While their numbers grow, 50% of women express dissatisfaction towards their vehicle, and 74% feel misunderstood by car manufacturers. Frost & Sullivan’s upcoming analyst briefing will address what this growth in power for female car customers means, an understanding of its immense potential, and how industry players should respond.
Impact of female consumers in the auto industry will be answered through What do women want in a car?, and What does female empowerment mean for the automotive industry? With women projected to grow into a larger and more influential consumer segment than men, OEMs are looking to launch specific models that target women. Olivia Price-Walker, Frost & Sullivan Visionary Innovation Senior Consultant says as women become a dominant car buying segment,product development strategy needs to change. Growth in number of female car buyers impacts OEM strategy to broaden some car categories, who will benefit by developing products and strategies focused around women.
OEMs like Nissan, Ford, and Volkswagen are aiming new vehicle models at women. While the trend began with small city cars, traditionally male dominated segments like luxury and SUVs are now wooing women.
The study points to 8 key design trends in female consumer vehicle preference. This includes a customised and spacious cabin, improved visibility around the vehicle and a sunroof, green credibility and low CO2 emissions, and intuitive controls. The list also includes wellness features, good quality interior upholstery, auto assist features, and personalisation options that consider special pedals for long heels, etc.
Focus on women isn’t limited to car buying. At present, the auto industry has one of the lowest global industry averages for diversity at 8%. The solution is to actively hire women at all levels. By 2020, leading OEMs will strive for 25% female workforce and 15-20% at management level. Workshops, ladies evenings, and female friendly dealerships are already progressing.