What should one expect from the Automotive Industry?

Dec 02 2019 / By Shreyas Tanna

The automotive industry is involved with a wide range of companies and organizations engaged in the design, development, production, marketing, and sale of motor cars. The study gives clear indications that a high percentage of civilizations own or lease a car and plan to buy another one shortly. It is one of the largest in the world by sales. It seems to be overestimated at least that the huge millennial generation would disrupt car ownership from the last generations.

Maybe the confusion is not that millenniums want mobility, but the misunderstanding that cars are not the best way to make them more versatile. One striking finding is that most men, including town dwellers, expect to buy or lease one vehicle in the next five years for generations that do not own a car. And in the next three years, a majority of those who already own or rent a car expect to sell or cancel their contract and purchase a different vehicle. This should particularly inspire car managers who have a look at falling sales and economic headwinds in many countries.

Nonetheless, managers will remember the kind of cars that are thousands of years old. The results show, especially compared to current market share data, that thousands of years are considerably more interested in purchasing hybrid or EVs. The industry has been smartly conscious and has made the right technical investments: by 2022 there will be more than 100 new plug-in models in showrooms.

While the interest in potentially greener powertrains appears to support millennium environmental concerns, the data show clearly that millennials still have high value for their cars to drive independently, comfort, and over other transport options. Luckily for the car industry, data showed that the market is expected to continue to develop 2.4 billion millennials worldwide.