The 20th West Michigan Automotive Suppliers Symposium hosted by Grand Valley State University's Van Andel Global Trade Center attracted industry experts revealing future trends and forecasts with one analyst providing his 2019 outlook.
The automotive industry’s future is mobility as a service, the global growth of vehicle electrification.
“That’s unique thing about this business right now. You have to have your eye on the very near term, because you’ve got to make money right now on building parts, but you’ve also got to have your eye on the horizon to see what’s coming down the pike.”
That’s Mike Wall, director of automotive analysis for IHS Markit. What’s his forecast for 2019?
“Fairly stable sales and production. We’ll see a little bit of a drawdown in vehicle sales this year, 16.8 million units or so. Vehicle production about the same, 16.8 million for North American light vehicle production. So, still healthy volumes, but we’re starting to have a little bit of a decline because we’ve got, you know, a consumer that is starting to face some challenges affordability wise on the vehicles. Interest rates have not been terribly kind on that front, but at the same time we’ve got economic growth, job growth, those are positives that certainly still auger well for industry here in North America.”
There are some economic headwinds brewing in Europe and tariffs that could still rattle the industry this year. As for the cars manufactured what are the innovations customers can expect?
“Comfort and convenience features. It is the displays, the integration with your smart phone. It’s also the safety systems, the advanced driver assist systems, all that blind spot, lane departure warning sort of driver aids.”
Wall won’t go so far as to call it autopilot or autonomous but it helps to make today’s driving experience safer.
Patrick Center, WGVU News.