Regarding technological readiness, tech players and start-ups will likely also play an important role in the development of autonomous vehicles. Reshape the value proposition. 2. Diverging markets will open opportunities for new players, which will initially focus on a few selected steps along the value chain and target only specific, economically attractive market segments – and then expand from there. Individuals increasingly use multiple modes of transportation; goods and services are delivered to rather than fetched by consumers. Dense areas with a large, established vehicle base are fertile ground for these new mobility services, and many cities and suburbs of Europe and North America fit this profile. Four key trends will shift markets and revenue pools, change mobility behavior, and build new avenues for competition and cooperation. This could create up to US$1.5tr, or 30% more, in additional revenue potential in 2030, compared with about US$5.2tr from traditional car sales and aftermarket products/services, up by 50% from about US$3.5tr in 2015 (Exhibit 1). The car industry will need to prepare for uncertainty. Electrification. Traditional automotive players will feel the squeeze, likely leading to shifting market positions in the evolving automotive and mobility industries, potentially leading to consolidation or new forms of partnerships among incumbent players. Digitization, automation, and new business models have revolutionized other industries. Electrified. Drive transformational change: With innovation and product value increasingly defined by software, OEMs need to align their skills and processes to address new challenges like software-enabled consumer value definition, cyber security, data privacy, and continuous product updates. 1. The speed of adoption will be determined by the interaction of consumer pull (partially driven by total cost of ownership) and regulatory push, which will vary strongly at the regional and local level. Stricter emission regulations, lower battery costs, more widely available charging infrastructure, and increasing consumer acceptance will create strong momentum for electrified vehicles (hybrid, plug-in, battery electric, and fuel cell) in the coming years. Press release - Fortune Business Insights - Automotive Chassis Industry Forecast 2030 - Featuring Schaeffler, Continental Ag, ZF, Aisin Seiki, Magna and more - published on openPR.com For example, the market for a car specifically built for e-hailing services—that is, a car designed for high utilization, robustness, additional mileage, and passenger comfort—would already be millions of units today, and this is just the beginning. The automotive revenue pool will significantly increase and diversify toward on-demand mobility services and data-driven services. Consumers’ new habit of using tailored solutions for each purpose will lead to new segments of specialized vehicles designed for very specific needs. Consumer mobility behaviour is changing, leading to up to one in ten cars sold in 2030 potentially being a shared vehicle and the subsequent rise of a market for fit-for-purpose mobility solutions. However, once these challenges are addressed, autonomous vehicles will offer tremendous value for consumers. The global autonomous vehicle market demand is estimated to be at approximately 6.7 thousand units in 2020 and is anticipated to expand at a CAGR of 63.1% from 2021 to 2030. New business models could expand automotive revenue pools by about 30%, adding up to US$1.5tr. The increasing speed of innovation will require cars to be upgradable. As a result, the traditional business model of car sales will be complemented by a range of diverse, on-demand mobility solutions, especially in dense urban environments. Regulation and consumer acceptance may represent additional hurdles for autonomous vehicles. Vehicle inventory on the roads is expected to decrease significantly according to PwC. By 2030, the car market in New York will likely have much more in common with the market in Shanghai than with that of Kansas (Exhibit 2). A study by PMR concludes that, the ANZ automotive battery market will expand at a CAGR of 7 % over the forecast period of 2020 to 2030, and reach a valuation of US$ 1.5 Bn by the end of 2030. (Photo: Faraday Future), New business models could expand automotive revenue pools by about 30 percent, adding up to $1.5 trillion, Vehicle unit sales will continue to grow, but likely at a lower rate, Rise of a market for carsharing and fit-for-purpose mobility solution, City type will replace country or region as the most relevant segmentation dimension that  determines mobility behavior, Once technological and regulatory issues have been resolved, up to 15 percent of new cars sold in 2030 could be fully autonomous. Overall global car sales will continue to grow, but the annual growth rate is expected to drop from the 3.6 percent over the last five years to around 2 percent by 2030. Most industry players and experts agree that these four trends will reinforce one another, and that the automotive industry is ready for disruption. Consumers today use their cars as all-purpose vehicles. We already see early signs that the importance of private-car ownership is declining: in the US, for example, the share of young people (16 to 24 years) who hold a driver’s license dropped from 76 percent in 2000 to 71 percent in 2013, while there has been over 30 percent annual growth in car-sharing members in North America and Germany over the last five years. Fully autonomous vehicles are unlikely to be commercially available before 2020. Become part of our autonomous revolution and submit your stories, images and videos, Stay up to speed with our weekly briefing. Changing consumer preferences, tightening regulation, and technological breakthroughs add up to a fundamental shift in individual mobility behaviour. The NMMA Statistics and Research department provides members and industry stakeholders with the latest boating industry forecasts, market data, research and trends. 5G in Automotive and Smart Transportation Market - Global Industry Analysis and Opportunity Assessment, 2020-2030 Size and Share Published in 2020-09-25 Available for US$ 5000 at Researchmoz.us This site uses cookies, including third-party cookies, that help us … Despite a shift toward shared mobility, vehicle unit sales will continue to grow, but likely at a lower … The industry is transforming from competition among peers toward new competitive interactions, but also partnerships and open, scalable ecosystems. Online Research. Automotive Wheel Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030 Automotive Wheel Market – Scope of … Overall global car sales will continue to grow, but the annual growth rate is expected to drop from the 3.6% over the last five years to around 2% by 2030. Hence up to one out of ten new cars sold in 2030 may likely be a shared vehicle, which could reduce sales of private-use vehicles. New mobility services may result in a decline of private-vehicle sales, but this is likely to be offset by increased sales in shared vehicles that need to be replaced more often due to higher utilization and related wear and tear. By contrast, in rural areas private-car usage will remain the preferred means of transport. Across those segments, consumer preferences, policy and regulation, and the availability and price of new business models will strongly diverge. Mobility providers (Uber, for example), tech giants (such as Apple, Google), and specialty OEMs (Tesla, for instance) increase the complexity of the competitive landscape. This would mean that more than 30 percent of miles driven in new cars sold could be from shared mobility. Automotive incumbents cannot predict the future of the industry with certainty. The global automotive human-machine-interface (HMI) market generated a revenue of $18,822.3 million in 2019 and is predicted to attain a value of $55,318.4 million in 2030, advancing at a … Meanwhile, advanced driver-assistance systems (ADAS) will play a crucial role in preparing regulators, consumers, and corporations for the medium-term reality of cars taking over control from drivers. Millennials aren’t the only ones turning to the internet for help: roughly eight in ten … New mobility services may result in a decline of private-vehicle sales, but this is likely to be offset by increased sales in shared vehicles that need to be replaced more often due to higher utilisation and related wear and tear. Leverage partnerships. To get ahead of the inevitable disruption, incumbent players need to implement a four-pronged strategic approach: Prepare for uncertainty: Success in 2030 will require automotive players to shift to a continuous process of anticipating new market trends, exploring alternatives and options that complement the traditional business model, and exploring new mobility business models and their economic and consumer viability. Across those segments, consumer preferences, policy and regulation, and the availability and price of new business models will strongly diverge. With battery costs potentially decreasing to $150 to $200 per kilowatt-hour over the next decade, electrified vehicles will achieve cost competitiveness with conventional vehicles, creating the most significant catalyst for market penetration. The automotive cybersecurity market reached a value of $7,280.2 million by 2030, increasing from $1,152.7 million in 2019, advancing at an 18.5% CAGR during the … ). Electrified vehicles are becoming viable and competitive; however, the speed of their adoption will vary strongly at the local level. Hence, up to one out of ten new cars sold in 2030 may likely be a shared vehicle, which could reduce sales of private-use vehicles. Fully autonomous vehicles are unlikely to be commercially available before 2020. A progressive scenario would see fully autonomous cars accounting for up to 15% of passenger vehicles sold worldwide in 2030 (Exhibit 2). These forces are giving rise to four disruptive technology-driven trends in the automotive sector: diverse mobility, autonomous driving, electrification, and connectivity. Leverage partnerships: The industry is transforming from competition among peers toward new competitive interactions, but also partnerships and open, scalable ecosystems. 1. With established markets slowing in growth, however, growth will continue to rely on emerging economies, particularly China, while product-mix differences will explain different development of revenues. Automotive will be no exception. 2. This article aims to make the imminent changes more tangible – and looks at eight areas that will change dramatically until 2030. 8. The global automotive industry is undergoing a cascade of disruptions that will reshape it in unexpected ways, and India will be no exception to this. The remaining driver of growth in global car sales is the positive macroeconomic development, including the rise of the global middle class consumer. Through continuous improvements in battery technology and cost, those local differences will become less pronounced, and electrified vehicles are expected to gain more and more market share from conventional vehicles. This article aims to make the imminent changes more tangible – and looks at eight areas that will change dramatically until 2030: The automotive revenue pool will significantly increase and diversify toward on-demand mobility services and data-driven services. As a result, the traditional business model of car sales will be complemented by a range of diverse, on-demand mobility solutions, especially in dense urban environments. Register your email and we'll keep you informed about our latest articles, publications, webinars and conferences. This drop will be largely driven by macroeconomic factors and the rise of new mobility services such as car sharing and e-hailing. One area where the traditional auto industry lacks skills is software, and much of the new technology that will go in cars is first being developed outside the automotive world, in particular by digital companies. In 2030, the share of electrified vehicles could range from 10% to 50% of new-vehicle sales. City type will replace country or region as the most relevant segmentation dimension that determines mobility behaviour. This drop will be largely driven by macroeconomic factors and the rise of new mobility services such as car sharing and e-hailing. This could create up to $1.5 trillion—or 30 percent more—in additional revenue potential in 2030, compared with about $5.2 trillion from traditional car sales and aftermarket products/services, up by 50 percent from about $3.5 trillion in 2015 (Exhibit 1). The next decade likely will bring radical change to the automotive industry. The type of city will thus become the key indicator for mobility behaviour, replacing the traditional regional perspective on the mobility market. Consumers’ new habit of using tailored solutions for each purpose will lead to new segments of specialised vehicles designed for very specific needs. One of the biggest challenges is to reduce the weight of automobiles to reduce fuel consumption.It is expected that a 10% reduction in curb weight can result in a 6%-8% reduction in fuel consumption. The world is gradually … What are your ambitions in the automotive industry between now and 2030? 7. And 42 percent have a high sense of urgency.… We use cookies to ensure that we give you the best experience on our website. Enjoy autonomous driving content direct to your inbox, Follow us on our social networks for up to date information and thoughts on automated driving. Car manufacturers must further differentiate their products/services and change their value proposition from traditional car sales and maintenance to integrated mobility services. New market entrants are expected to target attractive segments and activities along the value chain before potentially exploring further fields. These forces are giving rise to four disruptive technology-driven trends in the automotive sector: diverse mobility, autonomous driving, electrification, and connectivity. Many more new players are likely to enter the market. Traditional automotive players will feel the squeeze, likely leading to shifting market positions in the evolving automotive and mobility industries, potentially leading to consolidation or new forms of partnerships among incumbent players. However, once these challenges are addressed, autonomous vehicles will offer tremendous value for consumers. Success in 2030 will require automotive players to shift to a continuous process of anticipating new market trends, exploring alternatives and complements to the traditional business model, and exploring new mobility business models and their economic and consumer viability.

automotive industry trends 2030

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