Top Ten Trends Shaping the Automotive Industry in 2023

Welcome to the 2023 calendar year, folks! While the model year officially entered 2023 a few months ago, the calendars on our walls, fridges, computers, phones and more now officially read the new year as well. With the changing of the calendar comes a full new year of trends that are sure to shape the automotive industry one way or another, for better or worse depending on your opinions. Check out below for a list of the top ten trends we foresee shaping the industry throughout the coming year.

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10 Automotive Industry Trends

1. More partnerships between automakers and technology companies are sure to be announced in the coming year as tech becomes more and more prevalent throughout our vehicles.
2. While it might not affect us here at Penz in Rochester, the idea of truck platooning – where big rigs drive close to one another at high speeds to increase fuel efficiency – will become prevalent.
3. Autonomous self-driving vehicle technology has been talked about in every corner of the industry over the past few years, but we suspect more practical applications to be introduced this year.
4. Companies like Uber and Lyft have been changing the game in recent years, but we foresee a marked increase in ride-sharing and similar shared mobility business models throughout 2023.
5. While Battery Electric Vehicles are all the rage, we also predict more Fuel Cell Electric Vehicles to be introduced this year as the market is in a prime position for that tech to be taken seriously.
6. We’ve already seen a lot of this, but we expect even more automakers to turn towards innovative marketing strategies like e-commerce, tech enablers and social media influencers this year.
7. Pre-owned vehicles are more popular than ever and that is showing no signs of slowing down in 2023.
8. Much like the rise in pre-owned sales, digital sales will continue their already impressive rise this year.
9. More electric vehicles will be produced and introduced this year than ever before, and it’s still just the beginning.
10. Digital technologies will continue to be integrated into vehicles like they have been the past several years, perhaps at an even greater rate.

If you have any questions about these trends don’t hesitate to get in touch with us, we’re always happy to chat.