How is the Car market coping up with coronavirus?
The Covid-19 has given an enormous setback to the global economy in the modern era, and no sector, no industry is left untouched. The global COVID-19 pandemic has led to a global recession and an economic slowdown. Markets and governments are now stumbling on their way to get back up.
The car industry has its share of the pandemic impacts that started to surface significantly as soon as the lockdown in 2020 with zero car sales in April. There is a steep set of challenges that the industry is facing during this time.
Current challenges being faced by the Car industry
The increased production cost, changed paying capacity and habits of the consumers, negligible footfall in the showrooms, major on-site events being called off, etc., are all adding up to the grievances of the bruised growth in the car industry. The sales of cars in the past year have fallen drastically. Prospective customers have delayed the plans of purchasing their customers for some time with uncertainty that lies in the future because of the pandemic. The restriction of mobility and freedom of travel is another reason for many to postpone their purchase.
Additionally, manufacturing units of the part suppliers have still not resumed with the full capacity operation, which has led to delays in new car launches, erratic supply chain, and drying of financial resources for SMEs.
But as they say, "this too shall pass," this pandemic is not going to stay forever, especially with the country-wide vaccine campaign kickstarted. The car manufacturers are eyeing the post-covid era as a fresh opportunity for the industry.
Car Manufacturers to create opportunity from the changed market sentiments
- Hike in personal use budget cars
With social distancing being the new normal, consumers prefer to own a private car in an affordable range with a reasonable cost of operation instead of the one with flashy interiors and features. In such a scenario, budget brands like Maruti and Tata will not leave any stone unturned to take advantage of this shift in consumer preference.
- Distrust in Chinese Cars
It will not be easy for consumers worldwide to trust China again, and likewise, the car industry will also follow. Customers would be ready to pay for alternatives that are reliable and are of better quality as well as technology. It is a great opportunity for non-Chinese brands to grab a significant chunk of the business share from China.
- Attractive offers for targeted customers
Financial uncertainty amongst the consumers has affected the purchasing powers of the potential customers. It is only with attractive discounts and flexible payment plans that the customers would be willing to invest in a private car. It can act as a trigger point even for reluctant customers. Best deals assured at CARKIDEAL.
- Digital methods of buying
The pandemic has forced the development of digital sales channels and is no longer an added service. For the need for online solutions, CARKIDEAL has created digital sales solutions to ease customer interaction during the shutdown. It is fully equipped and handling all customer queries online with in-time replies. Their customer support team is providing 24*7 online support to guide customers with the best-suited deals for sale-purchase of old and new cars, car loans, car insurance, etc.
- Push towards EVs
Customers' views would shift to a more affordable and sustainable operational cost. Electric vehicles are most likely to get a push from the industry as well as from the Government. This is a green signal for car manufacturers to develop reliable technological advances in EVs in the market.
- Increase in the sales of used cars
As the pandemic hit, most businesses have moved on to the digital mode of operations with their workforce working from home. This has greatly impacted the day-to-day travel of all working professionals. With this point of view and limited mobility, customers would be keen on investing in good condition used car instead of a new one.
CARKIDEAL offers the best deals for the purchase of used cars after evaluation by experts. It makes sure you have the required paperwork for the car.
Lastly, the economy might not be in good shape right now but will emerge much stronger than ever once everything starts to normalize. The car manufacturers need to analyze and understand the customer perception to revive the industry after the pandemic.
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