The automotive industry is well into a significant transformation. In the next decade, one of the most pressing business problems that players will be required to address is the shift from ownership to access. Consumers, especially Millennials, look at vehicles as a convenient transportation solution, instead of an asset. The automotive industry is already beginning to “look different” with technology and software startups investing in autonomous vehicle platforms and mobility solutions (like ridesharing).
Better connectivity, embedded technology, and cross-channel integration are maturing fast. Traditional automotive manufacturers and dealers must rapidly innovate and adapt to counter visible trends of declining new car sales across many countries. Their solutions must range everything from smart cars, to service and diagnostics, to alternate energy-powered vehicles, to passenger safety. They must face upstart challengers with extensive changes in business models; to reduce cost, find alternative revenue streams, and design agile solutions that track and satisfy the needs of the New Customer’s complex lifestyle.