Trends keep happening in various industries across the globe and the automotive industry is no exception from this. So the trends in the automotive industry for the year 2016 are:
- Increase in Revenue:
The automotive industry revenue will increase in an alarming rate. The reasons of the increased revenue will be the demanded mobility and data-driven services.
Connectivity and autonomous technology will also permit let the car to become a platform for drivers and passengers to make use of their time in transportation to consume fresh forms of media and services.
- Hybrid vehicles:
Hybrid vehicle is most commonly is used to refer Hybrid Electric Vehicle.
In short referred to as HEV, it can be defined as that which has traditional internal-combustion engine, a fuel tank, one or more electric motors and a battery pack. It should not be mistaken for as an electric vehicle.
One of the biggest and healthiest advantages of using it is that it is environmentally friendly. According to research, they’re expected to penetrate in the market by 10-20% in the next 10 years. Some of the examples of hybrid vehicles are Chevrolet Malibu Hybrid, Ford Escape Hybrid, Toyota Highlander Hybrid, Mercury Mariner Hybrid, etc.
- Women Entrance:
It may sound a bit sexist but that’s true. In a country like India, women never used to drive cars before but now they’re entering in the automotive world as well.
One can easily find female drivers in metropolitan cities. It has become a kind of appealing job for them. And with time, it is just going to increase.
- Segmentation:
It’s necessary that to do the segmentation of market based primarily on their economic development, population density and prosperity. Across those segments, customer preferences, policy and regulation, and the accessibility and cost of new business models will powerfully be at variance.
- Customization:
User groups today favor vehicles which fulfill their specific needs, want customized products. Companies need to manage different product lines with numerous product feature varieties. Companies have to have enough technology to meet all the requirements of the client.
- Increasing Standards:
To avoid the issues like the Volkswagen’s 2015 emission scandal, regulations are getting more and more stringent. Like the emissions, fuel efficiency, product safety, etc. The regulatory bodies are pressurizing manufacturers to add-on safety features in vehicles and make sure the safety and reliability of software fixed in the road vehicles .
“Trends in the Automotive Industry” Informative Post