Automotive Industry Trends That Will Put Pedal To Metal
We are living in times when new technologies are unfolding, and enterprises are keeping up the pace with emerging trends. Most industry giants are said to have their strategies in place to mitigate risks the year may pose. However are all industries really ready?
For instance, the US automotive industry has experienced great sales throughout the year. However, are these results likely to be maintained throughout the year? Are firms prepared to thrive in the next decade? For this to happen, automotive industry players need to monitor emerging trends and adopt them to their operations. According to 2014 nada, the following are some important trends that every mobility company must be mindful. They are necessary as companies start to strategize their upcoming financial years.
Automotive industry trends to be monitored
Governments will be tasked with regulation for cleaner and safer transportation. This is as far as personal mobility is concerned. In fact, governments are focusing on important areas such as safety, preservation of resources, and environmental compatibility. Thus, original equipment manufacturers (OEMs) are needed to provide a broad range of vehicles that are cleaner and safe, particularly zero-emission transportation. Also, consumers buying will be based on incentives and penalties at their disposal.
Entrance of new players
The ever-changing consumer preferences and needs are paving the way for the entry of new manufacturers and other stakeholders. Advancing technology and automotive IT solutions are playing this role. In fact, even non-automotive enterprises are offering various services such as insurance, ridesharing, and mobility integration. Others include advanced vehicle entertainment system and real-time assessment of driving performance.
New marketing trends in this sector have realized a significant shift. This is an indication that marketing is becoming more social. Nowadays, consumers carry out a thorough research before choosing the vehicle they want to invest in. Thus, social media platforms offer access to a lot of information, including opinions and perceptions. In fact, buyers are making their decisions based on reviews they get from influential websites and blogs. These are some of the things mobility firms cannot control. However, firms can harness these social media platforms to create closer bonds with the consumers.
After surviving the economic recession, the majority of OEMs shifted their focus to sustainability and profits from volume. Thus, emerging ones look forward to moving up the scale through the acquisition of home market and getting into developed countries. This is necessary for them to build a worldwide presence.