Demographic trends in the automotive industryThe automotive market is experiencing the most significant disruption in its history. Millennials, meanwhile, are broadly regarded to be the most tech savvy generation, and value items like personalization in their automobiles, brand authenticity, and a seamless digital experience that allows them to bounce from mobile to tablet to laptop and back again. Due to the fact the automotive industry already bakes personalization into so several elements of digital, they are succeeding in much of what Millennial shoppers need. The market is also beginning to embrace Millennials as a strong supply of income-as an age group, they have an estimated $1.68 trillion dollars in spending energy, according to CEB Iconoculture Customer Insights.
The auto industry is on the cusp of huge, thrilling change. With fast technological innovation, consumers—and auto culture—are transforming. In this increasingly complicated environment, it is in no way been much more important to know your customers and what drives their decisions when it comes to the vehicles in their lives—from initial interest to final acquire and eventually re-buy.
In addition, projections for the size of the automotive marketplace are probably to reflect the downward demographic trends. With the fastest shrinking population in Europe, the customer base in Bulgaria will develop slower than in other related economies in the area. Consequently, as an automotive market place, Bulgaria will become comparatively much less appealing.
Automotive Aftermarketdemographic trends auto industry
demographic trends in the automotive industryThe automotive market is experiencing the biggest disruption in its … READ MORE ...