The automotive industry is predicted to fall this year.
Though analysts had predicted a fall in 2018 too, the rise of 0.6% was
surprising. The US auto sales are again predicted to fall by 1.2% to 4% this
year owing to increased credit rate, stagnation of market across globe, high
prices of used cars may push the price of new cars higher and decrease the sale
and also because of the changing consumer needs. Well, here are the top changes
set to take place in automobile industry this year.
IoT (Internet of Things) and AI (Artificial
intelligence) revolution
Swiftly as the technology is improving and going towards achieving
the unachievable. Future cars are all about integrating IoT and AI powerfully.
We are already in the semi-phase of IoT and AI cars. We have cars combined with
these offering us safety, driver alerts, voice assistant, gesture control and
many more. This year we can expect the automobile makers to involve
excessively.
China’s collapse
China has been one of the top markets for automobiles in the
past decade. The slowing economy, greater than ever public transportation and
the drop of demand for passenger cars (which they produce in mass) are going to
have direct impact on the China’s automobile industry.
Taxi aggregators go big!
Taxi aggregators who have had success in US and United UK
are going big and expanding their horizons to countries like India, Thailand, European
countries and also to African countries. Aggregators such as Ola, Uber and Lyft
are going strong and beating evaluations of car manufacturers who are over 75
years in the industry. That’s how rapidly they are growing.
Expansion of vehicle marketplace
The vehicle marketplace is expected to grow. There are
several marketplaces which are offering stock and customized packages on auto
parts, car insurances, travel, dealership, valuable offers and so much more. Autoworld
International is one such marketplace who supplies second hand cars in Trinidad& Tobago, second hand cars in Jamaica, second hand cars in Kenya, secondhand cars in Mauritius, second hand cars in Maldives, second hand cars in Cyprus
and second hand cars in Fiji. Consumers love these and we can expect these
companies to rise enormously in this space.
Autonomous transport and taxi closer
to reality
A fully operational autonomous car may still not be a
reality, but car makers are competing intensively to be ahead in the race. Several
companies are testing its models already and we can see manufacturers investing
heavily in this space this year too.
Electric vehicles are fully charged
This year will be exciting for electric vehicles. The
growing pressure from the government to produce eco-friendly vehicles and
growing demand for electric vehicles are pushing the car makers to give serious
attention. We can expect significant changes from electric vehicles this year.
GenZ are the influencers
Car makers are now considering the GenZ . They are
considering Genz’s unique demands and expectations adding to vehicle
capability, features and design to entice the new generation.
Car subscription services are here to stay
Mindset of consumers is changing. As the new cars price
rises, they are unwilling to buy new ones and prefer spending/investing on
something that gets them returns or satisfies them with experience. Millennial and
GenZ are the biggest customers of car subscription services. By 2025 the industry is set to take over by
having 16.3 million cars under its umbrella.
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