The auto industry has been experiencing a lot of change recently. Cars are becoming more connected and easier to drive, while also getting more efficient and less expensive to maintain. Traditional manufacturers are not the only ones driving these changes; Silicon Valley is playing a major role as well. As millennials become the largest demographic in the country, it’s likely that their preferences will continue to disrupt the car industry even more in coming years.
The auto industry is in transformation
The auto industry is in transformation. It’s not the same as it was 10 years ago, and it won’t be the same in five years. The current state of affairs is one of disruption and change–and that’s a good thing.
Millennials are changing the face of car buying
Millennials are looking for a different experience. They want to be involved in the process and buy a car that has been customized for them, rather than just picking out one from a showroom floor.
In fact, millennials are more interested in the experience of buying a car than they are with actually owning one. They’re willing to pay extra money if it means that they can have an exciting time picking out their new ride (and maybe also learn something about themselves along the way).
Electric cars are coming, with or without government mandates
It’s no secret that the electric car is coming, whether or not government mandates make it so. Electric cars are more efficient than their fossil fuel-powered counterparts, and they’re getting cheaper every year. You can choose from a variety of different models with different ranges and features, including some fun ones like Tesla’s Model S P100D which can go from 0 to 60mph in 2.5 seconds!
Electric cars aren’t just good for the environment–they’re also great fun to drive!
Car buyers are changing, and so is the industry
Car buyers are changing, and so is the industry. Millennials are driving this change. They don’t want to own cars; they want to use them. They’re more environmentally conscious, living in urban areas and being more likely to be single than previous generations.
The result? Car manufacturers are trying hard not only to keep up but also get ahead of these trends by offering services like ride-sharing apps or car subscriptions that let you rent out your vehicle when you’re not using it–and even allow other people access if they need it (think: Uber meets Zipcar).
The auto industry is in transformation. Millennials are changing the face of car buying, and electric cars are coming, with or without government mandates. In this article, we explore how these trends are affecting automakers and what that means for consumers today.