Data Analysis and Forecasting
Scatter Graphs
Scatter graphs: utilizes dots to indicate the values of two numerical variables. Every dot on the longitudinal and lateral axis represents a valuation for a single data point. Scatter graphs are used to investigate the connections between variables.
Scatter plots are commonly used to identify correlational connections. In these instances, we would like to determine what a decent forecast for the vertical rate would have been if it were given a specific horizontal valuation. The factor on the horizontal axis is frequently referred to as an independent variable, while the factor on the vertical axis is referred to as the dependent variable. Variable connections can be defined in a variety of ways: positive or negative, powerful or weak, linear or nonlinear.
Equation of linear regression line
By applying a linear equation to observable values, regression analysis seeks to explain the connection between two factors. One factor is regarded as an explanatory constant while the other is regarded as predictor variables. The correlation coefficient, which is a number between -1 and 1 reflecting the degree of the relationship of the observational data for the 2 factors, is a useful mathematical formula of the linear relationship between two factors.
The concentration of an individual’s population is frequently used as a basic useful term of how it interacts with local circumstances. Unless the organism’s circumstances are poor, the concentration will be minimal (organisms will have perished or migrated out of the tested region), but if circumstances are good the population will be large.
Variations in density can thus give information on the evolutionary biology of an organism’s inclinations and limitations. However, unless the organism is governed by density-dependent mechanisms, the link between density and the desirability of the habitat may be hidden. Even if the environment improves for the better, there seems to be no rise in population.
The major issue is determining the region to be surveyed. If it contains the whole target population, the frequency combined by the space yields the overall population size. Therefore, if the region does not cover the whole populace, this simple computation fails.
However, it may provide a quantitative assessment of the community, indicating that variations in overall population would be mirrored in variations in densities. Regrettably, density-dependent mechanisms can erode this connection. If the populace had yet to extend the space it occupied as it continued to increase in number the concentration would grow according to the size.
Density might indeed be used in unambiguous proxy for the overall population;it’s what most ecologists are interested in. This is especially true in practical ecology. Regrettably, there is rarely a straight impact of population densities and demography. As a result, conceptions of scarcity that rely only on the concentration of people or taxonomic range are apt to be deceptive when contrasted to conceptions that rely on the combination of two.
Since the dawn of cars around the end of the 19th century, it has become an integrated part of humanity. Cars have always made going around easier. As time progressed and with technological advancements cars improved grated decade after decade.
Modern-day cars are more sophisticated than a luxurious house around the 70s. Present days cars are packed with all types of technology, which aids the occupants with the press of a button or flick of a switch. Cars have come up a long way with spectacular advancements in drivability, ride comfort, and quickness (Zhou et al., 2017).
On January 29th, 1886, Karl Benz patented the first car. This was the first internal combustion engine car powered by petrol and the world has seen. Before internal combustion engines came into existence, there were steam-powered cars. Before the 19th century, all locomotives and industries used to run on steam.
Even though the steam-powered cars were reliable, they were notoriously famous for their impracticality and very short optimal weather conditions for them to perform efficiently. This idea got debunked by Karl Benz who was a German engineer and came up with the idea of cars with internal combustion engines running on gasoline (Mishra and Mishra, 2020).
This revolutionized the automobile industry and the internal combustion cars took over the world overnight. With the advancement of time cars started becoming more modern and reliable. Present-day cars are so advanced which is beyond comprehension. Many components in a present-day car are extremely advanced. Engines, suspension, safety, ride quality has improved tremendously.
The sector of parking of cars has improved too. Parking sensors not only help in parking but also helps in avoiding collisions and embedding pedestrian safety. Moreover, the parking sensors and different sensors help the car to navigate the roads and highways at ease (Sari and Purwadinata, 2019).
Just like as diverse the people and their habits are across the world, the same can be said when it comes to owning cars and using them. The Asian car market is very much different from the other car markets across the world.
Studies suggest that in places that are densely populated and the per capita growth is relatively low, the majority of the population are more inclined towards budget cars which are smaller in dimensions as well as more fuel-efficient, however, the scenario in the other parts of the world are very much different (Chung, 2019). Research suggests that the governments in Asian countries have strict regulations and more tax rates are impounded on vehicles that are larger in dimension.
Similarly, it has been seen that due to space contingency people from Asian countries are more inclined into hatchbacks than in sedans. As of India, the majority of the population prefers hatchbacks, and according to the Indian government cars, which are less than 4 meters in length, enjoy a certain amount of tax rebate, and thus car manufacturers design cars that are within 4 meters. Most Asian countries are in developing states and having a car is still considered a luxury (Mishra and Mishra, 2021).
Moreover, the increase in daily fuel prices pushes the customers towards more efficient cars which produce high mileage. In countries like Japan and China, the concept of micro vehicles is at hype. People prefer having tiny cars to accommodate easy maundering across the busy city (Zhao et al., 2021).
How pandemic affected the car market
The pandemic has devastated and plagued all sectors of the industry and the automobile sector has suffered a lot too. The closure of factories and availability of raw materials have forced car manufacturers to hike the price. In addition, the strict emission rules require better and more advanced machinery, which are expensive to develop, and thus these factors increase the overall price of the car drastically.
The flows of Internal Combustion vehicles are slowing down the fuel prices are increasing every day and many customers are switching to electrical vehicles to escape these recurring costs (Dahiya and Gayatri, 2018).
The market of Electrical Vehicles
Many Asian countries have opted to the culture of electric vehicles as it is environment friendly and has a lot of advantage over tradition gas-powered vehicles. Many governments and car companies urge their customers to upgrade to EVs by giving rebates on EVs.
Though the advantages are maximum and it is the most environmentally friendly when it comes to electric, hybrid, and hydrogen-powered vehicles over internal combustion vehicles, there are some limitations too (Hong and Park, 2020).
The major limitations are as follows.
- Electric vehicles require charging from time to time and for that, it requires a proper infrastructure to support the charging grids. The developed countries have to charge facilities whereas the developing countries hardly have any charging stations. Owning an electric vehicle where there are no charging stations is extremely difficult.
- Many countries are not yet up to the mark to accept electric vehicles due to their present high initial cost. An electric vehicle in a developing country costs almost thrice the price of a budget passenger vehicle. For the countries which are yet developing, this is a major problem.
- Another major limitation is the range of electric vehicles. Though newer technologies and innovations are coming up every day and there are advancements in battery technology, however, compared to internal combustion vehicles the range is still low and is not suitable for long-distance travel.
- Local car brands are still into internal combustion vehicles as they are cheap to manufacture and abundant spare parts are available. Whereas there are not many local automobile companies that invest in the manufacturing of electric vehicles. Companies like Tesla is the biggest player in the EV market and other international brands which male electric vehicles can be extremely expensive to own and maintain. Most developing nations still prefer internal combustion vehicles over electric vehicles.
Right today, more customers than it has ever been are engaging with companies throughout every industry through e-commerce portals. As shown in the latest McKinsey online sentiment research, telecommunication infrastructure use has grown at an average rate of 13 percent across Europe. Every nation examined has had a rapid increase in digital media. Furthermore, 72 percent of first-time users and 70 percent of potential customers want to continue participating online well if the crisis has passed.
According to McKinsey’s research, automotive players were hesitant to use digital channels before the COVID-19 issue. Automobile manufacturers presently fall behind other sectors in this regard. The ordinary automobile company needs to digitize. It received a lower-than-average score when compared to other B2B players.
According to recent McKinsey research, 96 percent of B2B firms have changed their go-to-market strategies in reaction to the COVID-19 problem. According to the survey, 64% feel the new digital model is as successful as or more effective than the previous one. 32 percent are extremely likely to pursue these sales-model adjustments for more than a year after the crisis has passed, while the remaining 48 percent are somewhat inclined to do so.
In 2014, a German catalog and mail-order retail firm launched a new platform as an online fashion store. Leaders at the company implemented an internal transformation in business and operating paradigms, concentrating on tailored services, influencer marketing, and mobile-first offers. To ensure a successful deployment, the store worked with Germany’s leading digital marketing agency.
Traditional businesses may be startled to find that the retailer’s app accounts for 75% of its sales. For four years in a row, the company’s online technology has received a Shop Award by Digital World Business.
A further digital success story comes from a major US daily paper. In the second half of 2020, it created approximately 700,000 digital subscriptions, representing the current consumer development in its heritage and outstripping the subscription-based audience of two of its compatriots combined.
For perhaps the first time, the national newspaper’s 2nd revenue from digital content surpassed print income. Its lengthy goal of luring 10 million subscriptions by 2025 would be mainly driven by increasing its electronic user base and virtual goods offerings, which include podcasts, lifestyle options, and interactive technology.
Shift to recurring revenue streams
Customers are hesitant to commit to large-scale expenditures and prefer flexibility in a fast-changing world, as seen by the COVID-19 problem. Many mobility players have already restructured their products to provide greater consumer freedom. Traditional car sales provided around $20 billion to the company’s value, while software upgrades and over-the-air (OTA) updates contributed more than $25 billion.
Optimize asset deployment through strategic partnerships
Over the last decade, the number of ACES collaborations in the automobile sector has risen by a factor of 40. The smartphone sector exemplifies excellent peer collaboration. There have been more than new collaborations between carmakers and suppliers in recent years. Because of the rapid development of autonomous technologies, connection, electrification, and shared mobility, this is the case.
References
Chung, H.F., 2019. How guanxi networking matters in the relation between market orientation and innovation in Asian emerging economies–the case of Markor. Journal of Business & Industrial Marketing.
Chung, J., Bridgeford, E., Arroyo, J., Pedigo, B.D., Saad-Eldin, A., Gopalakrishnan, V., Xiang, L., Priebe, C.E. and Vogelstein, J.T., 2021.Statistical connectomics.Annual Review of Statistics and Its Application, 8, pp.463-492.
Dahiya, R. and Gayatri, 2018.A research paper on digital marketing communication and consumer buying decision process: an empirical study in the Indian passenger car market. Journal of Global Marketing, 31(2), pp.73-95.
Goss-Sampson, M., 2019.Statistical analysis in JASP: A guide for students.
Hong, P. and Park, Y.W., 2020. Changing Industry Competitiveness: Case of Asian Automotive Firms. In Rising Asia and American Hegemony (pp. 139-151). Springer, Singapore.
Law, A.M., 2020, December. Statistical analysis of simulation output data: the practical state of the art. In 2020 Winter Simulation Conference (WSC) (pp. 1117-1127). IEEE.
Mishra, P.K. and Mishra, S.K., 2020. Corona pandemic and stock Market Behaviour: Empirical insights from selected Asian countries. Millennial Asia, 11(3), pp.341-365.
Mishra, P.K. and Mishra, S.K., 2021. COVID-19 pandemic and stock market reaction: empirical insights from 15 Asian countries. Transnational Corporations Review, pp.1-17.
Sari, P.K. and Purwadinata, A., 2019.Analysis characteristics of car sales in E-commerce data using a clustering model. Journal of Data Science and Its Applications, 2(1), pp.19-28.
Stiglic, G., Watson, R. and Cilar, L., 2019. R you ready?Using the R program for statistical analysis and graphics.Research in nursing & health, 42(6), pp.494-499.
Zhao, H., Zhalezka, B.A. and Siniauskaya, V.A., 2021. MARKETING ANALYSIS OF CHINESE USED CAR MARKET. Экономическаянаукасегодня, (13), pp.126-131.
Zhou, F., Zheng, Z., Whitehead, J., Perrons, R., Page, L., and Washington, S., 2017. Projected prevalence of car-sharing in four Asian-Pacific countries in 2030: What the experts think. Transportation Research Part C: Emerging Technologies, 84, pp.158-177.
