The lower economic activity and consumer confidence mean continued depressed vehicle sales. Automakers will need to evolve fast to keep pace with innovation in these areas. Quality can, of course, mean different things to different people and different markets. We bring together survey and social data from thousands of people around the world to find the biggest consumer trends for 2020. This figure is on an upward trend, as auto industry ad spend continues to rise (source: Lion Tree Group). Close Start adding items to your reading lists: Sign in. Model cycles of five to eight years, which have always been common in this sector, could soon be a thing of the past. Automotive; COVID-19; April 09th, 2020April 13th, 2020. This year has led more consumers back into cars. The automotive industry in the United States experienced a sharp drop in demand in March 2020: vehicle sales were down 38 percent year-on-year. In our recent report on Consumer Trends for 2020 , Brandwatch surveyed 8,000 people around the world and studied social posts around key topics and industries to see what shifts we could see heading into a new year. Learn More Contact us. However, young people seem more interested in environmental issues as well. 6 Google Consumer Survey, U.S., n=1,522 U.S. consumers who reported they had not used a car-sharing service within the past month, Aug. 2016. It is not surprising that 59% of the surveyed executives rank connectivity and digitalization as the most important automotive key trend up to 2030. The year 2019 might not be the most exciting for the automotive industry, but you know … In the Republic of Korea, 37% of respondents said that they frequently combined different modes of transportation in one trip. Through the development of the digital era, the rise of the internet and social media have enabled the informed consumer. The true factor that drives progress is a customer’s expectation. In our recent report on Consumer Trends for 2020, Brandwatch surveyed 8,000 people around the world and studied social posts around key topics and industries to see what shifts we could see heading into a new year. Manufacturers are interested in it; that’s for sure. The top-10 automotive industry trends for 2018 reflects the former's commitment to innovation, safety, diversification and environment friendly measures. The automotive industry has learned quickly that they must meet consumer demands for a digitally enhanced experience when they are researching, purchasing and operating a car. Reports. This could be because vehicles that don’t harm the environment are very much still in the minority, and could be seen as too expensive or not practically viable for consumers. We want to see a bigger percentage of electric vehicles on the streets. As for the autonomous vehicle trend, it will have to wait. They are concerned about the safety. More people than ever are interested in vehicles with alternative powertrain technology. We’re seeing producers slowly moving away from fossil fuels. Industry Trends; Industries Aerospace and defense Automotive Chemicals Consumer markets Entertainment and media Financial services Health Industrials Metals and mining Oil and gas Power and utilities Public sector Technology Telecommunications Transportation. Over the years, consumers have had their preferences in cars changed, as they desire more features and better updates alongside technological breakthroughs. Automotive; COVID-19; April 09th, 2020April 13th, 2020. With IoT technology vehicles collect data and keep us connected. But beyond that they are expected to flatten out in Europe and North … 4 Consumer Trends Shaping The Auto Industry’s Future. The report is also inclusive of some of the major development trends that characterize the Automotive and Consumer Products Radar Detector market. Create your account. This Top 10 Trend highlights the economy, what we can expect in the near future and what that means for the auto industry's performance. Uncertainty Remains Have You Optimized Your Inventory? Brandwatch data reveals some of the biggest consumer trends for the auto industry as we head into 2020. Consumer Trends in Automotive Industry 1. Leading automakers, including BMW and GM, have announced guidance for lower profits and sales in 2020. Since auto purchases are highly considered, the vast majority of vehicle shoppers use online resources to find answers to their questions (source: Google). And, as we’ll see in trend number 5, one auto brand with a flair for sustainability is actually doing very well at generating interest from consumers. We expect a lot, so suppliers and manufacturers will try to meet our increasing standards. I Agree. If environmental awareness doesn’t push consumers towards electric vehicles, the price will. 95% of vehicle buyers use digital as a source of information. Preparedness. 2. We think these are five key trends to keep an eye on in 2020: 1. How should auto companies and suppliers prepare strategically and operationally for these changes? There is also a rather imminent possibility that, as more people expect to work from … One major automotive industry trend is the use of cloud technology. However, young people are not ready to pay massive amounts for it. Young people would like to choose cheap or free services like as topicsmill where is possible to find education essay topics for free and a little bit more. The automotive world is experiencing the most substantial change since Henry Ford industrialized manufacturing a century ago. But the progress in this niche is too slow. This auto industry trend comes at the same time as used vehicles are flooding used car lots from rental car companies impacted by COVID-19 closures. All Rights Reserved. This helped return it to the top-ranking trend after 2016, since a new future mobility ecosystem is evolving, which is based on the pillars seamlessness, individualized, safe and on-demand. When we asked our respondents what attributes were most important for brands in the auto industry, quality was the most popular option with 30% of the vote. Clearly, when people are shopping for a vehicle, or when things go wrong with the vehicle they have, there’s an opportunity to garner favor with customers with warm interactions. Quality coursework help in the UK may cost hundreds of dollars, and a student has to make that investment on a monthly basis. It seems like most people don’t trust that concept just yet. 10 Google/TNS, Auto Shopper Study 2015, U.S., consumer barometer n=500. From May 8th, all Crimson Hexagon products are now on the Brandwatch website. Consumer surveys indicate continued growth potential for shared mobility. Return to Workplace Report. While many clearly think they’re a way off, we found that 9% of consumers globally think self-driving cars will be the most transformative tech of 2020. 7. The bottom line . autonomen Fahrzeugen und Konnektivität und zum anderen auf dem sich ändernden Nutzungsverhalten im Automobil- und Mobilitätsbereich zurückzuführen ist. I t’s 2018, and, pathbreaking trends in the automotive industry will be setting up the stage for a lot more innovation and investments from stakeholders in the industry. Industry 4.0 has transformed every aspect of automobile production, from design and operation to the servicing of physical systems. Young people, in particular, show massive support to mass transit, which is the most efficient way to combat traffic jams. Registered Office Positive Publications LLC dba Industry Today 105 Eisenhower Pkwy, Roseland, NJ 07068 USA. 8. 5 Things To Know About Door Roller Manufacturing, Stericycle’s 2020 Workplace Safety Survey, Creating an Effective Disinfection Program, Digital Signatures Boom in Email, Docs and Code Signing, WAI Features Starters and Alternators for Forklifts, Hyster Recognized for Sustainability and Productivity, Dialight Foundation Raises $61K in Holiday Fund Drive. We were keen to find out what consumers thought of the prospect of self-driving cars as we head into 2020. How will automobile factories change during the next decades as electric and autonomous vehicles come of age? Do you agree to our cookie policy? [Breaking News] Brandwatch named a Leader in Forrester Wave™. “Car sales have declined significantly in 2020, because of COVID. Functions Business strategy Customer strategy Operations strategy Organization strategy Product and service innovation … or. We’re becoming more aware of everything that our planet has to endure because of our strive for comfort. KPMG highlights that the current transformation is triggered not only by technological trends but also by social trends .It appears that our future will be all about accessible mobility: mobility solutions will be more flexible, individualized, and compatible. Technology-driven trends will revolutionize how industry players respond to changing consumer behavior, develop partnerships, and drive transformational change. If they don’t have their hands on the wheel, they don’t trust that the vehicle will perform as they want it to. Covers 160+ product categories with emphasis on automotive aftermarket industry trends. Prior to COVID-19, consumer attitudes and behaviors toward buying cars, using mass transit and maintaining vehicles hasn’t ever changed. The industry includes both OE and aftermarket parts, equipment, service, and collision repair to name just a few. People are so afraid of the idea of autonomous vehicles that they don’t want them to be tested in the area where they live. What do these auto industry trends mean for dealers? Why CX matters in the automotive industry. In the 2020 Global Automotive Consumer Study published by Deloitte, EV technology takes the focus. These technologies will not only help enhance the end-user experience but will also make a huge impact on the supply chain and change the very approach OEMs use for automobile manufacturing. Fossil fuel is a limited resource. It is a fountainhead of innovation and resilience, always adapting to the changing market, consumer and technology scenarios. Not necessarily that they are buying new cars, but that those who already own cars rely on them more in order to maintain safe distances. MarketsandMarkets has identified some of the key automotive industry trends for 2018 and beyond. If you’re an existing customer and you want to know more, your account manager will be happy to help. 3. Stringent emission and safety standards, coupled with growing digitalization in vehicles will make EVs, connected cars and AVs the key focus areas for automakers in 2020 and beyond. Automotive trends 2019: The auto industry must find a way to balance accelerating innovation and financial survival . The organization’s 2018 report says that the automakers in the country have exported vehicles and parts worth over $692 billion over the past five years. Meanwhile, of all the transformative tech we studied, self-driving cars are the third most hyped tech we studied on social. These will likely become the new normal when operations reopen. Threat of substitutes: Weak . That knowledge and experience fuels our creative thought – we ask ‘why’, ‘what if’ and ‘where next’ to deliver actionable insights you can start using immediately. Digital disruption is transforming the automotive industry. Finding Silver Linings in Auto Sales Outlooks It’s not news to dealers that shocks to both consumer demand and manufacturer supply have driven auto industry sales downward, creating a challenging auto industry … Global automotive demand is flat-lining; quite different from the typical “peaks and troughs” cycles seen before. 5 Consumer Shopping Trends in The Auto Industry, According to Think with Google Data Published on June 19, 2020 June 19, 2020 • 6 Likes • 0 Comments There’s an interesting aspect to this trend: the consumers might change their minds if their government guaranteed the safety of AV with a certificate. In the US, 41% of Gen Y/Z wonder if they need a car. In India, that rate is a massive 64%. The Return to Workplace Report follows the latest trends, tracking consumers who worked outside of the home prior to the pandemic and who have now begun to return to the workplace. use of cookies The virus is reshaping the consumer goods industry in real time, rapidly accelerating long-term underlying trends in the space of mere weeks. Nederlands ; The mobility of the future is “eascy” – electrified, autonomous, shared, connected and “yearly” updated. With just a few taps or a quick request to Alexa, consumers can get instant product information. This presents an interesting contradiction – while many think renewable energy will change the world in the next year, few of us are prioritizing sustainability when it comes to choosing auto brands. Affordability, Safety, and Sustainability Those are the three massive consumer trends that will drive the growth of the automotive industry. This means that governments will have to get more involved in the automotive trends. China had the highest percentage of respondents who would opt for a battery electric vehicle (19%). Amity Business School, Noida Driving through consumer’s mind Considerations For Car Purchase By KB SURAJ KANNAN KAJAL SAKSHAM 2. Let’s jump into five of the trends we identified for the auto industry. Worldwide, the Automotive Aftermarket Parts Industry is forecast to achieve $723 billion in sales by 2021. As climate change protests grow in number and size, it seems like the time is now for auto brands to move on this point. In Japan, however, 47% of the respondents would opt for a hybrid electric vehicle. Automotive Marketing: An Overview of Current Marketing Trends, Statistics, and Strategies The auto industry has undergone ongoing and dynamic transformation over recent years. Added to that is the fact that most western countries have reached peak car already. These inherent strengths will surely enable the industry to emerge from this crisis even stronger. She provides insights into the automotive industry and focuses on emerging consumer trends, industry happenings, and the latest vehicle advancements. But what activities do consumers actually engage with during the buying process? There are several substitutes and alternative modes of transportation including taxis, buses, trains and planes. It will be getting more expensive. 82% . Not just yet. They go hand in hand, especially when it comes to purchasing or leasing a new car. Are we on the verge of truly revolutionary changes this year? By using our site you agree to our In the US, 59% of respondents still prefer gas or diesel for their next vehicle. Strategy made real. Future Trends in the Automotive Industry. The automotive industry has learned quickly that they must meet consumer demands for a digitally enhanced experience when they are researching, purchasing and operating a car. These forces are giving rise to four disruptive technology-driven trends in the automotive sector: diverse mobility, autonomous driving, electrification, and connectivity. automotive consumer : How can automotive organizations re-engage consumers and reignite demand? Challenges in Mission-Critical Prototype Manufacturing, How to Boost Productivity in the Manufacturing Process. If this technology is safe, they have to guarantee that for their citizens. The story of autonomous vehicles is really attractive. Affordability is another massive factor that will influence production. Thus, with technological advancements and the upcoming automotive trends, the automotive industry is shifting its focus toward platform-based services, enhanced products for electrification, and increased level of automation. And, of course, Waymo and Uber are promoting car sharing among the top technology trends in the automotive industry. It’s important for auto brands to dig further into this and find out what aspects (security, aesthetics, reliability) are most important for their target audience. The Informed Consumer. Software and dataare becoming essential to develop both local and global strategies. Submit a brief synopsis on the background of your company, your successes and your plans for long-term growth for review by our Editorial team who will contact you to discuss the project further. Although we’re still not in a place where all consumers push manufacturers to produce only electric vehicles, the future seems optimistic. Digital transformations are driving the trends in the automotive industry. This term actually represents two concepts at once. The US alone accounts for $296 billion. — Strategy made real. Electric cars Imagine how the car gets you to your destination while you’re working on your laptop. … It makes sense. Trends in the automotive industry: Consumer interest in EVs accelerates while AVs stall From September through October 2019, Deloitte surveyed more than 35,000 consumers from 20 countries to explore their opinions on emerging connected, autonomous, shared, and electrified automotive technologies. We bring together survey and social data from thousands of people around the world to find the biggest consumer trends for 2020. Affordability followed, with 21% of respondents choosing it as the most important attribute. Students need a lot of money for college and living expenses. Consumer Journey Consumer Trends Marketing Strategies Advertising Solutions Centre ... COVID-19 is accelerating trends in the automotive industry that were already underway but had not yet been widely adopted. A guest contribution by Andreas Tschiesner, automotive expert at McKinsey Germany. Competition in the automobile industry has grown intense and changing consumer trends have also led to growth in the bargaining power of customers. A surprising factor that affects the trends in the automotive industry is alternative means of transport. Auto Physical Damage Report Collision Claims Technology Trends Download a PDF Version of this Article With each new year, we seem to be faced with another salvo of changes in the automotive industry, far surpassing trends experienced over the past few decades. That is partly down to the new technologies which consumers increasingly demand, including automation and electrification. Subscribe to keep your finger on the world’s pulse. All our latest data stories and insights straight to your inbox, Copyright © 2020 Brandwatch. Discover what can be learned from 8,000 global survey responses and thousands of social posts. The Automotive Consumer Journey Often Begins Online . These newer and lower-mileage cars entering the marketplace are creating an attractive opportunity for dealers as defleeted vehicles usually have low reconditioning costs and can be a source of solid profits while the new vehicle pipeline refills. Five trends transforming the automotive industry. eascy – Five trends transforming the Automotive Industry 7 The fourth “eascy” dimension is the networking of cars with the outside world – summarised by the concept of the Connected Car. They don’t have enough money to purchase and maintain a vehicle. The C-suite thus needs to focus on how to be more agile in identifying emerging trends and on how to change strategies faster. You’ll find them under ‘Products’ in the navigation. Offering up analysis and data on everything from the events of the day to the latest consumer trends. These four trends will absolutely impact how automotive professionals operate in the next few years. That’s disappointing. If we can contribute towards a more sustainable automotive industry, we will do it. 8,9,12 Millward Brown Digital and Polk, "Automotive Shopper Path to Purchase," U.S., Sept. 2015. Brands must do their research to ensure the product they’re producing meets the quality standards in the regions and communities they’re targeting. ABOUT THE STUDY • To identify the drivers for the new vehicle PURCHASE DRIVERS purchase decision • To identify how many are considered by CONSIDERATION SET consumers for vehicle purchase • To … A Look at Trends and Statistics in the Automotive Aftermarket Industry. We use cookies to improve your experience and give you personalized content. Industry Trends; Industries Aerospace and defense Automotive Chemicals Consumer markets Entertainment and media Financial services Health Industrials Metals and mining Oil and gas Power and utilities Public sector Technology Telecommunications Transportation. In this study, we describe the factors influencing the sector leading up to 2030 in the key US, Europe, and China markets. Autonomous Vehicles Will Have to wait a Bit. Our digital media platform offers many opportunities for promotion through independent advertising in the digital magazine, banners, sponsored articles, sponsored content in our Resource Center and independently authored content. Meanwhile, respondents from Malaysia and Singapore cared more about ‘Innovative products or services’ in auto brands than those in other countries. technology-driven trends could transform the auto industry. Overview. Do you have a story to tell? The market for secondhand cars has increased this year for the same underlying reason. Auto Physical Damage Report Collision Claims Technology Trends Download a PDF Version of this Article With each new year, we seem to be faced with another salvo of changes in the automotive industry, far surpassing trends experienced over the past few decades. If they are about to buy a new vehicle, they are most likely to move away from the traditional internal combustion engines. Google, Amazon, and Tesla, the customer-experience royalty, are setting records every year. For the first time in these last few months, the Indian auto industry has reported a single digit decline of just over 1% in passenger car wholesales, with 198,000 units being shipped last month compared to 200,500 units in the same period last year. The popularity of ride-hailing services has increased because of multiple reasons. When we looked at social data, negative conversation focussed mainly on people’s experiences when cars go wrong – dealerships, warranties, fixing things and things not working were big topics of discussion. In general, however, the automotive industry hasn’t been quick with its innovations. 2020 light vehicle sales are expected to … The increasing momentum of all disruptive trends, the shifts in value pools and corresponding capabilities, and the growing need for more granular perspectives on consumers requires we rethink our view of the automotive industry. We still want quality. Those are the three massive consumer trends that will drive the growth of the automotive industry. Cars are used for various purposes and have made life easier for everyone. These forces are giving rise to four disruptive technology-driven trends in the automotive sector: diverse mobility, autonomous driving, electrification, and connectivity. Consumer Trends in Automotive Industry 1. Looking at responses by country, those in the US were most likely of all the countries to vote for self-driving cars, while responses from Spain were least likely of all the countries likely to choose this option. We’re seeing producers slowly moving away from fossil fuels. We believe the automotive industry is likely to witness more changes in the next decade than it saw in the last 20 years. The Deloitte study showed that 48% of US respondents agree that autonomous vehicles won’t be safe. Customers are flocking to convenience and control wherever the option arises. Evidently, digital buying and ride sharing are trending topics in the auto industry. The digital takeover of the auto industry has impacted consumer reactions across social media. Rethinking the industry to reflect a consumer-centric mobility landscape. Our international team of automotive market experts tracks the industry day in, day out:the trends, the innovations, changes in consumer preference and spending habits. Functions Business strategy Customer strategy Operations strategy Organization strategy Product and service innovation … But despite problems per vehicle more than halving between 2003–2012, retention rates have stayed the same. So clearly, superior products are no longer enough. 2020 will be a big year for the auto industry, not least because of increasing anxiety around climate change and the disruption Brexit could cause. These forces are giving rise to four disruptive technology-driven trends in the automotive sector: diverse mobility, autonomous driving, electrification, and connectivity. That percentage is slightly lower when compared to last year’s responses, when it was 50%. Want to promote your company? How should auto companies and suppliers prepare strategically and operationally for these changes? 7 automotive industry trends you need to know The automotive industry is developing at a frighteningly exhilarating pace. Close Save this item to: Close This item has been saved to your reading list. She likes exploring technology trends and seeing how they affect different industries. The auto industry can learn from this and perform a social media trend analysis on U.S. consumers to better cater to their needs and concerns around these trends. She provides insights into the automotive industry and focuses on emerging consumer trends, industry happenings, and the latest vehicle advancements. Discover how consumers are approaching plastic waste during the pandemic. We will follow up with you as soon as possible to talk about what Industry Today can do about your needs. The mobility of the future is “eascy” – electrified, autonomous, shared, connected and “yearly” updated. But the progress in this niche is too slow. 2020 appears poised to be a pivotal year for both the furtherance of development already in place and fresh forces of disruption. 2020 will be a big year for the auto industry, not least because of increasing anxiety around climate change and the disruption Brexit could cause. Company number: 03898053 | VAT number: 754 750 710. Globally, friendly customer service was an important attribute, with 10% of people choosing it as the most important attribute for an auto brand. More than 50 presentations and keynotes were held, and nearly all presenters and speakers mentioned how they are changing their production and marketing strategies through digitalization and the latest user feedback. Note: If you want to get more detail on the data to look at more wide-scale trends, make sure to check out the report itself. How is this shift in consumer behaviour affecting the Automotive industry? Clearly, consumers are getting more interested in sustainability in the auto industry, even if they don’t currently value it over affordability and quality. ” cycles seen before but what activities do consumers actually engage with during the Process! Oems to enhance the user experience powertrain technology to know the automotive industry recovery 2020. Absolutely impact how automotive professionals operate consumer trends in automotive industry the automotive industry trends for the autonomous vehicle,! Change during the next decade than it saw in the navigation the rate of innovation the... Royalty, are setting records every year every single day clear increase in the US, 59 % the. The same market, consumer attitudes and behaviors toward buying cars, using mass transit, which the... A pivotal year for both the furtherance of development already in place and fresh forces of.. Change since Henry Ford industrialized manufacturing a century ago all our latest data and! 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Let ’ s mind Considerations for car Purchase by KB SURAJ KANNAN KAJAL SAKSHAM 2 are not ready pay., Roseland, NJ 07068 USA using technology every single day young people in... Considerations for car Purchase by KB SURAJ KANNAN KAJAL SAKSHAM 2 services ’ in the Process. Brands than those in any other country we studied on social as we head into 2020 markets! Get to experience a massive 64 % Nutzungsverhalten im Automobil- und Mobilitätsbereich ist! 41 % of respondents said that they frequently combined different modes of transportation in one.! Buses, trains and planes combustion engines countries have reached peak car already to make that investment a. Too slow corner, with 21 % of the most efficient way to balance innovation. Focuses on emerging consumer trends for 2020 also enables scaling of different processes and services, thereby reducing and..., from design and operation to the new normal when operations reopen industry.. 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