18 years of brand popularity in the automotive industry: discover how search trends, digital strategies, and the rise of electric vehicles are reshaping the top 20 car brands.
Lóránt Erős
Digital Strategist
This article is part of our Automotive DDD series, where we explore the power of Digital Due Diligence in the automotive industry. Read on to uncover the fascinating link between the digital strategies of today’s top 20 most valued car brands and their overall brand value.
KEY POINTS:
Search trends in the automotive sector reflect economic changes and technological advancements.
Electric and hybrid vehicle sales are rising, which drives sales models to shift towards online channels and challenges traditional Original Equipment Manufacturers (OEMs).
COVID-19 has accelerated the adoption of digital retailing tools in the automotive sector.
Embracing digitalization, customer-centric approaches, and sustainability will be essential for automotive companies to navigate the market and build lasting connections with consumers.
What Search Trends Can Tell You about the Market?
Relative popularity of the automotive industry in Google Search (worldwide)
In the automotive industry, the question of what’s trending and what’s not is ever-present. That’s where online searches come in – they act like a barometer of consumer interest and market dynamics. Over the past 18 years, search trends have shown fascinating patterns, rising and falling in sync with economic shifts (slow-downs and recoveries alike), technological advancements, and new market trends. Remember the 2008 financial crisis? That’s something that definitely increased car-related search interest – but more on that in a minute. Today, with electric vehicles gaining popularity and online platforms influencing car buying habits, online search trends show how the industry responds to rapidly changing settings.
This article explores the connection between online searches and automotive sales trends, highlighting the critical role of digitalisation, consumer engagement, and sustainability in shaping the industry’s future. At Cognitive Creators, we leverage search trend analyses through our Digital Due Diligence methodology, allowing us to gain actionable insights and provide our clients with a firm base for creating long-term digital strategies.
Necessity, the Mother of Innovation: How the 2008 Financial Crisis Changed the Car Industry
The financial crisis of 2008 hit the automotive industry hard, but strangely, it also triggered a surge in interest and brought innovation. Some key impacts of the financial crisis include:
Reshaping strategies: Suddenly, car companies had to take a long, hard look at how they did business. They needed to figure out how to make cars people wanted to buy, even when times were tough. This meant changing how they marketed, sold, and even built cars.
Innovation on fast forward: The crisis pushed companies to get creative. They invested more in research and development, leading to a wave of new technology, fuel-efficient cars, and even alternative powertrains (think electric and hybrid!).
Going digital: The financial crisis also made car companies embrace the digital world. They started investing in e-commerce and using digital marketing to reach customers in new ways. This not only accelerated car sales but also improved operational efficiency.
In the end, the financial crisis, as tough as it was, forced the car industry to innovate, adapt, and become more efficient. It wasn't all bad news, and search interest levels have mirrored this beautifully!
Behind the Wheel of Change: Electric Vehicles, Sales Models, and Pandemic Adaptations
Electric and hybrid vehicle sales in unit (worldwide)
The way we buy cars has been changing for some time now, and it's not just because of the financial crisis or the 2020 pandemic (although those definitely shook things up!). Here are some of the biggest trends shaping the car industry:
Electric and hybrid cars are revving up: More and more people are going electric, with sales of these eco-friendly vehicles expected to increase significantly in the next few years. This has resulted in the growth of the electric vehicle (EV) market and an expansion of EV models offered by manufacturers.
Changing sales models: Online channels are becoming increasingly popular in the early stages of the car-buying process, with many customers using the internet to research and compare options before even stepping foot in a dealership. This trend is expected to continue, with a significant portion of car sales likely happening online by 2025. New companies like Tesla, NIO and Canoo challenge traditional Original Equipment Manufacturers (OEMs) with direct-to-customer approaches and convenient online sales experiences.
Impact of the pandemic: Like in several other industries, COVID-19 forced automotive companies to get creative and embrace digital tools to make the buying process smoother and safer. Now, the focus is on meeting customers where they are – online and at home – while maintaining important physical touchpoints in the buying process.
Building loyalty through customer engagement strategies: Companies are exploring creative customer engagement strategies. For instance, they’re turning satisfied customers into brand ambassadors and partnering with social media influencers to reach new buyers. This practice aims to build genuine connections with consumers and reduce costs in the long run through customer advocacy.
Sales trends a time for change
So, how can automotive companies navigate this changing landscape? By paying attention to online searches and digital trends, they can gain invaluable foresight. This will help them adapt and innovate, guiding the industry towards a future defined by relevance and responsiveness to the evolving needs of the modern consumer.
The present analysis utilises data collected in January 2023. Our selection of the top 20 automotive brands is based on Brand Finance's Automotive Industry (2022) Report. The DDD focuses on the digital performance of these brands across the EU, USA, Oceania, Japan, and South Korea.
While this blog series showcases the core pillars of our DDD methodology, it is important to note that it represents a snapshot based on data collected in January 2023. Our complete analysis, customised for your organisation, includes an in-depth examination of business-specific data and offers a detailed perspective of your industry landscape.
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