-- Complimentary Analyst Briefing from Frost & Sullivan gives insights into the market potential of the largest and most influential vehicle customer segment
LONDON, Oct. 15, 2014 /PRNewswire/ -- Latest research reveals that women are progressively dominating the car-buying process. With an increase in licences issued to women, there are now more women than men on the road in the United States, a trend that is also being forecasted for Europe. However, 50 percent of women globally are dissatisfied with their vehicles, while 74 percent of women feel they are misunderstood by car manufacturers. Frost & Sullivan's upcoming analyst briefing will address what this growth in power for female car customers means, an understanding of its immense potential, and how industry players should respond.
The briefing will benefit Original Equipment Manufacturers (OEMs) who are eager to learn about key global statistics on women driving and vehicle purchasing, participants along the entire automotive value chain, as well as automotive suppliers and retailers. The briefing will discuss the impact of the female consumer on the automotive industry, in addition to the identification of prospective technology trends and the inherent market and business opportunities created by the rising power of the female consumer. Key questions such as, What do women want in a car?, and What does female empowerment mean for the automotive industry?, will be heeded by Frost & Sullivan Visionary Innovation Senior Consultant Olivia Price-Walker and Frost & Sullivan Automotive & Transportation Vice President Lisa Whalen on October 21, 2014, 11:00am - 12:00pm EDT | 10:00am - 11:00am CDT | 4:00pm - 5:00pm BST | 5:00pm - 6:00pm CEST | 6:00pm - 7:00pm IST | 4:00am - 5:00am SST.
Women are set to become a larger and more influential consumer segment than men, driving OEMs to launch specific models targeting women. "As women become the dominant car buying segment, auto makers and suppliers need to change their product development strategy", advises Olivia Price-Walker, Frost & Sullivan Visionary Innovation Senior Consultant. "The rise of the female car purchaser is impacting OEM strategy and broadening some car categories. We believe OEMs will win by developing products and strategies that are directed at women."
As a matter of fact, OEMs like Nissan, Ford, and Volkswagen have already begun aiming new vehicle models at women. Smaller city cars started the trend followed by traditionally male categories such as luxury and SUVs. Simultaneously, OEMs are reacting to the global mega trend for health and fitness, by equipping vehicles with climate control systems for fine dust and ionising systems to filter out viruses and spores, high quality interior panelling, and ergonomic seating.
The research for this study has identified eight key design trends of female consumer vehicle preferences:
- A customized, spacious cabin
- High visibility around the vehicle and a sunroof
- Green credibility and low CO2 emissions
- Intuitive controls
- Wellness features
- High quality materials (e.g. leather seating)
- Auto assist functions (e.g. park assist and sensorial doors)
- Personalisation options (e.g. special pedals for long heels)
The consciousness of the female buyership does not end in the showroom: Currently one of the lowest global industry averages for diversity at 18 percent, the automotive industry will proactively hire women at all levels. By 2020, leading OEMs will have an average of 25 percent female workforce and 15 to 20 percent at management level. Further evidence of the growing importance of women as a key consumer group are workshops and 'ladies evenings' hosted by luxury OEMs in the United States and the United Kingdom. In Japan, female friendly dealerships provide nursing rooms and spacious children's play areas while customers are greeted by female staff – sales and mechanics. The online landscape offers female oriented review sites assisting women with accessing information and transparency on car buying (Truecar), car reviews, and driving tips (VroomGirls).
If you would like to participate in this complimentary web conference, please email Julian Borchert, Corporate Communications at Julian.Borchert@frost.com with your full contact details. Upon receipt of the above information, a registration link will be e-mailed to you.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
- The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
- The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
SOURCE Frost & Sullivan