Top 5 Trends in the Automotive Industry for 2017

May 17, 2017

To view an updated and more comprehensive version of this blog on the automotive industry, read our latest article.

Since the dawn of smartphones, it has become clear that customers are quick to adopt expensive and complex technologies if it makes their lives easier. In other words, individuals value ease and convenience. These core values have turned the automotive industry into one of the defining technical cultural elements of the 21st century. Now it is time to decode these properties into the context of today’s – and tomorrow’s – society and technology.

With constant changes in consumer preferences, technological advancements, and rapid development in the emerging markets, the world economy is evolving. This evolution can be attributed to the increasing need for automation, digitization, and new business models across all industries, including the automotive industry.

The automotive industry is one of the world’s most important sectors in terms of revenue and includes a wide range of companies that are involved in activities right from designing to selling motor vehicles and everything in between. The automotive industry is set to witness a perfect storm of change with five disruptive technology-driven trends in the future – electrification, connectivity, autonomous driving, customer-centricity, and shared mobility.

Contact our market research experts to learn more about automotive trends set to transform the business landscape in the new normal.

Electrifying the Driving Experience

Owing to environmental concerns, stricter emission regulations, and lower battery costs, electric cars will gain momentum in the coming years. Electric cars are powered exclusively by electricity and rechargeable batteries, unlike conventionally driven vehicles. However, automotive industry players and original equipment manufacturers (OEMs) must develop a strategy based on market insights to increase the adoption rate and establish themselves in the automotive industry, globally.

All About Connectivity

Connected cars are vehicles equipped with internet access to devices inside and outside of the vehicle. It acts as a platform for the drivers and the passengers to utilize their time in transit to access new forms of media that may concern with safety issues to a wide range of services such as infotainment, navigation, diagnostics, and payments. The automotive OEMs need to enhance their automotive capabilities to take strategic decisions to drive demand and sustain themselves in the automotive industry.

Autonomous Driving

These are vehicles capable of sensing their environment and navigating without human inputs through a wide array of technologies such as lights, radars, GPS and computer vision, etc. As of today, these vehicles are not permitted on the road without a driver, who can take control of the vehicle at a moment’s notice. According to automotive industry experts, the OEMs must assess the customer buying behavior to drive their sales, thereby strengthening their market position.

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Putting Customers in the Driver Seat

This will allow the automaker to involve the customers in designing the vehicles, going beyond the catalog concept and moving to a concept of the ‘make for me’ economy. Plus, 3D printing will shorten the waiting time for automotive components, making it just a click, print and install away. Manufacturers must utilize the automotive industry insights to connect with their customers to drive loyalty and encourage future spending.

Shared Mobility

Today, instead of owning a car, people prefer using services offered by fleet operators. The automotive revenue pool will move significantly towards on-demand mobility services and data-driven services, resulting in a decline in sales of privately owned vehicles. Major players in the automotive industry must conduct an automotive market analysis to understand the trends and gather insights to increase sales.

No Brakes– The Accelerating ‘Infiniti’ Advantage

At Infiniti Research, we provide clients with insights on customer experience and expectation regarding price, satisfaction, etc. and help in re-aligning strategies and developing action plans to strengthen their market position, make changes to their branding strategies, facilitate supplier management, deal with regular demand shifts and capacity utilization issues.

To view an updated and more comprehensive version of this blog on the automotive industry, read our latest article. 

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