A technological decade has unfolded, and companies are currently gearing up to keep pace and evolving consumer requisites of this age. To be able to mitigate industry giants are claiming to have their plans in place. But are all industries ready? The US automotive sector has recorded a sale of 3,689,089 as per AutoReleased, but will the rate be maintained throughout? Are companies that were mobility prepared for another decade? So as to ascertain this, adopt them and automakers will have to keep an eye. Here are 5 important trends which every company that is mobility has to be mindful about as it strategizes for the upcoming year.
Governments will regulate the demand for cleaner and safer transportation. As mobility is concerned, authorities are focusing on three areas- preservation of resources and security, compatibility. This will prompt original equipment manufacturers (OEMs) to render a diversified variety of cleaner and safer vehicles, particularly zero-emission vehicle. While, consumers will weigh their decisions based on incentives and penalties in their disposal.
New players will set foot. The consumer needs, introduction of Automotive IT solutions and technology have paved way to set foot. Even firms are rendering services such as integration that is freedom, car-sharing and ‘black box insurance’ based on use, which determines the superior limit based electric vehicle integration analysis of car entertainment systems and performance. The development of these business models will allow the players to become an integrated part of their value chain that is classic.
Automotive marketing will find an edge. A significant shift has been witnessed by the advertising trends in the sector. The way of advertising are becoming more social, from embracing a car in a slot. Consumers have been doing a research upon which vehicle to put money into before deciding. Social networking platforms have eased the access including opinions and perceptions of customers. Their decisions are currently resting on reviews that they acquire from other consumers and sites, blogs and information features- resources on which the firms that our freedom cannot exercise any control. At precisely the same time, OEMs are currently harnessing platforms to develop bonds. They are now adapting to the paradigm change and using it to advertise their products.
OEMs will look to rationalizing their portfolios. Post surviving the downturn blues OEMs will change their focus to profits and sustainability. Emerging OEMs will look forward to climbing up the scale by getting in their home market or eyeing the countries, to be able to construct a presence.
Globalization of this sector will result in the development of new risks. Globalization is paving the way for dangers and OEMs are devising basic strategies to be able to mitigate these threats. When it’s the costs of raw materials and misalignment of supply and demand, or it is the lack of employees and regulatory rates firms are facing a reality check. In the aftermath of these challenges, so as to simplify the adaption of the value chain industry must gear up to implement mitigation plans. And the implementation of applications solutions that are automotive is being seen as one of the answers.
Planning is the key to success in the days to come. The industry needs to examine the trends that are evolving and prepare their business strategies.