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19 August 2024
Automotive Marketing: What Trends to Keep in Mind for 2024?
EUROCOC team
Over the past few years, the automotive industry has undergone significant changes that have been dictated mainly by the global pandemic that disrupted vehicle supply chains, the rapid development of new technologies and fluctuating interest rates.
To cope with these situations and developments, vehicle manufacturers, as well as dealers, have been forced to adapt quickly to new requirements.
In this article, therefore, we look at what trends to keep in mind for 2024 in order to implement a good automotive marketing strategy in good time.
Before we start, however, it is important to know that at your car showroom you can also offer vehicles from other European countries for sale. In this context, it will be necessary to proceed with a new registration in order to allow the vehicle to be used in European countries indefinitely. During this process, the registration authorities will require a certificate of conformity, a document that can be easily requested and obtained through our EUROCOC website.
Providing this certificate as an integral part of the sale of a vehicle is an effective way to enrich the service offered to your customers. This not only enhances their experience at your dealership, but also increases their overall satisfaction.
Electric and hybrid vehicles
In 2023, electric vehicles saw significant growth, with sales up 55% in the first half of the year compared to the same period last year.
However, there are still challenges that could slow down this trend during 2024.
One of the main obstacles is the initial cost of these models, which is generally higher than that of standard vehicles.
In addition, the need to install home charging systems and the limited availability of public charging stations, whether free or for a fee, are other factors that definitely worry consumers and lead them to choose other types of cars.
Conversely, however, hybrid vehicles are gaining popularity as an alternative to full electrics. This indicates that the end of internal combustion engine vehicles may not be as close as previously thought, as these vehicles will continue to be used for many years to come.
Emerging technology
Cars are rapidly evolving from simple means of transport to highly connected devices. This change is radically transforming the driving experience, as manufacturers are integrating advanced software suites to enable interaction with other smart devices within the car itself.
However, as in-vehicle connectivity increases, so do data security risks and cyber threats. This therefore becomes a very important aspect to consider, requiring dealers and manufacturers to provide in-depth training for their customers and to implement advanced security solutions with the aim of protecting the privacy, as well as the data, of their customers.
The car-buying process is also becoming increasingly personalised, thanks to the increased use of digital tools.
In the post-pandemic era, there has been a significant shift towards digitisation in the automotive trade. Now, more than half of car buyers (59%) prefer to use digital tools that can simplify various aspects of the buying process, such as financing simulation tools, online vehicle configuration and access to educational resources to gain a deeper understanding of the features of the model they are interested in.
Supply chain disruptions
The pandemic caused major disruptions in the supply chain, with effects that are still felt in the automotive industry today.
These difficulties have led to a reduced availability of vehicles and a consequent increase in prices. In fact, between 2020 and 2021, there has been an increase of as much as 17.2% in the price of new cars.
Fortunately, prices are starting to normalise as inventory levels recover, but it is important that dealerships remain alert and ready to adapt to possible new operational challenges in the future.
Virtual reality
Virtual reality is becoming increasingly important for automotive marketing. User interaction with vehicles has seen major changes, especially during 2022-2023, and this trend is expected to continue in 2024.
Thanks to technological advances, consumers can now enjoy a more immersive and realistic experience when choosing a new car.
At the same time, various predictive technologies are emerging that can help make driving safer by detecting obstacles in advance and adapting the vehicle dynamically to different terrain conditions.
From the point of view of automotive marketing, it is clear that the emphasis should be on satisfying customer needs and expectations rather than focusing exclusively on the technical specifications of vehicles.
The modern automotive industry is therefore distinguished by its ability to combine customer focus with advanced technical product features. This strategy not only improves the driving experience for drivers, but also manages to balance these two elements in the promotion of various models.
Content inside cars
In 2024, cars will evolve from simple means of transport to interactive spaces where passengers can enjoy various multimedia contents. This change, although not completely new, is enhanced by recent technological innovations that have improved the interior of cars to meet today’s needs, without neglecting the importance of safety.
Since people spend a lot of time in their cars every day, automotive marketing strategies for the coming year are moving towards promoting vehicles as comfortable and safe environments.
Internet-connected cars are now a reality: they allow you, for example, to stay connected at all times, listen to your favourite podcasts, play music automatically and adjust the interior temperature to different conditions outside the car. These advances are all directed towards a common goal: making time spent in the car a more enjoyable and engaging experience.
Social networking and web marketing
The impact of social media on the automotive sector has become increasingly evident in recent years. Indeed, there has been a growing interest in buying vehicles via digital platforms, in parallel with a reduction in visits to dealerships and physical shops.
This trend has been influenced by contemporary realities, in particular, the effects of the pandemic and the growing desire for immediacy.
The presence on social networks and online has, therefore, become essential, and various statistics confirm that without an important, as well as a well-defined, digital presence, a company risks being overlooked by the market and losing a large share of potential customers.
Gender equality and an ageing population
In the coming year, the emphasis in automotive production will be more on safety and on adapting to the needs of a certain target group of consumers that had previously not been adequately considered in the vehicle conception process in terms of design and ergonomics.
This orientation will mainly focus on the development of advanced driver assistance systems, autonomous driving and the interconnection between vehicles via the Internet of Things (IoT). The aim of these innovations is to make driving safer, prevent accidents, protect drivers in unforeseen situations and ensure greater post-collision safety.
In parallel, the European safety programme EuroNCAP, in its vision for 2030, aims to ensure equal treatment in terms of safety and driving comfort for both men and women.
In addition, in the coming years, increasing attention will also be paid to the older age of the population, with the aim of developing specific features in vehicles to meet the needs of this specific demographic segment.
Podcast marketing
Another significant trend in automotive marketing for 2024 concerns the use of podcasts. This digital media format has been gaining particular importance over the past few years as it provides an in-depth perspective on various aspects that may not be adequately covered through other channels.
Being present online also implies the need to diversify formats in order to connect with audiences in a more authentic and engaging way. Indeed, a podcast can capture the attention of those who are considering changing cars, especially those who listen to this content while driving.
Conclusion
While data and trends may provide insights into what 2024 may hold for automotive marketing, it is impossible to predict with certainty what may happen. As we have seen over the past few years, the automotive industry is subject to rapid changes driven by technological advances, regulatory developments, market demands, interest rates and global events. The past has shown that the world can change in an instant, emphasising the importance of resilience and staying well informed.
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