Around the world, automotive companies compete fiercely for customers and sales in markets that are increasingly demanding and sophisticated.
Mobile Technology, the Internet of Things (IoT), Autonomous Vehicles, Ridesharing and Digital Disruption will massively impact innovations in cars. Furthermore, new Market Research methodologies can uncover the insight and data to transform your strategy for uncontested competitive advantage.
The Importance of Automotive Market Research
Automotive Market Research supports organizations with the insight and data to conceptualize, manufacture and customize vehicles to the desires and perceptions of their customers. Research also guides the development of new advertisements, messaging and marketing materials. As new technologies are increasingly being included in vehicle products, innovation is an important priority for many car manufacturers and Original Equipment Manufacturers (OEMs).
Connectivity and technology pose the question of whether it’s essential to own a vehicle. Ride-sharing is an obvious example. Consumers pay for the use of a car only as needed. However, they sacrifice the benefits and responsibilities of individual ownership. Another Digital Disruptor is Autonomous Vehicles, which are on the horizon. Vehicles are increasingly coming equipped with smart technologies.
The last few years have seen the rise of Connected Cars, causing manufacturers to integrate Big Data, Cloud Computing, and the Internet of Things in car designs. Automakers, more than ever, need to predict consumer demand, preferences and trends. The largest source of revenue for automakers is still consumer sales. Market Research ultimately uncovers consumer trends, tastes and behavior and is therefore a high priority for industry players.