Industry experts present future trends such as used cars, digital retail, connected car IoT platforms, and fuel cell electric vehicles
SANTA CLARA, Calif., Dec. 10, 2020 /PRNewswire/ -- The automotive industry, which witnessed weak global sales in 2019, was dealt a body blow in the form of the COVID-19 pandemic in 2020. The resulting lockdowns across all major economies resulted in global sales plummeting in the first half of the year. However, key markets such as China, India, and Europe have shown signs of a recovery as lockdowns ease and economies sputter back to life.
Sales in China and India have been driven by compact small cars sought by first-time buyers, many of whom remain apprehensive about public transportation and ridesharing services. In Europe, the success of incentive programs in countries such as Germany has contributed to positive numbers, while in the United States, the automotive market has witnessed a revival in the third quarter boosted by demand for SUVs and pickup trucks.
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