The recent developments in the Automotive Industry

Like any other major industries, the automotive industry has been having a long run of innovation and advancements related to technologies. There have been many attitudes which have been changing on how the consumers purchase their vehicles, preferences and car ownership. There have been predictions of electric vehicles coming into the market which have now become a possibility. Furthermore, developments in the Automotive Industry Solutions are going to take place which is going to make earlier predictions true as well. As of now, some of the developments which have been taking place in the past few years have been discussed below.

Electric Vehicles

The recent years have witnessed the rise of electric vehicles. Though the legislation has not been very rapid, the electric vehicles have gained great popularity. In 2018, their sales have increased to thirty-five percent in the first half of the year as compared to last year.  The primary reason formanufacturing more vehicles is because of the cost of the EV batteries, which have decreased over the year. The electric vehicle manufacturing company, Tesla has received registrations of more than twenty-two thousand for its successor model of EV.

The successor, Model 3 will be manufactured with the aim of making it affordable, so that more people are able to purchase it. Other automotive companies like Jaguar, Audi and other companies are also looking to get into the market of electric vehicles which is a great development in the automotive industry and good news for the customers as well.

Popularity Of SUVs

Though the EV has witnessed a surge in their buyers, this does not, however, deny the fact that Sport Utility Vehicles (SUV) are still among the most popular vehicles. Low prices of gas and owning a bigger vehicle has led the people to choose SUVs instead of the smaller vehicles. Majority of the people in a country looks to own a larger vehicle and this demand is beneficial from the point of view of the automotive industry. The increased demand has caused Ford to focus more on SUVs, and pick-up trucks for the next few years. Automakers like Jeep and Subaru have been consistently among the top in terms of sales. This is possible because of the demand for larger vehicles. And there are very few chances that these demands are going to decrease anytime soon.

Car Ownership

Due to the rise in the transaction prices and monthly payments, car subscription services have been greatly popular. Many automotive companies like Ford, BMW,and Mercedes have started to allow customers to use their vehicles based on a monthly subscription fee. These fees generally cover limited warranties, maintenance,and other short-term insurance. This system has been applied in many parts of the country and it has been getting a very good response. Though this trend is still in its early days, this seems to be a very good development.

Conclusion

The automotive industry is developing everyday and these developments are going to be better and affordable in the coming years as automotive companies are looking to pull in more and more consumers for their company.

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