NEW YORK, Aug. 24, 2017 /PRNewswire/ -- The study discusses the scope of Research & Development in Autonomous, Connectivity, and Electrification (ACE) technologies that can be leveraged to transform the business for automotive manufacturers. As the automotive industry is facing narrowing margins, the need to look to other revenue streams and also keep the customer committed to the brand is paramount. This can be achieved by providing an enhanced experience across the life cycle of the customer's ownership. Moreover, manufacturers need to look beyond seeing themselves as mere product suppliers and start focusing on creating a new identity as providers of mobility services, which will open the door for lucrative new digital revenue streams.
Automotive manufacturers are currently focusing on building fully connected and completely autonomous vehicles, as drivers expect next-generation digital technologies in their cars. As autonomous and connected technologies go hand-in-hand in building efficient self-driving cars, connected car technologies will create a drift in the automotive ecosystem to help automakers make a seamless shift from semi-autonomous driving to fully autonomous driving in the future.
In order to match the market expectation, OEMs' objective is to build cars that can change the form and function, as opposed to what is being offered now. Moreover, in the race to reduce the carbon footprint, OEMs are focusing on unique, customized strategies in building electric vehicles that help in achieving sustainability. Creating smart mobility solutions by conceptualizing the idea of sharing electric vehicles by optimizing cross-company collaboration is another area of focus for automakers to generate revenue.
Hence, OEMs are in the process of building next-generation electric vehicles with autonomous driving capability, which will ultimately create a synergy between OEMs and transportation companies in developing a cost-effective business model that leads to a win-win partnership. Moreover, several OEMs are seen as partnering with companies to provide an on-demand network of cars, object recognition, and development of HAD maps. Automakers are keen on building their next-generation infotainment platforms by partnering with key players in this space.
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