The automotive industry has seen a great deal of change since its inception, especially since the introduction of computers to daily life. In 2020, with new technology and consumer expectations, there are even bigger changes around the corner. Here are three major trends that may alter the automotive industry in the coming years.
With climate change threatening the globe, consumers are demanding more sustainability from their vehicles. In fact, many are looking beyond the car itself and expecting more sustainable manufacturing processes. This can seriously influence competition as manufacturers work to make their processes more efficient and less damaging to the environment.
2. The Internet of Things
The internet of things, also called IoT, has become a part of daily life with the introduction many different products:
- Smart watches
- Smart fridges
- Voice-commanded virtual assistants
Many vehicles already boast considerable technology, so it’s no surprise that consumers are interested adding further online connections. Installing vehicles with connective capabilities can help drivers track data about their driving habits.
3. Subscription Models
There’s a growing sector of consumers who prefer to pay a subscription for their vehicles rather than buy them outright. This may end up broadening access to new cars, as this transaction model is more affordable.
While these three trends are still in early stages, they have the potential to change how companies design and sell cars. Technology is sure to influence changes further, making for a truly innovative future.