A new report from global research firm Frost & Sullivan suggests that many automotive manufacturers are now building vehicles with women, rather than just men, in mind. It’s a response to changes in the automotive market which have seen women become a larger and more influential segment than men in recent years.
For generations men were the world’s drivers, holding more licenses than women and making critical decisions about which vehicle to buy for the family. But that’s now changing, with women holding more licenses than men and taking a lead role in the car-buying experience. In response, many automotive companies — like Fiat, Renault, Jaguar, Porsche, and others — are focusing more attention on building vehicles that women want to buy.
For example, the Frost & Sullivan report suggests warranty periods will get longer in response to demands by women, who tend to prefer longer warranties than men. It’s also expected that changing demographics will affect the car-buying experience; for example, in Japan Nissan has just introduced ‘lady first’ dealerships that employ more women in sales positions and emphasize a more consultative selling strategy. Car insurance strategies are also expected to change, with pay-as-you-drive (or usage-based) insurance models, which have been very popular with women, becoming more popular as time goes on.
Other emerging trends associated with women’s growing influence in the automotive market include high visibility (with women demanding less obstructed viewing angles in their vehicles), green credibility (with many women asking for more environmentally-friendly vehicles), intuitive controls (like Ford’s easy-open trunk feature), and auto assist functionality (such as automatic parking features).
The Frost & Sullivan report also notes that women’s growing influence over the automotive market will result in automotive companies hiring more women to work in their offices and factories. By 2020, it’s expected that women will comprise a larger percentage of industry management positions than ever before.
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