- Electromobility- The new trend of electric and plug-in hybrid vehicles has completely challenged the existing automotive industry. The trend gave rise to new entrants who were able to successfully compete and challenge the existing core industry models. The new technology advancement definitely opened the door for a new successful business market as well as new opportunities and prospects in various domains.
- Networking competency digitally- Networking competency plays a major role which can be observed by companies such as Apple and Google who got expertise which is desirable for digital products and application development as well as in vehicles, networking subsystems, and other infrastructure. The following expertise creates a significant edge in digital networking and autonomous driving.
- Competency of data- Big data which really created a huge demand in the sector is quite a challenging topic and the potentiality is still unknown, enabling new digital business models where a large amount of data was handled with great competency. Entrepreneurs got a lot of potentials to discover new business models such as in the online advertising domain, paid network channels.
- Strength of the Capital: Companies like Amazon, Google or Apple is backed up with a high stock market around the world which gives them potentiality to venture into automotive industry especially in the autonomous or electrical vehicle industry and invest in new start-ups, gives a better financial means to overcome competitive barriers and become a leading technology expert in your interested domain.
- Experiencing disruption: To break the traditional concept in the automotive industry, it’s either to work as a joint venture with already established automobile companies or develop something of your own which can break through the market. Uber and Ola, can be called as a result of creating disruption with using the existing technology and launch it with an economically gifted wrapped up business model to the customers. Google Ad-sense and Uber business model completely challenged the traditional business structure.
Source:- Commercial Vehicle Technology 2018 by Karsten Berns et al.