5 Automotive Industry Trends That Put Pedal to Metal
A new technological decade has unfolded, and businesses are gearing up to keep pace with the emerging trends and evolving user requisites of this era. Industry giants are claiming to have their strategies in place, in a position to to mitigate any risks which the season 2013 may pose. Are usually all industries indeed equipped?
As of March 2013, the US automotive industry has recorded a sale of 3,689,089, but will the pace be maintained throughout? Are mobility firms prepared for your next decade? In order to find this, automakers will need to keep an eye on in the emerging trends of the current market and adopt them his or her business models. Here are 5 key trends which every mobility firm must be cautious about also strategies for the upcoming financial year.
Governments will regulate your need for safer and cleaner transportation. As long secure individual mobility is concerned, governments are currently focusing on three core areas- environmental compatibility, preservation of resources and well being. This will prompt original equipment manufacturers (OEMs) to render a diversified range of safer and cleaner vehicles, especially zero-emission transportation. While, consumers will weigh their vehicle-buying decisions based on penalties and incentives that they can.
New players will visit the automotive sector. The evolving consumer needs, introduction of Automotive IT solutions and advancing technology have paved path for new entrants to set foot in the mobility market. Even non-automotive firms are rendering services like mobility integration, car-sharing and 'black box insurance' rooted in usage, which decides the premium limit based on electric vehicle integration, real-time evaluation of driving performance and advanced car entertainment systems. The evolution individuals new business models enable the beginners to become an integrated part with the traditional automotive value chain.
Automotive marketing will go in for an edge with social media initiatives. The marketing trends in dealer industry have witnessed significant shift. From showcasing a gleaming car in a 30-second slot, the associated with marketing grown to be more sociable. Lately, consumers have been doing an in-depth research before deciding where vehicle make investments in. Social network platforms have facilitated the access in order to plethora of information, including perceptions and opinions of other consumers. Buyers are resting their decisions on reviews which they acquire from influential blogs and websites, other consumers and news features- sources on that the mobility firms can't exercise any stop. At the same time, OEMs are harnessing social platforms to develop closer bonds with prospective buyers. They are transitioning to the paradigm shift and making use of it to encourage their products to a wider audience base.
OEMs appear forward to rationalizing their portfolios. Post surviving the recession blues, most OEMs will shift their focus from volume to sustainability and profits. Emerging OEMs can look forward to climbing the scale as soon as possible, by either acquiring of home market or eyeing the developed nations, structure to have a global presence.
Globalization of your sector will result into emergence most recent risks. Globalization is paving way a great deal of risks and OEMs are continuously devising radical operational strategies approach to to mitigate these perils. Whether it's the volatile prices of garbage and misalignment of demand and supply, or it's the shortage of qualified workers and changing regulatory prices, automotive firms are facing a reality check with regards to their globalization efforts. The actual world wake of these challenges, industry must gear up to implement mitigation strategies in order to simplify the adaption of vehicles . chain. And implementation of automotive programs is being viewed among the prime solutions to such challenges.
Planning may be the key to success typically the times arrive. The automotive industry needs to check the evolving trends circumspectly and prepare their business strategies suitably.