HOW CAN A FIRM REMAIN RELEVANT IN THE AUTOMOTIVE INDUSTRY?
The automotive industry sees a steady shift towards automation and an increased focus on environmental impact. Subsequently, companies are forced to adapt to remain relevant within the market. Here are some ways that will help you stay ahead of the curve:
Invest in Electric Vehicles
The path for traditional automakers has become increasingly clear. Invest in electric vehicles (EVs), hybrid and pure EVs, and reduce carbon emissions across the entire value chain. This requires collaboration between all parts of businesses. Engineering and technology functions must work closely with sales and marketing teams to create compelling customer experiences and understand customer needs.
Innovate in Powertrain Technology
Innovation in powertrain technology is key to creating vehicles with improved fuel economy and reduced emissions. The race is developing more efficient gasoline engines, 48-volt mild hybrids, plug-in hybrids, and electric vehicles. OEMs are also looking at alternatives to the internal combustion engine, such as fuel cells and hydrogen.
Get Serious About Light Weighting
Reducing the weight of vehicles is another important way to improve fuel economy and reduce emissions. This can be achieved using advanced materials such as aluminum, magnesium, and composites. It is not just the body that needs to be lit. The chassis, suspension, and other subsystems also need to be looked at.
Develop Autonomous Driving Technology
Autonomous driving technology is rapidly evolving and offers the potential to improve safety, reduce congestion, and lower emissions. It is still in its early stages but will undoubtedly play a major role in the future of the automotive industry.
Address Urban Congestion
The growth of cities is putting increasing pressure on transportation systems. This can be addressed by developing advanced urban mobility solutions such as ride-sharing, car-sharing, and smart transportation systems.
Embrace New Business Models
Many traditional automakers struggle to grip the new business models developed by established companies. These new business models are based on providing mobility services rather than selling vehicles, ultimately leading to automakers competing with their customers.
Embrace SMAC Technologies
Many automakers have been slow to adopt social, mobile, analytics, and cloud (SMAC) technologies. The technology is now available and can be used to provide new services such as infotainment systems and over-the-air software updates. This will allow automakers to create compelling customer experiences and improve operational efficiencies.
Build a Career Plan
Any professional in the automotive industry needs to create a clear career path. Professionals should map out realistic steps towards achieving their goals. A career plan allows professionals to stay relevant because it allows them to be proactive instead of reactive when developing new skills and knowledge. Professionals in any field need to think about where they want their career paths to go to avoid getting stuck behind other individuals who have moved faster up the corporate ladder.
The automotive industry is one of the most rapidly changing and innovative industries globally. Automakers have introduced self-driving cars, electric vehicles, and other advanced technologies into the market in recent years. Automakers must constantly innovate and introduce new technologies and features to their vehicles to remain relevant in this industry.