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  /  Automotive

Like every other industry almost, the losses in the automotive industry will go in billions. Yet companies that redevelop their strategies and value propositions will take the lead in the next normal. Some automakers may emerge stronger whereas others may shut down businesses or may look for the ecosystem to survive. It is still unclear that people may use more cars to avoid health damages of social distancing or fewer cars as work from home is getting more significant. Today, the very automotive industry that reshaped the world – helped in building metropolitans lifestyle and living – is going for innovations within itself. Riding on the concepts of digital business transformations, the changes are happening in real-time, all while participants of the industry must devise innovative business models and coordinate working with partners in their ecosystems. In order to address the changing market needs and position their companies as leaders of change and innovation, the top automakers will focus on the following strategies:

 Companies will be focusing on developing new business models that provide opportunities to increase their share in the globally growing automotive revenues by reshaping their value proposition from traditional vehicle sales guys to fully integrated and comprehensive mobility services.

 Information-centric technologies and new sales models will play a pivotal role. As new technology concepts will increasingly define the product value, OEM’s will need to adopt newer technologies in their operation like the Internet of Things, Blockchain, cyber-security, etc. Automakers and suppliers must reinvent themselves to become technology companies.

 Acceleration in the development of electric vehicles and their associated charging infrastructures.

 Developing and promoting solutions that encourage mass transits and sharing mobility.

 More focus on autonomous vehicles reduce the need for human requirements to operate vehicles. Also, the vehicles would configure systems by using AI, IoT, machine learning, and other enhanced technologies to improve safety and driving experience – the auto sector looks will nothing like it used to

 Perform extensive research and development for ‘tracking and sharing data with an objective to improve business performance, predictive maintenance as well as overall fleet management.

 Forming strategic partnerships and assuring intelligent industry will determine the leaders. The manufacturers, suppliers, and service providers will have to form partnerships, cooperate and unite in ecosystems as the key players will face a lesser degree of competition from peers and more from the innovative minds joining competitor ecosystems.

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