Submit a brief synopsis on the background of your company, your successes and your plans for long-term growth for review by our Editorial team who will contact you to discuss the project further. We want to see a bigger percentage of electric vehicles on the streets. Advanced technologies and changes in the way we move both people and things are forcing the sector to adopt new processes, integrate AI and adapt existing skills. She likes exploring technology trends and seeing how they affect different industries. Auto Physical Damage Report Collision Claims Technology Trends Download a PDF Version of this Article With each new year, we seem to be faced with another salvo of changes in the automotive industry, far surpassing trends experienced over the past few decades. Students need a lot of money for college and living expenses. In the Republic of Korea, 37% of respondents said that they frequently combined different modes of transportation in one trip. Model cycles of five to eight years, which have always been common in this sector, could soon be a thing of the past. When we looked at social data, negative conversation focussed mainly on people’s experiences when cars go wrong – dealerships, warranties, fixing things and things not working were big topics of discussion. In general, however, the automotive industry hasn’t been quick with its innovations. How will automobile factories change during the next decades as electric and autonomous vehicles come of age? A Look at Trends and Statistics in the Automotive Aftermarket Industry. 6 Google Consumer Survey, U.S., n=1,522 U.S. consumers who reported they had not used a car-sharing service within the past month, Aug. 2016. We think these are five key trends to keep an eye on in 2020: 1. Global automotive demand is flat-lining; quite different from the typical “peaks and troughs” cycles seen before. Not necessarily that they are buying new cars, but that those who already own cars rely on them more in order to maintain safe distances. The year 2019 might not be the most exciting for the automotive industry, but you know … How should auto companies and suppliers prepare strategically and operationally for these changes? All Rights Reserved. With IoT technology vehicles collect data and keep us connected. Her lifestyle as a blogger imposes the need of using technology every single day. With just a few taps or a quick request to Alexa, consumers can get instant product information. This means that governments will have to get more involved in the automotive trends. More people than ever are interested in vehicles with alternative powertrain technology. People are so afraid of the idea of autonomous vehicles that they don’t want them to be tested in the area where they live. 2020 will be a big year for the auto industry, not least because of increasing anxiety around climate change and the disruption Brexit could cause. Company number: 03898053 | VAT number: 754 750 710. This auto industry trend comes at the same time as used vehicles are flooding used car lots from rental car companies impacted by COVID-19 closures. Looking at the top performing auto brands across social and search in Q4 2019, we can get a clue on what the top performing brands of 2020 will look like. Source: McKinsey & Company – How shared mobility will change the automotive industry. The market for secondhand cars has increased this year for the same underlying reason. Consumer automotive trends are evolving . Digitization, increasing automation, and new business models have revolutionized other industries, and automotive will be no exception. So clearly, superior products are no longer enough. That’s disappointing. The automotive world is experiencing the most substantial change since Henry Ford industrialized manufacturing a century ago. These forces are giving rise to four disruptive technology-driven trends in the automotive sector: diverse mobility, autonomous driving, electrification, and connectivity. From May 8th, all Crimson Hexagon products are now on the Brandwatch website. It is a fountainhead of innovation and resilience, always adapting to the changing market, consumer and technology scenarios. All our latest data stories and insights straight to your inbox, Copyright © 2020 Brandwatch. The global automotive aftermarket industry is expected to reach $722.8 billion by 2020.. Today’s consumers are keeping their vehicles longer and are more aware of the importance of preventive maintenance and scheduled servicing to maximize the lifetime value of their vehicles. 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