Are consumers eyeing new phones and cars? You can bet on it. Both the mobile phone and new car markets have seen remarkable growth in recent years. Mintel says the explosive rise of smartphones is largely responsible, and with vehicles, it notes 2014 marked the fifth consecutive year of U.S. sales growth.
People love new technology, whether it’s back-up cameras and blind-spot warnings or better streaming and increased storage. There’s even crossover between the desires for new — Mintel’s research demonstrates just how much smartphones are ingrained in consumers’ lives: Prospective car buyers want to seamlessly bring this experience with them into their vehicles.
Mintel states auto technology is no longer simply a “boys and their toys” arena, and marketers should include both genders when creating messaging. Consumers are looking for fuel efficiency and safety: Communication of features and options is key.
As smartphone ownership approaches ubiquity, pressure for price competiveness will increase. This will create opportunities for other brands to gain traction. Brands with less market share may also be able to gain new fans by targeting individuals, as loyalty is particularly prevalent among four- and five-person households.