None of us could have predicted the events of 2020 and their impact on the automotive industry.
A disruption in the export of Chinese parts, manufacturing delays in Europe, the short-term closure of U.S. assembly plants and a significant drop in sales volume can all be blamed on COVID-19.
Despite these challenges, however, the industry continues to demonstrate its resilience. From OEMs producing personal protective equipment to dealerships launching online purchasing options, the automotive sector is finding new ways to move forward.
So what can we expect in 2021? Here are five trends that we’re watching and that you should be aware of as you prepare for the New Year.
Personal Vehicle Ownership Over Shared Mobility
For the last five years, experts have anticipated the demise of personal vehicle ownership and usage. However, COVID-19 has flipped the shared mobility trend on its head.
While the pandemic has reduced the commuting needs of countless workers, many still rely on their vehicles for vacation travel and shorter, more frequent trips throughout the day.
Jonathan Smoke, chief economist of Cox Automotive, went so far as to say, “The vehicle, in many ways, has become our own private bubble."
This trend is also illustrated by ride-sharing companies, which are evolving their business models to put greater emphasis on the movement of goods. Case in point: the Uber Eats platform. Uber viewed this as such a critical aspect of its business...