Automotive Industry has Undergone Many Changes Due to Changing Consumer Demands & the Technological Revolution

The automotive industry has seen intense evolution over the last few years and many factors are behind it. It has given people many extraordinary vehicles with innovative features to enjoy their journey well. The two major factors responsible for many significant changes in the automotive industry are the changing consumer demands and the technological revolution.

Today, many self-powered vehicles are available in various categories to help consumers travel long distances in a comfortable fashion. Due to the improvement in conditions of roads and rising living standards, consumers are demanding innovative vehicles to travel easily.

According to Market Research Future, the global automotive industry is expected to witness a growth at a CAGR of 3% during the forecast period, 2019-26. Its value stood at 91 million units in 2019 and it is expected to reach 110 million units by 2026. It has also contributed to creating many jobs in this sector.

Despite many risks due to geopolitical reasons, the automotive sector has undergone many important changes due to the introduction of technologies such as IoT, AI, and machine learning. It has added to the comfort level of people on a large scale.

Change in Customer Demands

Due to a boom in the internet, people are now looking to purchase automobiles by doing research on the internet. Hence, companies are now investing their time and effort in promoting their automobile products & services via digital channels.

The rising internet penetration has made automakers make available many online tools to compare different vehicles. They are now focusing on providing exceptional experiences for customers to boom their automobile sales.

Not, it is possible for people to look for the best used cars to buy by researching online. People are now comparing different automobiles online by checking their engine capacity, price, and other features. In a few seconds, one can easily go for Dodge VIN lookup with the help of a dodge VIN decoder to make an effective decision on a car purchase.

Improvement in Connectivity and Security 

Automobile companies are now looking to release vehicles with better connectivity and security to offer better driving experiences to customers. The inclusion of modern traffic navigation services, infotainment features, and safety are the tools that one can enjoy in automobiles.

In the future, there is a high scope that vehicles will be able to connect with one another to share any important information such as location. In order to manage connected vehicles, the need for automotive security also arises to give drivers a smart & secure driving experience.

Autonomous and Electric Cars

Automobile companies are now embracing automation to release self-drive cars on the roads. They are carrying out rigorous testing to keep their customers satisfied. Moreover, the attempts to contribute to environmental sustainability are leading to the introduction of electric vehicles with long battery life and less power consumption.

All this has become possible due to the technological revolution. Consumers are also giving excellent responses to the initiatives of automobile companies on this subject. Many companies such as Tesla, Uber, and Waymo have been testing their self-driving vehicles in difficult conditions to introduce them to consumers at the earliest.