The Auto Industry is in a position that it’s never been with global shutdowns, development of new technology, and changing consumer preferences.
Global competition is expected to keep rising as Chinese auto manufacturers aim to expand beyond its vast domestic market.
Recently, SUV's outsold sedans two to one and this shift shows little sign of stopping. Customers have largely flocked to the bigger cars due to cheaper gas prices, practicality & safety that a big car provides, style and greater fuel efficiencies. So much so that Ford has completely killed off Sedans from their future pipeline!
The cars we drive tomorrow will look and be used differently. Technological advances—including interactive safety systems, vehicle connectivity, and, ultimately, self-driving cars—are trends that would widely shift the dominance of the existing legacy players to newer more agile brands.
While electric vehicles only make up 2% of the total market today, by 2030 that number will be closer to 10%!
Today on Things Have Changed we are going to unpack the future of the automotive Industry and what we can expect to see in the coming years.