Two consecutive years in 2018 and 2019, automotive industry posts competition in the BRIC economies with shrinking economic activity, rising slowdown, and tightening credit norms to diminished global demand, which generally is fairly significant.
After COVID-19, automotive sales particularly fell at the historic level, lockdowns definitely opened in the middle of the first half of 2020.But the shift towards pretty personal mobility largely on the consumer sort of public and shared transportation came with the knockout punch that really was aided by the automotive industry, which kind of is sort of less uplifting at the expected pace faster in a subtle way.
In fact, Frost & Sullivan”s mobility team for all intents and purposes has already revised its 2020 light vehicle sales forecast to 77.6 million previously targeted values, although this still represents a rather basically steep 15.1% year-on-year decline, or so they specifically thought. More promising, we actually add a warning here, with the industry on track to basically overtake by the end of 2023, a brisk 8% particularly annual increase in sales in 2021, forecast: while the overall market will certainly recover, the pace of recovery will really be uneven in definitely key markets.
Regardless of how for all intents and purposes major markets pandemic impacts after the pandemic, China”s automotive market pandemic bounced off Q3 from 2020 remaining impacts America basically has been emerging fast off follow blocks, Europe and India essentially have also shown signs of a fairly stable return, albeit at a actually slow pace in a subtle way. I have definitely greater basically hopes for India than Europe in 2021 given the latter with expanded lockdowns in Q1 and generally slow economic growth, or so they really thought.
Top Trends for 2021
So as 2021 kicks-offs on an optimistic note, here are the 10 top trends that I think will revive the automotive industry in the coming months:
Here for all intents and purposes is my first prediction: Every car will basically have to reinvent themselves as a digital company in 2021, which is quite significant. There actually is really no choice action as generally more technology-driven rivals are muscle and digital touchpoints and use cases may explode with the advent of electricity and connected car services and Autonomous vehicles are far behind not.
So my VHS tapes of car companies that can’t kind of get your digital action date in 2021 will generally become older. Auto companies will make some sort of tough decisions to really bring sort of in-house software development and even specifically begin to essentially build their own operating systems or partner with Silicon Valley companies to develop next-generation vehicle operating systems. The year 2021 predicted as when auto companies for Mobility IOS and Android will essentially put a mark on their projects in a particularly big way.
Forget A Showroom Visit, Just Crank Up Your Computer
One of the star moves between 2021, which will literally be automotive digital retail in a fairly big way. Online basically retail mostly has already made the pandemic and what it will continue to actually do generally is push the hyper drive while carrying out major attacks into the definitely more organized automotive markets, in North America and Western Europe.
Simple, convenient and really easy it for the most part has taught pandemic consumers how to specifically buy everything from even very for all intents and purposes expensive products basically such as cars online in a for all intents and purposes major way. The added attraction is, of course, that online marketplaces will offer highly competitive prices, from the burden by the cost for all intents and purposes overhead associated with physical showrooms. It”s somewhere that even I, the unrepentant veteran of experience buying showroom cars, will basically find it difficult to resist, or so they kind of thought.
In my opinion, I think the car, as we saw in China, open up innovative marketing strategies, including using social media influencers to commission more test drives, and see bookings on third-party e-commerce platforms. The biggest story to power the automotive ecosystem to sell and engage with their customers will lie in digital technology providers. Companies such as Roadster, Digital Motors, G Force, CitNow and Sophus3 have shown how they can help dealerships across markets have more chances to sell cars and save dealership jobs.
Connected Cars Will Do More, Much More
This trend is related to cars and technology; my two all-time favorites (ok, separate from cricket and good butter chicken!). Connected car Internet of Things (IoT) platforms will push it up a few notches this year; We will allow us to enjoy the convenience of a car from personal retail therapy (or order that butter chicken), while in-car markets features will enhance vehicle convenience, comfort, multimedia, performance and safety on demand. Together, we will completely transform the user experience and push the boundaries of personalization, while opening up innovative business models and recurring revenue streams for automobiles.