
Key Consumer Trends in the Automotive Industry
Researchers surveyed a global sample of 16,000 respondents. Then, they divided them into consumer categories based on their interest in automobiles on the one hand and the interest in technology on the other to measure consumers' tech involvem
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CIO Applications Europe | Wednesday, September 01, 2021

Researchers surveyed a global sample of 16,000 respondents. Then, they divided them into consumer categories based on their interest in automobiles on the one hand and the interest in technology on the other to measure consumers' tech involvement and interest.
FREMONT, CA: Increased consumer awareness of the impact transportation modes have on their carbon footprint, combined with a pandemic that has rattled their supply chain, production output, and sales performance, has put the automobile sector at a crossroads.
Simultaneously, expectations are 5G will open up new income streams for communications service providers from adjacent industries. Consumer spending on in-car services gets projected to generate the most income in the adjoining sector. As outlined in our previous 5G consumer potential research, key use cases include in-vehicle Wi-Fi hotspots, media and entertainment, and consumer-facing automotive safety/security apps.
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Consumer automotive trends are evolving.
More people are getting back into vehicles this year. It's not that they're buying new vehicles; it's just that those who currently have them rely on them more to keep safe distances. For the same reason, the market for used automobiles has grown this year. In addition, as more individuals plan to work from home forever, there's also a chance that some may forsake pricey metropolitan cores in favor of the suburbs. It is a tendency that may cause soon-to-be-former-urbanites to turn to automobiles, as public transportation is inefficient outside of urban regions.
Consumer expectations and actions are not all the same. A lot has been made about younger generations' lack of interest in owning cars. However, rather than age being a determining element, customers have told us that the stage of life determines the difference in interest. Seventy-six percent of millennial parents in cities believe having a car is very important since it is the only way to organize the family's numerous schedules, responsibilities, and activities. Without a persuasive or practical alternative to owning a car, they face the challenging task of combining their environmental concerns with their everyday parental responsibilities.
While the automobile may be losing its significance as a status symbol, it is rising in importance as a user experience solution, becoming increasingly reliant on digital capabilities. Another fascinating factor that will shape customers' future relationships with automobiles is their tech involvement and curiosity, as we see digital technology clearly affecting mobility experiences and even innovation in modes and services. Researchers surveyed a global sample of 16,000 respondents and divided them into consumer categories based on their interest in automobiles on the one hand, and their interest in technology on the other, to measure consumers' tech involvement and interest.
See Also: Top Automotive Solution Companies
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