The automotive industry is one of the most important sectors of the global economy. It contributes roughly three percent of GDP and generates substantial tax revenues. Despite its size, the industry is constantly changing.
To stay competitive, automakers have to make big technological leaps, ranging from the implementation of advanced propulsion technology to the development of fully autonomous driving. But, in order to keep up, the industry will need to collaborate and form alliances.
In fact, the industry has been undergoing a historic digital transformation. It’s a time when the automotive industry is being reshaped into a digitally connected ecosystem.
Automakers can benefit from this shift by developing new technologies, improving productivity and developing customer-centric approaches. However, in order to achieve these goals, companies need to navigate a steep terrain.
Skills and improve
The key to success is in staying on top of the latest industry trends and learning from industry publications. These publications will help professionals increase their skills and improve their business.
Automotive professionals should also learn from books. Andrew McLauglin’s Market Structure and Innovation: The Global Automobile Industry’s Role in World Economic Development is a good example.
This book covers the global automotive industry, highlighting the various forms of internationalization and the corresponding benefits. There is also an emphasis on the need for firms to diversify their strategies.
While some people assume that working in the automotive industry means working beneath a car, it’s more complex than that. A variety of industries, from pharmaceuticals to communications, use robotics in their operations.