Will Gen AI Change Car Buying by 2030, will more cars be sold?
In the next few years, Generative Artificial Intelligence (Gen AI) will change how people buy cars. By 2030, it is expected that Gen AI will help with over 40-50 million car purchases around the world.
Boosting Sales
According to a report from OpenAI and Boston Consulting Group (BCG), car companies using Gen AI could quickly see their sales go up by 20% by 2030. However, companies that don’t keep up might lose up to 15% of their revenue. How fast Gen AI is adopted, especially in Asia, will decide which companies succeed.
Better Customer Experience
Gen AI will help customers by allowing them to customize cars, compare loan options, and book test drives. The report mentions that Gen AI assistants will be neutral and not favor any brand. This means customers will focus more on important things like price and features instead of just brand names.
Car companies will need to be visible on AI platforms
Car companies will need to be visible on AI platforms to keep their brand identity. They may also need to create their own AI assistants to work well with multi-brand marketplaces and offer a personalized shopping experience.
Companies can turn inquiries into actual sales
Many customers ask about cars but don’t end up buying. This is often because they can’t get the right information quickly. Gen AI chatbots will be available 24/7 and in all languages to answer questions and help book test drives. This will help companies turn inquiries into actual sales and lower sales costs.
Changing Brand Loyalty
With more AI assistants, traditional brand loyalty may decrease. Customers will start to care more about product quality, price, and features rather than the brand name. Companies that quickly use Gen AI will likely lead in the future.