The automotive industry looks much different today than it did just 20 years ago. As a whole, automobile makers are incredibly competitive when it comes to offering the latest technology and features. A few prominent trends are emerging and cementing themselves into the way these companies produce automobiles, and they’re set to shape the industry’s future.
A Focus on Green Technology
One of the most noticeable trends is the push for eco-friendly vehicle technology options. Brands like Honda, Toyota, and Tesla are hyper-focused on offering customers the opportunity to buy a car or truck that emits less pollution and provides better mileage.
There are flexible-fuel vehicles that run on either gas or electricity and those running on electricity only. These types of vehicles are helping to reduce the impact on the environment and offer a better economy than traditional combustion engines.
Although hybrid and electric vehicles have been around for decades, they’ve only just begun to take off in popularity in the mainstream consumer market. Look for more of these options in more sizes, such as larger SUVs and large trucks, so every need is fulfilled with an eco-friendly option. It’s also a reliable car investment that provides many benefits.
More Automatic Safety Features
Today’s automotive industry is also focusing on a wide range of safety features. Before, anti-lock breaks were a breakthrough, but today, plenty of standard safety features are designed to save lives and even avoid collisions.
If you’re planning to buy a car or truck, consider looking for some of these newer safety features to help protect you and your family. Most newer used cars have collision alerts, automatic braking, blind-spot alert, and crumple points to protect passengers during an impact.
When a vehicle is loaded with safety features, consider all the offerings on top-performing models and enjoy the added security of knowing you have top safety technology on your side.
Online Sales
Online automobile sales are a huge business right now. Car companies are offering cars and trucks for sale online where you can shop, apply for financing, and schedule delivery, all from the comfort of home. Consumers love that they don’t have to go from dealership to dealership anymore, and they can find what they want and get all the details without having to drive all over.
Additionally, many companies will bring their new vehicle to them for the ultimate convenience. To make the process even more appealing, many companies allow the buyer to trade in their old vehicles in the process. It’s completely streamlined with no bargaining or pressure tactics.
Even companies with traditional physical locations are offering the option to purchase a vehicle online complexly. While those who prefer shopping for a vehicle in person can still do so, they also have the option to complete a sale online, which is ideal if the model they want is located somewhere else in the country.
Creating Connected Vehicles
Today’s automotive companies are also focusing on connectivity. Similar to how computers are found everywhere, expect to have connected and intuitive vehicles now and in the future. That means having internet-controlled engines and self-aware onboard computers alert to car maintenance needs or recommended car care. Additionally, there’s also the capability to sell bundled services and subscriptions that match the owner’s requirements for parking and more.
One instance where connectivity is part of the mainstream is behavior-based insurance premiums. While they are optional currently, they might become the standard for everyone at some point.
Planning for Interruptions in Production and Sales
Recently, the automotive industry has been disrupted by notable events such as the 2008-2009 recession and the current COVID-19 pandemic. These events created halts in the production and distribution process. Today’s companies have learned from these experiences and are better prepared for those types of events.
These new business models are flexible and focused on supplying enough for demand but being able to withstand major setbacks and delays resulting from the state of the economy. The plan is to stay customer-focused and provide a superior product worth the money spent to encourage sales without flooding the market.
They avoid cranking out less than desirable models that lack top sellers’ features and benefits and even discontinuing many staple models in the market. This strategy helps reduce costs and allow them to focus more on what today’s car buyer needs.
The future of the Automotive Industry
The automotive industry is rapidly changing to meet the needs of today’s modern consumer and to weather changes in the economy and market sales. While there is still much room for growth and improvement, the market is rapidly adapting and providing better options and features that make the process of shopping, buying, and selling vehicles more streamlined and beneficial for the modern buyer.