Automotive Industry Trends in 2023: An Overview
Automotive sales continue to rise, with April seeing an increase of 7.7%. The automotive industry continues to grow and change over time to match the needs of the people.
With the future and AI, some things might seem confusing. While the future might seem unknown, it doesn’t have to be.
Read this guide on an overview of automotive industry trends today! Then you can stay up-to-date on the latest trends to expect.
Electric Vehicles Are Here To Stay
The automotive industry is moving toward electricity, thanks to it proving its resiliency. The Electric Vehicle market continues to improve as the years pass. It’s expected to continue growing. Due to supply chain benefits and the technological evolution, they’re the main reason that EV sales have continued to improve.
Some reasons for the improvement include:
- High-margin models since they have access to components in short supply
- They normally don’t need legacy technologies/larger process node
- Longer driving ranges
- Improvements in the EV battery density
For it to continue, technology must consider vehicle-to-grid solutions. Investing in public charging infrastructure is also vital.
Growth will continue to be lower as businesses and consumers decrease transport spending. For example, Volkswagen sold its WeShare car-sharing service to Miles (a Berlin-based mobility player). SHARE NOW was also sold.
MaaS should have an interesting year. These are all-in-one apps that have multiple mobility modes through payment and booking solutions.
Shared mobility companies are trying to reinvent their business models. Governments are trying to reduce private passenger car rides. If MaaS wants to compete, though, it needs to get past challenges such as providing more flexible pricing models.
The automotive industry is now seeing increases in subscription-based ownership and vehicle leasing. It’s expected to grow as time passes.
There are also two-wheeler ride platforms that are emerging. OEMs and third-party service providers will offer these special brands.
Used vehicles are beginning to receive more acceptance. This is due to personal mobility, affordability, and more.
Mayco International keeps up with trends by working with some of the largest car makers. As a result, it’s a tier-1 supplier to automotive suppliers.
They offer tooling services that they keep in-house to offer the best services. The best possible tolerances and standards are followed.
Automotive Industry Trends For 2023 Explained
This guide provides an overview of what to expect in automotive industry trends. Of course, each year can vary, so it’s important to pay attention to trends.
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