Characterised by constantly evolving technologies and relentless one-upping amongst rival brands, the global automotive industry is in a state of flux, and now more than ever. Electric vehicles (EVs), digital technology, artificial intelligence (AI) and self-driving cars – the list goes on. Despite these exciting developments, however, the global automotive industry is expected to face multiple challenges in 2019, with many of the world’s biggest original equipment manufacturers (OEMs) set to be particularly affected. In early signs of trouble to come, China in 2019 saw a decline in vehicle sales for the first time in over 20 years, while the US market grew only marginally. This downtrend has been exacerbated by the first real indications that Brexit will finally happen after years of gridlock, as well as the US-China tariff war. The economic and political fallout from these events are expected to be felt until at least 2020, with global markets expected to rebound by 2023.
Ultimately, optimism fuelled by the breakneck pace of technology, especially in the fields of AI, IoT, and electric vehicles is tempered by genuine fears of an economic slowdown precipitated by the Sino-American trade war, the uncertainties of Brexit, as well as a slowing Chinese economy and an increasingly protectionist America. Manufacturers need to stand out and be heard.
Car purchases are highly considered. Defining. Status driven. Brands command historically strong loyalties but new consumers need to be informed, persuaded, and influenced. As such, developing a differentiated position and connecting to consumers in a world moving faster than ever before takes industry-specific experience; knowing not only what’s now but also what’s next. At IDEA, we have the know-how. We’ve been driving Automotive reputations and prestige for decades. Globally.