Cars are significant purchases for most people; as the economy changes, so too do consumers’ buying habits. Trends also come and go, impacting demand for certain vehicle types.
Quality and safety standards
Products must adhere to stringent quality and safety requirements, as implemented by the government. Failure to do so can lead to reputation damage and lawsuits.
The industry is evolving quickly, as are consumer expectations. We’re rapidly moving towards an age of super-efficient, connected and maybe even driverless cars. Manufacturers must be agile to keep up.
As global competition intensifies, profit margins decrease and production efficiency becomes paramount. Manufacturers must be running at all times, with stoppages kept to an absolute minimum.