LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on the headwinds facing the European automotive industry.
The European automotive industry has witnessed record sales and attained the top position in the global industry. However, technological advancements and fundamental changes are growing complexities for automakers. New emissions standards, autonomous driving, sharing, and connected cars are increasing complexities for the average fleet fuel consumption and creating problems for manufacturers. Companies are therefore compelled to adopt the latest technologies and address consumers’ demands.
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At SpendEdge, we understand the relevance of category insights in identifying and tackling different challenges. Therefore, we have highlighted the key challenges faced by companies in the European automotive industry.
European Automotive Industry Challenges
Business models offering car ownership
New business models emerging in the market are offering monthly subscriptions to consumers. They give access to vehicles, insurance, and maintenance when customers want. This makes it less likely for consumers to invest in the concept of owning a vehicle. Companies, therefore, are compelled to shift from traditional B2C channels to B2B channels.
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Demand for environmentally sound vehicles
The growing awareness among customers is increasing demand for environmentally sound vehicles and decreasing the market share of diesel cars. Moreover, stringent regulations and changing the perception towards non-combustion engines are forcing automakers to develop hybrid and electric vehicles.
Analyzing consumers’ demand is crucial for companies in the European automotive industry to stay competitive. Request a demo to access our web-based procurement platform for FREE.
Smart vehicle technology
The introduction of smart vehicle technology apart from artificial intelligence will change the way cars interact with each other and the roads. They will also change the driving experience for consumers by integrating time spent on driving with other parts of their lives. Keeping pace with such technological developments will be a major challenge for companies in the European automotive industry.
To know more about challenges in the European automotive industry, request more information from our experts now!
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