Automotive Innovations - Canada - April 2017

Automotive Innovations - Canada - April 2017

  • Mintel
  • May 2017
  • Automotive Manufacturing
  • 0 pages

Report Description

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The automotive industry has witnessed a burst of recent technological advancements that improve safety, connectivity and convenience for consumers. The category has created innovations in autonomous (self-driving) capabilities that progress safety features and implement preventative protection measures. Features such as forward collision avoidance, lane-keeping assist and adaptive cruise control have made their way into entry-level makes and models. Such features utilize sensor technologies that can detect other vehicles or objects and can prevent potential accidents. Connectivity with smartphones is a popular innovation among consumers, as are established features such as navigation/GPS. Brands will need to package these innovations and appeal to consumers on both a safety and convenience level for success in the marketplace.

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Table of Content

OVERVIEW
What you need to know
Definitions

EXECUTIVE SUMMARY
The issues
Autonomous features are not yet a priority
Figure 1: Interest in self-driving technologies/innovations, February 2017
Interests vary by age
Figure 2: Interest in technology/audio features, 18-44s vs over-45s, February 2017
The effect of gasoline prices and innovations in fuel consumption
Figure 3: Average retail prices for regular gasoline in Canada, 2016
The opportunities
Interest is high for most features, among those who don’t own them
Figure 4: Ownership or interest in comfort/convenience features, February 2017
Visibility assisting features are of utmost importance
Figure 5: Interest in visual-aid automotive technologies/innovations, February 2017
Safety innovations are key for many consumers
Figure 6: Attitudes towards automotive tech/innovations, February 2017
What it means

THE MARKET – WHAT YOU NEED TO KNOW
Demographic shifts are a positive for auto tech sales
Low interest rates make it easier to purchase a new vehicle
The effect of gasoline prices and innovations in fuel consumption
Increasing living costs will affect discretionary spending

MARKET FACTORS
Canada’s demographic shifts likely to bode well for auto tech sales
Figure 7: Projected trends in the age structure of the Canada population, 2014-19
Figure 8: Population aged 65 years and over in Canada, historical and projected (% of total), 1971-2061
Historically low Interest rates make it easier to buy a new vehicle
The effect of gasoline prices and innovations in fuel consumption
Figure 9: Average retail prices for regular gasoline in Canada, 2016
Rising living costs will affect discretionary spending

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