Your first meeting with your new boss went very well, and you now work in a department that supports the company’s strategic plans for industry growth. Your department manager has asked you to conduct a survey from a newbie’s perspective to inform the company’s existing marketing direction. He asked me to write a short essay detailing the top three trends in the industry and highlighting the most important themes within those trends. He wants to use your findings to position your department for launching a new strategic plan. However, your immediate task is to conduct research and write a short, focused paper with appropriately cited sources to enable further research.
The ability to spot industry trends is an important skill. This allows us to focus our energies on new growth areas, products and services. His Spaeder (2007) for Entrepreneur provides ideas on how to spot the latest trends.
Your job is to write her a 1,000-1,300 word essay outlining her three trends in her area of expertise. To support your idea, you must provide at least 6 of her quotes.
Cite the ideas in the source “in-text” in the correct APA text and complete the citation on the Resources page. They identify three of his tendencies, briefly describe them, and then focus on one issue of particular importance. Headings follow a common pattern.
Strategic planning follows the organization’s goal definition. Recent trends and developments, industry analysis are considered to develop an easily applicable molding strategy (Spaeder, 2007). The U.S. automotive industry is highly competitive with a large number of companies and a wide variety of vehicle models. Innovation has been the key to the growth of the country’s industry. The US open economy is also encouraging more market players to enter the country and sell their products. The scope of this analysis focuses on the latest trends in the US automotive industry that have driven growth. By analyzing these trends, you can develop strategies that are suitable for your industry and market.
The US automotive industry is highly innovative and exhibits many trends that lead to such growth patterns. Technology trends are bound to revolutionize the way industries change consumer behavior patterns, drive transformation and develop partnerships (Sturgeon TV, 2008). As emerging markets develop and the global economy changes dramatically, technology booms accelerate and consumer tastes in real estate continue to change. As digitization impacts automation, a new business model needed to be revolutionized. This trend has led to various disruptive trends in the automotive industry, such as vehicle electrification, full automation and vehicle connectivity.
Product Trends – Electric Vehicles: A major trend driving the automotive industry is green battery powered vehicles. Tesla CEO Elon Musk has focused on developing battery-powered cars that use unsustainable resources such as fossil fuels. This revolutionary upheaval has led to a huge growth in eco-friendly vehicles. As electric vehicles become more competitive and profitable and have the capabilities of regular vehicles, there is a significant increase in adoption on a global scale.
Electric vehicle adoption has increased significantly worldwide as emissions regulations tighten, battery costs fall, and charging infrastructure becomes more available. , consumer acceptance is driving adoption of hybrid, battery electric, plug-in and fuel cell vehicles (techcrunch.com, accessed February 4, 2018). Above all, regulatory action at the regional level will boost sales in this segment. It is estimated that by 2030, electric vehicles will account for 10-50% of all vehicle sales. The introduction of EVs, along with consumer incentives such as driving privileges, tax breaks and discounts on electricity bills, will become widespread in densely populated cities with tighter emissions regulations. As electric vehicles replace traditional vehicles, battery costs have dropped from $150 to $200 per kilowatt-hour.
Product Related Trends – Autonomous Vehicles: A related technology trend driving the automotive industry is fully autonomous vehicles. It is estimated that by 2030, about 15% of all car sales will be fully autonomous vehicles (Shaheen, 2013). Advanced Driver Assistance Systems (ADAS) are available today and are playing a key role in helping regulators, businesses and consumers transition to fully autonomous vehicles by his 2020. However, there are some challenges that are hindering the growth of fully autonomous vehicles. If these challenges are successfully resolved, there remains tremendous value for consumers.
Service Trends – Connectivity: Shared Mobility, Enhanced Capabilities, New Business Models and Connected Services Drive Auto Sales to 30% % and could reach a total of $1.5 trillion. This revenue pool could enable diversification of on-demand mobility and data-driven services. Traditional auto sales, currently valued at $5.2 trillion, could rise to $3.5 trillion from $3.5 trillion in 2015 on increased aftermarket services and products (Paul Gao, accessed February 4, 2018). The connection between cars and autonomous driving technology will allow car users to use their travel time for personal activities. Software-based systems increase the speed of innovation and make cars more updateable.
Shared mobility solutions make consumers more aware of the latest technological advances. As a result, second-hand cars will be upgraded in the private sector as well. Overall global vehicle sales are expected to increase by 10%, but are expected to decline significantly due to macroeconomic factors and the rise of connected services (Sturgeon T.J., 2008). These advancements, growth and changes within the industry must be taken into account in developing strategies that can have a significant impact on automakers
The automotive industry has become very dynamic and new technologies are emerging. open to destruction. While these new changes and innovations have proven to bring benefits, they have also posed significant challenges, with the main challenge for some well-known traditional automakers being the integration of these technological trends. is the ability to do so (Batten, 2011). While some manufacturers are driving innovation, others face significant challenges in adapting to new conditions, requiring redesign of entire facilities and available infrastructure. This may require significant investment on the part of manufacturers and may also require new relationships in the value chain. Transformation is a worthwhile option, but not always viable.
The need to invest heavily in R&D platforms may not be viable for traditional small car manufacturers and their suppliers. Considering the significant advances in technology, the price of vehicles may increase in the future. Technical adaptations may not be feasible on the cheap vehicles currently being manufactured.
Batten, V. (2011). the next deployment. Thunderbird International Business Review.
Paul Gao, H.-W. K (Accessed February 4, 2018). Disruptive trends changing the automotive industry. https://www.mckinsey.com/industries/automotive-and-assembly/our-insights/disruptive-trends-that-will-transform-the-auto-industry.
Shaheen, SA (2013) . Car sharing and private car services: global market developments and emerging trends. International Journal of Sustainable Transport, 5-34.
Speeder, K. E. (2007)。 2007 SHAPE-UP – Want your business in perfect shape? Healthy choices benefit both your body and your bottom line. Entrepreneur, 43 years old.
strategyand.pwc.com. (Accessed February 4, 2018). automotive trends. https://www.strategyand.pwc.com/trend/2017-automotive-industry-trends.
Sturgeon, T. J (2008). Globalization of the Automotive Industry: Key Features and Trends. International Journal of Technology Learning, Innovation and Development, 2(1-2), 7-24.
Sturgeon, T.V. (2008). Value chains, networks and clusters: reshaping the global automotive industry. Journal of Economic Geography, 297-321.
techcrunch.com. (Accessed February 4, 2018). Top 7 automotive industry trends for 2017. https://techcrunch.com/gallery/the-top-7-trends-in-the-auto-industry-for-2017/。
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