Automotive Industry Is in the Hands of the Customers
Angela Zepeda, CMO of Hyundai Motors America, pointed out that almost half of the Fortune 500 companies from 15 years ago are not around anymore in CES 2020 conference, "When Will Advanced Automotive Tech Pay Off?". She adds, especially automotive companies that cannot adopt new and emerging technologies, and new ways to innovate will share the same fate.
Deloitte's 2020 Global Automotive Consumer Study shows that consumer behavior is transforming. People are more interested in alternative powertrain and improved autonomous driving technologies in one hand. On the other, they have split opinions on how the data provided by them are used by companies and governments to meet the product and service demands of consumers.
Franz Reiner, CEO, Daimler Mobility AG, also stated the importance of interacting with cars in a different way. The emerging consciousness of environmental sensitivity drives people to look for more diverse mobility solutions such as car-sharing and ride-hailing. Daimler and Hyundai are looking to improve their game to meet these needs.
The game is changing, and brands must adapt
Electric mobility is a key and a game-changer, Reiner states. He tells that Daimler is constantly listening to customers and transforming their business. Customers are looking into the future, and conventional innovation methods are not as successful as they used to be, he adds. Both Reiner and Zepeda pointed out the crucial role of partnering, joint-ventures with various industries that drive innovation in the automotive industry. This is how automotive brands will bring additional value to the market, Reiner tells.
Smart mobility and clean energy solutions will shift the industry, according to Hyundai America's Angela Zepeda. Being able to offer flexible mobility solutions for better customer experience is the key; both executives agree upon.
2020 will show which brands can keep up with the ever-changing consumer-centric market.