To provide information about the buyers journey, market size, and how COVID-19 has impacted the automotive industry in the U.S. Also, to provide demographics about automotive consumers.
- According to IBISWorld, automobile manufacturing in the U.S. has a market size of $111.9 billion as of 2020.
- The market size of automobile manufacturing in the U.S. has witnessed a decline of -3.6% CAGR between 2015 and 2020.
- In the U.S., the automobile wholesaling industry has a market size of $660 billion as of 2019. The market size has been declining at a rate of -0.4% between 2015 and 2020.
- COVID-19 has caused "disruption in Chinese parts exports, large scale manufacturing interruptions across Europe, and the closure of assembly plants in the U.S., according to Deloitte.
- Consumers between the ages of 25 and 54 make up 43% of all consumers who purchased a new SUV in 2019. Consumers over the age of 65 made up 31%.
Results of the Early Findings
- Initial research into these topics have revealed that there is abundant information which speaks to the market size, buyers journey, consumer demographics and COVID-19 impacts of the U.S. automobile industry.
- Further research can continue collecting insights and digging deeper into each of these areas.
Proposed next steps:
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We can continue research to provide the following: 1) 5-7 insights about the market size of the automotive industry in the U.S. These insights might include things like the market sizes and growth rates across various markets and sub-markets within the U.S. automotive industry, number of businesses, and/or other types of related insights. 2) An analysis of the buyer's journey within the automotive industry in the U.S., which can focus on things like how consumers research, shop for, and purchase automobiles. 3) 5-7 insights about how COVID-19 has impacted the automotive industry in the U.S. and 4) An analysis of the demographics of automotive consumers in the U.S. This can include things like age, gender, race, income, education and/or other demographic areas.
Additionally, we can conduct research to explore trends surrounding which automotive features have been most popular among consumers over the past 1-2 years and which features consumers will be looking for in the coming years. This research path can explore 5-7 trends.