SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article onrecent developments in the US automotive market.
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The US automotive market is set to witness a period of turbulence due to the rising popularity of the populist sentiment. Protectionism is on the rise and the existing regulations and trade policies are now open to discussion and revision by the government to fit its strategic economic goals. The administration's intent to return jobs and operations to the US may also impact the growth of the automotive marketin the near future.
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At SpendEdge, we understand that keeping a watch on latest trends is crucial for companies to proactively plan strategies and increase the market share. Therefore, we have highlighted top trends in the US automotive market.
Top Trends in the US Automotive Market
New fuel efficiency standards
The new fuel efficiency standards are being targeted by the administration to reduce the perceived regulatory burden. Such new efficiency standards can threaten over one million jobs in the automotive market. However, lowering emission targets may increase the sale of light trucks impacting the US vehicle sales.
Want to know how new fuel efficiency standards can impact the US vehicle sales? Contact our experts for accurate market insights.
Revised tax policy
US automotive companies may benefit from the new tax policies. The government's commitment to bring manufacturing jobs back to the US will make major companies consider reinvesting in the American States. Also, steps such as lowering corporate taxes and providing incentives will ensure large investments from top companies and aid in the growth of the automotive industry.
Analyzing the growth of the US automotive market is imperative for companies to identify strategic growth opportunities. Request a free demo from our experts to access web-based procurement platform.
Connected cars
The costly nature of autonomous vehicle maintenance systems may push consumers towards the OEMs rather than independent car services. OEMs can further use the car's ability to make recommendations to consumers to nudge them towards OEM-approved service centers and replacement parts. This may assist consumers looking to buy third-party components and save money.
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