New automobile industry trends are shaping the way cars are designed and how they’re purchased in ways that could dramatically change the landscape of the market. Here are a few you’ll want to watch:
Blockchain improves parts distribution: This cloud technology will make it easier to prevent black market parts and other problems. A system of checks and balances, all verified by cloud servers, will help you know exactly where your parts are coming from and that they’re never counterfeits.
Augmented reality aids repairs: It’s possible that you’ll soon consult an app before you pick up a wrench. Augmented reality will make it easy to see repairs and what needs attention before the hood is even popped. Expect to see a significant reduction in repair labor and in wait times for service.
3-D printing changes the lifespan of cars: One of the biggest automobile industry trends that will change the shape of the market is the implementation of 3-D printing. The use of 3-D printing will mean that components of a car’s body may be more easily replaced, and designs may support the purchase of a high-quality chassis, with the expectation that the body may change several times over the life of a car.
This means that a young couple that buys a minivan could someday be driving the same chassis, but with a body of a sporty convertible.
Autonomous vehicles will become everyday: While they are still being tested right now, you can expect that autonomous cars will become much more common. This could revolutionize driving, because instead of parking in a lot, your car would drop you off and then go to a different location to wait for you to work, shop or dine. Entertainment options and the ability to turn a car into a mobile office will become a dominant conversation in the car-buying process.
Security will be technologically complex: Cars will become increasingly digital, with intricate platforms for apps and a resulting increased complexity for security. Just like your smartphone or laptop, your car will be the target of hackers and viruses, so you’ll likely be selling not just a car, but a technology package that includes robust cyber-security.
Cars may be sold as shares, rather than an outright purchase: The popularity of ride- and car-sharing services are cultivating the idea that consumers may not need to own a car. While some situations will still make ownership ideal, there are instances where car-sharing might make sense, like for college students or businesspeople that travel a certain percentage of the time.
Automobile industry trends are at a crossroads right now, with technology introducing concepts that could change the way people think about driving and car ownership. Expect that, even if only a few of these trends take root, your industry could see a lot of change over the next decade.