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March 16, 2016 - Automotive

What’s New in the Automotive Market

Three years ago, subcompact crossover vehicles did not exist. However, in 2015, this new type of vehicle accounted for 21% of overall U.S. automotive sales growth, according to Automotive News. What is this new type of car, and how does it change the marketplace?

What are Subcompact Crossovers?

Subcompact crossovers are a new class of small SUVs. With a length of around 165 inches, the smaller footprint of these vehicles, higher-than-usual driving position and 4-wheel drive option have made these crossovers the perfect fit for certain car buyers. Motortrend outlines the types and details of subcompact crossovers.

Who’s Buying Subcompact Crossovers?

This new type of vehicle class has given manufacturers a brand entry point with millennials and younger buyers.

  • Automotive News cites that one quarter of those who purchased one of six subcompact crossovers in 2015 were under age 45 and without children. These vehicles cost less money to gas up and are fuel-efficient.

Additionally, older people whose children are grown and out of the house are part of the target market.

  • These people are trading in larger cars, looking to downsize. Manufacturers are appealing to their lifestyle desires that they no longer need as much space yet want to still remain active and on-the-go.

Furthermore, women in particular are popular buyers of these subcompact crossovers.

  • Nearly 60% of 2015 buyers for a certain crossover were women.

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How Does This Change the Automotive Marketplace?

As more car manufacturers start to make this type of vehicle, the demand, popularity and types available are only expected to grow. While there is still a need for larger SUVs and cars smaller than the subcompact crossover, Automotive News has cited subcompact crossovers as the next biggest focus in the automotive marketplace.

…And How is Bostik Adapting?

Bostik’s automotive products are currently on many applications in major automotive OEMs’ platforms and programs. The company also has plants globally, located in Mexico, China, Canada and Brazil. As subcompact crossovers gain market momentum, Bostik looks forward to continue working with the OEMs and tier suppliers.

For more information about Bostik’s automotive adhesives, check out www.bostik-automotive.com. Bostik is also on Facebook (Bostik Industrial) and Twitter (Bostik_IND). You can also join our Bostik Automotive group on LinkedIn.

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