What’s Next in the International Car Market
It’s been a bit of a bumpy ride for the international car market in recent years. The pandemic curbed demand for vehicles across the globe. Fortunately, the market has shown signs of recovery, particularly with the Chinese Market.
While luxury vehicle purchases remain steady, car aficionados and investors alike are probably wondering what’s to come in the international car market. You’re in luck- we’ve captured some of the biggest trends emerging in the world of cars below.
Autonomous Cars Remain Hot
The autonomous car market is still growing. According to Reportlinker, the sale of autonomous cars with level 2 features increased by 78% from 2019 to 2020. Driverless cars can help to cut costs for ridesharing companies such as Lyft and Uber, but they also have benefits for private owners as well. They are associated with reduced fuel consumption, CO2 emission, and congestion. While self-driving cars are still mostly limited to trials, we can expect to see the interest in these vehicles continue at a global level.
A New Take on the Sharing Concept
The ride-sharing concept as we know it today may have taken off in 2009. Yet it’s taken over a decade for the idea of professional fleets of shared vehicles to take off. According to PWC, over one in three kilometers driven could involve sharing concepts by 2030.
What makes shared vehicles such a popular trend in the global car market? They generate savings in fuel consumption, maintenance, and operation. In the coming years, we can expect to see the ride-sharing and car-sharing markets converge. Be sure to keep an eye on China, where the shared vehicle market shows the most potential for growth.
It’s All About Connection
Starbucks built its mission around the concept of a third place: a space between home and work. Today’s third place may very well be our cars. In future years, we’ll see cars on the international market include more connective technology. These tools will help us bridge the gap between work and home while we’re on the go.
Expect to see the Internet of Things (IoT) platforms in cars in the future. Here are just a few of the features to look out for:
Road condition analysis
Digital cockpit for a personalized driving experience
Whether you want a car with the most up-to-date features, or one that still has a rumble seat, at LLCTLC, we’re here to help car owners save big on vehicle registration and sales tax. Contact us today to get started.