The good news is that new digital IoT solutions can enable just that. This makes predicting the rest of 2020 a difficult challenge, but … I am also the founder of a think tank group that works on future (Mega) trends. But is it all doom and gloom? 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. If anything, the Covid crisis has completely overturned every prediction and projection made at the beginning of 2020. Accepted file types: jpg, gif, png, pdf, doc, docx, xls, xlsx, ppt, pptx, png. Required fields are marked *. My team and I pioneered the “Macro to Micro” approach in analyzing Mega Trends in 2008, which has since been tried and tested with Fortune 1000 companies in developing white space opportunities. Follow me on Twitter: @Sarwant. At ELEKS we have assisted many automotive industry players to harness the power of software in their field. CL. Furthermore, technology has changed the competitive map: with tech-first car manufacturers now disrupting a market previously dominated by established brands. Two Speed World Economy: Globally, auto sales will recover much faster in China and the U.S. than the EU and India. 2020 Consumer Trends for the Automotive Industry 1. The broader influence of automotive technology will continue to drive disruption in 2020 as the established automotive industry increasingly converges with contemporary technology. Toyota on Tuesday reported a 23% drop in U.S. new vehicle sales in August versus the same month in 2019, as a two-month industry-wide shutdown of auto production in the spring to halt … ELEKS Featured in IAOP’s 2020 Global Outsourcing 100’ List, Top 10 Security Risks in Robotic Process Automation, The Future of Urban Mobility: Five Key Trends to Watch in 2021 and Beyond, Blockchain for Сonnected Сars: a New Era for the Automotive Industry, Logistics Automation: How to Adapt and Revive the Shipping Sector Post-pandemic, Vehicle Infotainment Systems: The Tech Trend Redefining the Automotive Industry, Reasons Your Logistics Company Needs Supply Chain Forecasting, Connected Car Security: The New Imperative for Automotive and Logistics, Logistics and Supply Chain Trends to Shape the Future of T&L Businesses, Building a Comprehensive Digital Experience for an Aircraft Configurator, Wins and Hurdles of Cloud Based Supply Chain Management, Realising the Promise of RPA Use Cases in Logistics and Transportation, Optimising a Logistics Enterprise’s Digital Ecosystem, The Profit-boosting Power of Connected Farming, How to Create a Chatbot to Fit Your Needs and Budget. Automotive industry trends in 2020 are primarily dictated by the demands of a new class of consumers – sophisticated customers with a high level of consciousness and awareness, ever … Sales of new and used cars as well as of vehicle related services will become platform / digital based. You may delete and block all cookies from this site. Covid might have thrown the automotive industry (not to mention, our annual forecasts) off track. We’ve appreciated the level of ELEKS’ expertise, responsiveness and attention to details. This is one of the latest technologies in the automotive industry. Another consequence of lower commuting miles will be felt in lower aftermarket sales. People Love Cars Again. ELEKS has been involved in the development of a number of our consumer-facing websites and mobile applications that allow our customers to easily track their shipments, get the information they need as well as stay in touch with us. Added to that is the fact that most western countries have reached peak car already. By and large, these changes will be huge improvements for drivers, … Another example relates to the need for dedicated platform and vehicle architecture to manufacture EVs. EY & Citi On The Importance Of Resilience And Innovation, How Digital Workflows Helped Save Basketball During The Pandemic, Impact 50: Investors Seeking Profit — And Pushing For Change, Michigan Economic Development Corporation With Forbes Insights. This time might be a little different. The Internet of Things (IoT) has led to a wave of connectivity … U.S. auto industry trends aren’t very positive these days with auto dealers watching forces beyond their control put a damper on dealership sales and profits. After much heated discussion (that’s one thing that’s remained unchanged, pandemic or not! The automotive industry was impacted with the closure of multiple production hubs due to COVID-19. I foresee two major shifts here: one, from the premium segment to more volume segment offerings and, two, from being primarily city-based models to becoming more pan-country based models. This creates a serious challenge for car companies that have hitherto excelled at segmenting and sub-segmenting both cars and customers. Gen Z As Car Buyers: A big one for car companies will be the coming of age of Gen Z customers. In fact, 80% of surveyed executives expect customer experiences to be greatly enhanced by digital services. Car allowances might be (pay) cut by corporates, causing the lucrative corporate fleet market, especially the premium segment, to suffer. Autonomous Level 2.5 To Become Stop Gap Preference: Covid has derailed plans to leapfrog from Level 2 to Level 4 of vehicle autonomy. Meanwhile, Brexit and other protectionist economic policies will favor onshoring rather than offshoring in the future. The 2020 Global Automotive Consumer Study provides insights into how consumer opinion about these disruptive technologies may affect the future of the automotive industry and where automakers are investing to bring these advanced features to market. Right from the start, we really liked ELEKS’ commitment and engagement. In 2020 successful auto manufacturers will adjust their R&D processes to innovate faster and in a manner that is more responsive to a changing automotive industry. (jpg, gif, png, pdf, doc, docx, xls, xlsx, ppt, pptx, PNG). Autonomous cars are becoming a reality, with IBM predicting that 15% of new cars will be self-driving as soon as 2030. With our social media, advertising and analytics partners for advertising purposes of technology is... Gm’S with Cruise and Honda are gaining prominence in the future and engineering excellence of the sectors changed its... That have hitherto excelled at segmenting and sub-segmenting both cars and customers these several... 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