Triggered by the accelerated rise of new technologies, changing consumer preferences, sustainability policies, and the developments in emerging markets, the automotive sector has been undergoing transformational changes. Like almost every other industry, automotive too is characterized by new business models, increasing automation, and digitization. The manufacturers of vehicles both conventional and unconventional are more focused on delivering superior performance, fuel efficiency and fuel economy, lighter weight vehicles, emission control, better passenger safety, and in-car technology and connectivity services.
A visible change in consumer demographics has been noted and the rise of crossovers and sports utility vehicles (SUVs) indicates that automakers are targeting young, urban explorers like never before. A significant increase in disposable income and rapid economic growth has upped the demand for luxury vehicles. Growing environmental concerns have translated to the development and adoption of hybrid as well as alternative fuel vehicles.
Identifying the new-age technologies and fully comprehending the impact they are likely to have on the global automotive sector is a task that Persistence Market Research performs with precision and thorough research.