Keeping pace with the growing digitalization, the automotive sector has undergone a dramatic transformation. Moving in tandem with the challenges brought by COVID-19, innovative and forward-thinking automotive companies are deploying information-centric technologies extensively. With autonomous vehicles, electrification, shared mobility, human-machine interface, and 3D printing knocking on the doors, the automotive industry is on the cusp of a revolution.
Changing Trends in the Automobile Industry
55% of all new car sales in Europe may be fully electrified by 2030. The foreseeable trends suggest that autonomous and shared mobility will increase greatly by 2030. AI, big data, and data analytics are assisting with self-driving cars, improve safety, maintenance, and even insurance. In other words, users value convenience and ease of use.
Practus provides clients with an advantage in estimating the amount of money to be injected to support ongoing operations and expansion goals, at varying levels of revenue, the P&L situation, cash/working capital requirements, and making preparations for manpower requirements.
The two most significant difficulties confronting the two-wheeler industry are the flattening of sales demand in mature countries such as Europe and Japan, and increased competition from other manufacturers. The increase in competition is exactly proportionate to the sales slowdown. Worldwide automakers are rethinking their platform approach as a result of increased competition, state authorities, and global consumers. The tendency toward modular architectures or mega-platforms is gradually displacing the earlier segment rationalization.
Practus can help increase two-wheeler vehicle manufacturers’ profitability with the use of value-added services. Automobile manufacturers, for example, have realized that financing and after-sales service may result in large revenues. Many parts of existing businesses have altered as a result of the rise of e-commerce, as well as the introduction of new enterprises with new business models. Existing businesses are being pushed to reconsider the most fundamental business relationship: that between an organization and its customers, leading to long-term prosperity.
The passenger vehicle market is a reflection of a country’s current economic climate. With their diverse range of designs and features which provide buyers with numerous alternatives that best suit their needs, the move towards technology adoption will generate more revenue for manufacturers and a better driving experience for end-users.
Passenger vehicles are witnessing rapid growth in emerging countries with rising per capita income and access to credit and financing. Implementing digitalization for providing the best car buying and selling experience, and 3D printing for spares, and optimizing production are reshaping the automotive landscape. Practus provides know-how of production analysis, analyses opportunities in terms of emerging revenue pockets, trade regulations, and technological innovations driving the market. Practus assists manufacturers with automated systems to bring efficiencies in the supply chain, inventory management, reconciliations, supplier and dealer management/payment, and value chain optimization.
The tech and industrial amalgamation has led several Original Equipment Manufacturers (OEMs) to introduce commercial vehicles with connectivity features, such as accident warnings, traffic data, weather reports, and updates on roadwork. The potential of connectivity and telematics has revolutionized safety, transportation, and logistics operations, and choosing high-quality parts has reduced the possibility of failures. The adoption of buses and coaches by the healthcare and tourism industries can be attributed to the segment’s rise.
Practus can assist the industry on a rebound with running current operations while preparing for an innovative future with new-energy and battery-powered electric commercial vehicles. Innovations such as fleet management and pay-per-use are leading a path to transformation. Practus makes you future-ready with technology adoption, automating your finance function processes, bringing in better clarity with dashboards for decision-making, and performance measures to improve profitability.
Electric and Hybrid
Electric automobiles are more expensive since they are more expensive to manufacture. As a result, consumers are hesitant to accept them. Electric vehicles could be less expensive if manufacturers increase manufacturing volume and take advantage of economies of scale.
Emission regulation and rising fuel prices make a strong case for the adoption of EV’s – despite the price. Practus assists industries to be prepared to take benefit of the upcoming opportunity. Most governments are promoting electric and hybrid vehicles as it decreases the dependency on crude oil and less environment is being polluted. Sooner or later the automobile industry is going to shift from gas to EV’s.
Practus helps manufacturers, and dealers understand the trends, balance their R&D investments, and prepare them for the adoption of technology that will ensure their market position in a fast-evolving industry.