The future of the automobile world clearly includes electric car models. 160 new models are coming in four years.
KPMG’s annual 2022 Global Automotive Executives Survey, published for the 23rd time this year, sheds light on the future of the automotive industry. According to the survey, 8 out of 10 managers state that electric vehicles will become more common. It is estimated that 160 new electric vehicle models will arrive on the global market in the next four years.. Many executives think that Apple will enter the automobile market and become one of the leaders in the electric vehicle market by 2030. The top three brands expected to be leaders in the electric vehicle market in 2030 are Tesla, Audi and BMW, respectively, while the top three brands expected to be leaders in autonomous vehicle solutions are Tesla, Huawei and Waymo (Google), respectively.
Evaluating the report, KPMG Turkey Automotive Sector Leader Hakan OlekliNoting that the exciting future in the automotive industry is no longer theoretical, it is gradually turning into reality, and said: “More than half a trillion dollars are invested in producing dazzling new vehicles at advanced facilities. Investments are being made in electric battery plants, semiconductors, autonomous systems, software and electronics. In this industry, where billions of dollars are invested, some roads may lead automobile companies to their goals, while others may lead companies to failure by diverting them from their goals. The findings of our survey help executives come up with some strategic answers that will enable them to identify the paths their company will take into the future.
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‘Should we produce alone or form partnerships, how should we distribute capital among our ecosystems, how should we redesign the customer experience, how should we define our autonomous systems strategy?’ It is becoming more and more important to answer these and other questions that increase as the competition gets tougher. In summary, strategic flexibility has never been more important today. So yes, some paths will lead to success while others will fail. This survey will be a reference resource for managers who want to make their companies successful.”
According to the research, automakers have invested more than $500 billion in electric vehicle programs, and 160 new electric vehicle models will hit the global market in the next four years. In addition, more than 50 new manufacturers are competing for market share. New companies such as Rivian, Lucid, BYD, Xpeng, Nio, Fisker and Vinfast have also emerged in the last few years. Executives believe that with the introduction of new models and the proliferation of technologies, over the next five years, consumers’ purchasing decisions will focus on performance and brand image. Data privacy and security will also be key factors in purchasing decisions.
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Automobile customers are also expected to increasingly shop online, creating opportunities for manufacturers to sell directly to consumers and online through dealers. Traditional e-commerce players will also compete for car buyers, according to the survey. Auto executives are also quite optimistic about aftermarket revenues.
62 percent of respondents are quite confident that consumers will be willing to pay monthly subscription fees for software services such as EV charging, vehicle maintenance analytics, advanced driver assistance and other wireless updates. Executives also feel that automakers continue to see the insurance market as a significant growth opportunity, but have shifted their focus from competing against insurers to partnering with them or selling data to them.