The transformation that the automotive industry—particularly in the U.S, but also globally—experienced in the past five years qualifies as "stunning," "historic," even "inspirational." Yet, this unparalleled ride likely will seem ho-hum in comparison to the modification the industry is poised to undergo in the coming decade.
The magnitude of these changes explains why consultants like Bain & Company Partner Klaus Stricker, who heads up his firm's automotive practice in EMEA, places quotation marks around "automobiles" when he describes how the way we think about cars is transforming. This fundamental rethinking is driven by breakthroughs in driverless operation, telematics, new powertrain concepts, new ultra-light manufacturing materials and new business models – including business models designed to profit from some Western consumers' declining interest in owning cars.
In 2009, at the depths of the global financial crisis, people were putting quotation marks around the "automotive industry" for a very different reason; they were questioning its viability. Germany-based PA Consulting automotive experts Thomas Goettle and Tobias Reich point out that many people were talking about the "endgame" in the automotive industry a mere four years ago.
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