Augmented reality impacts the automotive industry
Implications - A lower percentage of Millennials are purchasing cars than any other generation, which has those in the automotive world rethinking industry standards. Integration of AR technology into the sales process speaks to the desires of today's youth consumer. By making use of multisensory technology that is interactive, the auto industry demonstrates the agility needed to accommodate fast-emerging, and even faster transforming, consumer desires.
Workshop Question - Describe how Millennials feel about your brand in three words; what's a small tweak you could make to change those words to something more positive?
Trend Themes
1. AR Integration - The integration of augmented reality technology into the automotive industry sales process speaks to the desires of today's youth consumer, demonstrating the agility needed to accommodate fast-emerging, and faster transforming, consumer desires.
2. AI-powered Vehicle Maintenance - The use of AI to monitor vehicle maintenance needs provides an opportunity for transportation industries to greatly reduce their $200 billion yearly maintenance costs.
3. Ar-powered Vehicle Assistance - The use of augmented reality technology to assist drivers with parking, car identification, and virtual owner’s manuals provides an opportunity for the automotive industry to deliver multisensory, interactive experiences that cater to the demands of today's consumers.
Industry Implications
1. Automotive Industry - The automotive industry can use trends such as AI-powered vehicle maintenance, AR-Powered Vehicle Assistance, and AR Integration to deliver new automotive features and services, such as parking assistance and virtual owners manuals.
2. Transportation Industry - The transportation industry can leverage artificial intelligence technology to reduce costs by predicting vehicle breakdowns and provide maintenance services before damage is done to the vehicle.
3. Augmented Reality Industry - The Augmented Reality industry has an opportunity to partner with the automotive industry to integrate AR technology into the sales process to meet the needs of today's younger consumers.
