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COVID-19 Pandemic to Negatively Impact Light Vehicle Sales to the Tune of Over 14% YoY
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The novel coronavirus driven pandemic has adversely affected a wide array of industries. The automotive industry is not immune to the disruptions caused by the virus either. The months of March and April have seen lockdowns of cities across the globe, and the sales of automobiles have plummeted as a result. Light vehicle (LV) sales in China, the United States, the United Kingdom, Spain, Germany, France, and Italy have been hit hardest by the COVID-19 outbreak in the first quarter of 2020. A mild recovery is likely in the second half of the year as the pandemic tides over. Overall, a decline in sales of more than 14% is anticipated in 2020.Automotive companies are expected to focus more on preserving their capital in the short term, developing a more robust online retailing strategy, and incorporating a wide range of Health Wellness and Wellbeing (HWW) features in their vehicles.Key Trends Autonomous Shared Transportation - Automotive manufacturers, mobility service providers, and autonomous technology companies are working on multiple collaborations with the aim to succeed in autonomous shared transportation. Vehicle Subscription Services by OEMs will rise - OEMs are offering vehicle subscriptions which provide greater flexibility to customers and reduce ownership liability. Rise of Super Apps - Grab, Uber, and Didi are gradually shifting from being just ride hailing firms to being true on-route mobility services providers. In-Vehicle Payment (IVP) Make Their Way into Cars - Having made eCommerce retail payments frictionless, eWallets and card-on-file payments will make their way into in-vehicle eCommerce. Dedicated Architecture Strategy for Autonomous Platforms - In 2020, OEMs will shift their platform strategy to a four-layered platform approach as the industry progresses towards CASE mobility. Embedded Telematics Becomes a Data Monetisation Tool - By 2020, about 70% to 75% of major automakers in the EU will have embedded telematics platforms and market participants in North America will advance their services for ensuring greater customer retention. Cloud Kitchens will Drive Online Food Delivery - Third-party and online food delivery companies are looking at cloud kitchens as a sustainable and saleable alternative business model to drive growth.
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Author: Joe Praveen Vijayakumar
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