LONDON, June 7, 2017 /PRNewswire/ -- E-mobility solutions, autonomous vehicle technology, and other digitisation advancements are creating new and exciting opportunities in the automotive industry. By the end of 2017, global light vehicle sales are expected to cross 93 million units. Slight growth in North America and significant growth in Eastern European markets like Russia and Ukraine will offset the slowdown in the China and Japan markets. Big data and digitisation will increase revenue and customer penetration while marketplaces and tire eRetailers will challenge original equipment manufacturers (OEMs) and traditional retailers. Increasing competition will also step up investment from volume OEMs in mobility services to move towards a car-as-a-service model.
2017 Global Automotive Industry Outlook, recent research from Frost & Sullivan's Automotive & Transportation Growth Partnership subscription, finds that new mobility strategies, autonomous vehicle development, advancement in connected car technologies and big data analytics will be some of the key trends influencing the automotive market in 2017.
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"Digitisation will underpin automotive industry strategies, with OEMs establishing digital divisions and investing in developing Internet of Things (IoT) platforms that support connective living solutions," says Frost & Sullivan Mobility Industry Principal Shwetha Surender. "The growing digital ecosystem between automotive OEMs, software integrators, telecoms, and other companies will also bring new areas of competition, with revenue expected to grow to $1.3 trillion in 2030 from electrification, smart mobility, connected cars, and autonomous vehicle development, among others."
Emerging growth opportunities in the global automotive market include:
"As digitalisation increases in the industry, data security is vital," notes Surender. "Companies will have to ensure strict compliance and fortified measures to prevent hacking. Cybersecurity adds to the overall security of the car, improves the brand image of an OEM, and allows more innovation, especially on the vehicle automation side."
Companies to note, in this rapidly expanding ecosystem include Tesla with its EV technology; Toyota with its product offering and strategic partnership with Uber that is key to understanding diversification of portfolios; Mobileye, which has recently been acquired by Intel, showing the importance of its product offerings; and Google that is pioneering advances in autonomous and in-vehicle technology.
Frost & Sullivan's distinctive research examines regional and global growth in passenger vehicles and light commercial vehicles sales across North America, South America, Asia, Western Europe, Eastern Europe, South Africa, Egypt and Iran. The study explores advances self-learning, autonomous, voice recognition, vehicle cybersecurity, digital retailing, connected supply chains, IoT, electric vehicles, industry 4.0, HWW, connectivity and telematics; and details opportunities in applications like e-mobility, autonomous connectivity, mobility-as-a-service, advanced manufacturing, and vehicle to X (V2X) communication.
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2017 Global Automotive Industry Outlook
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