- Global Automotive Industry Outlook identifies connectivity, security and women as a significant end-user segment for luxury vehicles as key trends
LONDON, June 24, 2015 /PRNewswire/ -- Auto sales are expected to peak in 2015, as the average age of the car parc crosses 13 years in the US and 10 years in Europe. Global sales are projected to grow by more than 5 per cent to reach 91.5 million vehicles, of which the US market will account for 17 million units and China, more than 26 million units. The most important trends influencing the market in 2015 will be ridesharing, intelligent mobility, and big data analytics.
New analysis from Frost & Sullivan, Outlook of the Global Automotive Industry in 2015 (http://www.frost.com/maea), finds that the vibrancy of the US and European markets is expected to offset the slowdown in the emerging markets.
For complimentary access to more information on this research, please visit: http://corpcom.frost.com/forms/EU_PR_KFeick_MAEA_23June15.
As technology continues to evolve at breakneck speed, over-the-air updates are becoming critical to enhance the value of the vehicle and provide a seamless experience to the user. The trend also highlights the importance of security. The focus of automotive original equipment manufacturers (OEMs) is not simply on protecting the vehicle from malwares, viruses, and remote hacking into crucial vehicle control systems but also protecting the back end of all the connected services.
"The value of electronics is set to soar well over 70 percent of the vehicle's value due to vehicle automation and connected car features," said Frost & Sullivan Automotive & Transportation Program Manager Shwetha Surender. "Protecting the car and its back end is a priority for OEMs to prevent any brand dilution."
Another notable trend is the rise of women as a vital target market. OEMs such as Fiat, Renault, Jaguar and Porsche are aiming key vehicle models at women. Smaller city cars had already adopted this strategy but now, traditionally 'male' categories such as luxury vehicles and SUVs are following suit. The top 10 OEMs are forecast to launch four to five vehicle models specifically for women by the end of 2015.
"The automotive market will witness the evolution of new segments with OEMs moving on from integrating two segments to merging three distinct segments, such as sedan (Sports) + minivan + SUV or hatchback + sedan + SUV," noted Surender. "More than 11 such models are likely to be launched in 2015."
Outlook of the Global Automotive Industry in 2015 (MAEA-18) is part of the Automotive & Transportation (http://www.automotive.frost.com) Growth Partnership Service program. Frost & Sullivan's related studies include: Advent of 5G in Cars, European and North American Peer-to-Peer Carsharing Market, The 48v Power-net Market in Europe and North America, The Future of Intelligent Mobility and its Impact on Transportation, Analysis of the GPF Market for Passenger Cars in Europe and North America, Key Focus Areas for Driving Interface Systems for Passenger Cars, Smart Parking Market in Europe and North America, and Passenger Car Braking Technology and Innovations in North America and Europe, among others. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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