross-platform integration for industry chains, understanding the innovations of automotive industry players, exchanging with industry stakeholders, and grasping market dynamics. As a key manufacturer of BTA tools for manufacturing automotive soul shock absorbers, YTY plans to apply this experience to future business development, continue to provide customers with high-quality tool solutions, and share business opportunities with customers.