Top Automotive Industry Trends to Watch in 2024

Hand making notes on automotive industry trend graphs

By following car market trends, your automotive dealership can find ways to separate itself from the pack in 2024. On top of this, you can use these trends to make data-driven car market predictions. From here, you can drive sales and revenues, increase customer loyalty and retention, and grow your business in 2024 and beyond.

Let’s explore three auto market trends to watch in 2024.

1. Increasing Adoption of Electric Vehicles (EVs)

Electric vehicle sales are growing, according to the U.S. Department of Energy (DOE). There are several reasons why, such as:

  • Convenient Access to EV Charging Stations: There are over 60,000 public electric vehicle charging station locations currently available across the United States.
  • Low Fuel and Maintenance Costs: In a AAA survey, researchers found that the fuel and maintenance costs of electric cars tend to be lower than those associated with their gas-powered counterparts.
  • Rising Interest from Consumers: Also in the AAA survey, 96% of respondents said they would buy or lease an EV the next time they were going to buy a car.

Expect electric vehicle adoption to continue to increase in 2024. To capitalize on this trend, your dealership can offer EVs from Tesla and other globally recognized automakers. You can also provide detailing and other auto dealer services for electric cars. By doing so, your dealership can serve as an all-in-one destination for those who want to buy electric vehicles, make them look great, and keep them running at peak levels.

2. New Connected Car Technologies

A connected car uses the internet to share information with devices both inside and outside of the vehicle itself. This enables a driver to remotely connect their mobile devices to their car.

At the same time, connected cars can communicate with one another. That way, drivers can get the most up-to-date information about traffic and road conditions as they travel from one destination to the next.

New connected car technologies are becoming available that improve the safety of vehicles and enhance the driving experience. They also open the door for new opportunities for car dealers.

For instance, you can promote new and used connected cars to consumers. You can highlight the state-of-the-art technologies integrated into these vehicles. Additionally, you can invest in online photography services that make it easy to show consumers all that your connected vehicles offer.

3. More Interest Than Ever Before in Buying Cars Online

The global online car buying market is projected to expand at a compound annual growth rate of 12.2% from 2021 to 2030, Allied Market Research reported. Some of the reasons why consumers choose to shop for cars online include:

  • Better Price Transparency: Online tools let consumers use a wide range of data to evaluate the prices of new and used cars.
  • Ease of Use: Consumers can shop for cars on their smartphones, tablets, and desktop computers from any location, at any time.
  • Fast Payment and Delivery: Buyers can purchase cars with little to no paperwork and have them delivered within days.

Online shopping will drive the car market in 2024. How your dealership helps online shoppers will affect your business now and in the future.

To drive online sales, consider the end-user experience. Create a website that’s both desktop and mobile-friendly. And make sure that your website lets users quickly and securely buy cars.

Think about how consumers will look for your cars online, too. If you partner with a professional auto detailing services provider, you can use high-quality photos to showcase the interior and exterior of your cars.

Car Market 2024: Make a New and Used Car Market Forecast

It’s in your car dealership’s best interests to track automotive market trends and automotive industry trends for 2024. Here are sources that can help you stay up to date on auto market and industry trends:

  • Automotive World: Offers automotive news, analysis, and research and hosts events with car industry experts and leaders. 
  • J.D. Power: Releases monthly new-vehicle sales data research and projections with GlobalData and various car trends reports throughout the year. 
  • National Automobile Dealers Association (NADA): Provides car dealerships with more than 500 pieces of educational content, along with training and consulting.

With a clear understanding of automotive trends, you can make a new and used car forecast. Plus, you can update your forecast year after year to put your dealership in the best position to succeed for many years to come.

Keep Your Customers Happy and Grow Your Dealership

No matter what car trends you follow, continue to put the customer front and center of all that your dealership does. By partnering with a car dealer services provider, you’re well equipped to do just that — and more.

The team at Diamond Dealer Services offers auto detailing services designed to increase your car dealership’s profitability. Our detailing services will help keep pace with auto market and industry trends and stay ahead of your rivals.Contact Diamond Dealer Services for all-inclusive detailing and photography for your dealership.

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