Together with ABN AMRO, Circle Economy has investigated the trends in consumer demands and how car component suppliers can stay ahead of the curve by applying circular strategies to meet them.
The emergence of digital technology and social media has given consumers more power than ever before. With smart devices connecting every aspect of their lives, they are increasingly controlling how and where they engage with companies. With increased access to information and transactions occurring in real time, consumers have come to expect more, making it harder for businesses to keep up. Greater trust, convenience, and a sense of community are pushing the adoption of the sharing economy forward. Lower entry barriers for technology are resulting in rapid innovation and this is expected to speed up in the future. These trends are having an significant impact on the automotive industry.