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SOURCE The Boston Consulting Group
Regulatory Mandates, Changing Consumer Expectations, and Technological Advances Are Driving Increasing Innovation, According to New Research by The Boston Consulting Group
DETROIT, Jan. 13, 2014 /PRNewswire/ --The global automobile industry is entering a new golden era of innovation and advancement, and the ability to innovate in four key areas-power train, lightweight materials, connectivity, and active safety and assisted driving-will be a major factor in individual carmakers' success in the years ahead, according to new research by The Boston Consulting Group (BCG).
The research, released today during the press preview of the North American International Auto Show in Detroit, draws on several sources, including the results of a new U.S. consumer survey, an analysis of patent filings, BCG's annual study of the world's most innovative companies, and the firm's experience working with major automotive companies around the world. The findings will be published in a BCG report later this month. Here are a few highlights:
Innovation in the global automotive industry is intensifying.
The focus on innovation has been in four areas: power train, lightweight materials, connectivity, and active safety and assisted driving.
Consumers value the introduction of new technologies and features.
"Innovation in the automotive industry is retaking center stage," said Xavier Mosquet, a BCG senior partner and coauthor of the study. "Consumers want to buy cars from companies that bring new technologies to market, and connectivity, safety, and fuel efficiency are three of their top priorities. The ability to innovate in these areas will be a major factor in individual automakers' success in the coming years."
Regulatory and marketplace demands with respect to fuel efficiency, connectivity, and safety, as well as technological advances that are making new features possible and reducing their cost, are driving the renewed focus on innovation.
Mosquet, who coleads BCG's global Automotive practice, and his coauthors say that OEMs and tier-one suppliers need to address three areas with a sense of urgency:
"Other areas of innovation loom large as well, such as alternative fuels and assisted driving," said Massimo Russo, a BCG senior partner and coauthor of the study. "Those automakers that determine how to organize themselves to harness and direct fast-moving developments in power train, lightweight materials, and, most critically, software, electronic components, and connectivity will establish a decided advantage over competitors in the near and longer term."
A copy of the upcoming report, Accelerating Innovation: New Challenges for Automakers, will be available later this month at www.bcgperspectives.com.
For more information on the research or to arrange an interview with one of the authors, please contact Dave Fondiller at +1 212 446 3257 or email@example.com.
About The Boston Consulting Group
The Boston Consulting Group (BCG) is a global management consulting firm and the world's leading advisor on business strategy. We partner with clients from the private, public, and not-for-profit sectors in all regions to identify their highest-value opportunities, address their most critical challenges, and transform their enterprises. Our customized approach combines deep insight into the dynamics of companies and markets with close collaboration at all levels of the client organization. This ensures that our clients achieve sustainable competitive advantage, build more capable organizations, and secure lasting results. Founded in 1963, BCG is a private company with 81 offices in 45 countries. For more information, please visit bcg.com.
Bcgperspectives.com features the latest thinking from BCG experts as well as from CEOs, academics, and other leaders. It covers issues at the top of senior management's agenda. It also provides unprecedented access to BCG's extensive archive of thought leadership stretching back 50 years to the days of Bruce Henderson, the firm's founder and one of the architects of modern management consulting. All of our content-including videos, podcasts, commentaries, and reports-can be accessed by PC, mobile, iPad, Facebook, Twitter and LinkedIn.
1 OEMs include Toyota, Ford, BMW, General Motors, Volkswagen, Hyundai, Honda, Audi, Daimler, Kia, Nissan, Tesla, Fiat, and Renault. Tier-one suppliers include Continental, Denso, Bosch, Panasonic, Valeo, TRW, and Hyundai Mobis.
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