Top 7 Automobile Trends You Need to Watch for in 2024

The automobile industry is one of the most influential markets. As per the reports, more than $2.8 trillion in revenue was generated in 2022 by the automobile manufacturing industry, which illustrates how big the industry is. It’s one of the reasons why you should concern yourself with the trends occurring in the domain.

With the immense growth in technology, the automobile industry is also having its charm by incorporating it. We’re seeing the rapid adoption of technological trends as well as other changes in the industry. Fortunately, we’re listing some of these trends today. So buckle up as we’re about to get started:

Contents

Top 7 Automobile Trends You Need To Watch For In 2024 1

1. Rise in Online Sales 1

2. Electric Vehicles are in Demand 1

3. Autonomous Vehicles 1

4. Rise in the Preference of Used Cars 2

5. Tech Collaboration 2

6. Environmental Sustainability 2

7. More Connected Vehicles 2

Closing Thoughts 3

1. Rise in Online Sales

The automobile industry reported sales of more than 67 million units globally for 2022. However, the emerging trend is the increase in the online sales of vehicles. Instead of visiting dealerships, buyers are now preferring to buy vehicles online.

Using smartphones and computers, user can easily communicate with the dealerships and get their vehicles without any hassle. Dealerships are offering virtual test drives that buyers can opt for.

As for the payments, secure financing options can easily help secure transactions. The only prerequisite is the use of a stable internet connection so that financial transactions can be carried out without any hassle.

For that providers like Xfinity are offering robust services that can be trusted. If you’re looking for a stable internet connection too, then you can connect with Xfinity customer service to get one today.

2. Electric Vehicles are in Demand

Perhaps one of the main emerging trends in the market is the adoption of electric vehicles on a wider scale. As per the estimate, 2023 reported more than 14 million EV sales, which is somewhat slower compared to 2022; however, still on the rise. In addition to this, it’s estimated that there are over 14 million EVs on the roads, which indicates that people are shifting to the trend rapidly.

Furthermore, it’s reported that EVs will share 30% of the total vehicles on the roads by the end of the decade. This rise in the adoption of EVs is due to the authorities focusing on achieving net-zero emission goals set for at least 50% of the total vehicles by 2050.

3. Autonomous Vehicles

While there’s a great increase in the adoption of EVs, we’re seeing another increase in the demand for autonomous vehicles. AVs or autonomous vehicles are self-driving vehicles that use the power of AI to drive around while the passengers sit comfy.

As of now, there are over 1,400 self-driving vehicles in the US, which indicates that people are slowly turning towards the adoption of such vehicles. However, around 60% of the audience stated that they still feel uncomfortable with the idea of self-driving cars, which shows its limitations.

4. Rise in the Preference of Used Cars

Buying a new vehicle is a dream for many. However, the trend that we’re seeing is the increase in the demand for used cars. Not only these cars are less expensive but most people prefer going for the low APR financing options that make buying these cars an attractive choice.

Moreover, the demand for used cars includes EVs, hybrids, and standard vehicles. As per the estimates, there was a record hit in the sales of Certified Pre-Owned (CPO) vehicles, going above 94,000 for 2021. Hence, the trend of used cars is taking up the masses quickly.

5. Tech Collaboration

We’re already seeing how amazingly technology is incorporating itself in various domains. It’s not so different for the automobile industry as well where rapid technological expansion is underway as we speak.

This is foremostly important for the manufacturing of EVs and autonomous vehicles where software integration matters a lot for the proper functionality of the vehicle. In addition, the partnership maneuver is also strategic as automobile manufacturers want to avoid investment costs.

Partnering with tech companies will reduce the investment cost that any manufacturer will need to run tech-inspired operations. Moreover, finding new operating systems and researching an innovative design will be far easier. Hence, it’s one of the reasons why most automobile manufacturers are collaborating with tech companies for this purpose.

6. Environmental Sustainability

Automobile manufacturers are keeping environmental sustainability as one of their core operational pillars. In doing so, companies are leveraging marketing tactics to reach a better audience as well as showcase their profiles as environmentally friendly businesses.

Furthermore, companies are now adopting VR tech in order to help their goal of keeping a sustainable approach to production. Using VR, companies can offer a simulated experience for potential customers, giving them a live portrait of the vehicle without actually running the vehicle.

7. More Connected Vehicles

The use of the 5G technology has improved how vehicles operate. The phenomenon of connected cars is on the rise; where the vehicle’s system is able to collect data as well as calibrate the functionality of the vehicle.

Moreover, smart vehicles are able to alert the users regarding the performance as well as indicate the nearest dealership/ auto repair shop where drivers can take their cars for repairs. This phenomenon of connected cars will most likely be adopted on a larger scale by 2028.

Closing Thoughts

Whether it’s the adoption of EVs or connected cars, we’re seeing some amazing trends in the automobile market that are gaining terrain. So, if you’re a car enthusiast or someone who wants to remain updated with the industry, then keep these trends on your go-to list and remain informed.