While cars have been revolutionizing our lives for many decades already, the market’s drive to innovate isn’t slowing down any time soon. Continually becoming faster, safer and smarter, it’s important for car companies to understand how consumers feel about these automotive market trends.
Automotive Market Trend: Environmentally Friendly Cars
Since 2010, consumer preference for environmentally friendly cars has risen dramatically. In a study conducted by Crimson Hexagon, consumers have spent significant time on social media discussing these types of cars.
However, it’s important for car companies to note that while consumers value environmentally friendly cars, they currently have a more negative view about electric cars than hybrids due to the following:
- Higher price tags
- Insufficient charging stations (depending upon location)
- Battery replacement frequency
However, despite these concerns, there is more consumer interest in these electric cars than in hybrids. As a result, it’s predicted that electric vehicle sales could outpace that of hybrids soon as they continue to get more visibility in the market.
Automotive Market Trend: Self-Driving Cars
While self-driving cars seem more of a reality with each passing day, it’s important for car companies to understand how consumers truly feel about this potential change. Overwhelmingly, consumers have negative views and fears about self-driving cars. In particular, these revolve around:
- Potential for hackers
- Loss of jobs
Additionally, other consumers view self-driving cars as the same as public transit and that there are too many regulation roadblocks to them to come to fruition.
If this trending topic does come to fruition, it seems that car companies will need to ensure consumers’ fears and concerns are first addressed.
Automotive Market Trend: Ridesharing
Over the last several years, ridesharing has become significantly popular among consumers. Outpacing taxi demands, consumers see this option as more readily available and easier to use when they want a ride. Despite some issues with ridesharing, such as ride costs or driver complaints, it’s clear that consumers value this trend and want it to stay.
As a result, car companies can likely expect a shift in car sale volumes, especially among certain target audiences in cities.
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