5 Challenges Faced by Automotive Industry Today

 

The automotive industry is an ever-booming industry in a global scenario with various ups and downs at different phases of its lifespan. This industry is an integral part of the global economy and has seen many challenges in recent times. Since the beginning of this year, with the pandemic and covid19 situation, the automakers have adapted to the various transformations in full swing.

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A paradigm shift has been observed in the functionality and operational know-how of the automotive supply chain. The entire eco-system is currently scrambling to change, pertaining to the shifting consumerism and technological developments. The various critical challenges that are faced by this industry today are:

·       Excess production and related costs: With the manufacturing units critically acclimatizing to the current situation, COVID19 has surely made them face the brunt in terms of the balance between customer demands and production. There have been reduced demands of the vehicles owing to various reasons for job crisis, decreasing paying parity of households, etc. But by the time enough costs have already been drained for labor, production, raw material, etc. Therefore, overcapacity is one of the major challenges faced by the automotive industry in these times.

·       Connected Industries & Implications: Automotive industry depends and relies on various other industries and technologies for its optimum production and performance. The advent of this has led to a huge amount of liable data to be stored, transferred, and analyzed. This requires a lot of planning and cross-channel integration, right from safety to service. And this has also increased the complexity, thus, posing a great challenge over the automotive industry.

·       Self-driving Evolution: The self-driving evolution is a revolutionizing breakthrough of this century, but has emerged as a pivotal challenge in the automotive industry. However, be the hype for electric vehicles, they are still not able to make a captivating market for themselves. This can be stated due to the lack of charging stations across the nation. Another reason for electric vehicle evolution is a challenge for the industry is the limited range of notable electric vehicle brands.

·       Sustainability: Harmful emissions have proved to be a major hassle for the global automotive manufacturing sector. With air quality all around the globe deteriorating by the day on account of fuel-powered vehicles, the automotive industry has come to be governed by a stringent regulatory spectrum. Regulatory authorities have introduced an emissions cap, to be strictly adhered to by automakers. In this context, it would be appropriate to state that sustainability challenges in the automotive industry are gaining more precedence than ever before. 

·       Millennial Demands: The ever-rising demands of the millennial generation is posing a challenge for the automakers to comprise. The requirements of personalization, conversational interfaces in automotive manufacturing demands for more & more technological advancements and thus calls in for a great challenge within the industry.

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