Business Pulse: A market on the move
Competition and emerging market demand growth in automotive
With growing economies, a growing middle class and low vehicle penetration rates, emerging markets are the key source of growth for today’s global automotive industry. China, Brazil and India are just three new markets critical to, and fueling, this growth. Emerging market demand growth1 is ranked third in a recent global study by EY called Business Pulse: exploring the dual perspectives on the top 10 risks and opportunities in 2013 and beyond. We examine this opportunity within the automotive sector and its impact on competition.
Relevant questions for the automotive sector:
- If your company is based in an emerging market, how do you plan to compete with Fortune Global 500 players that are also targeting these markets?
- Which strategies do you have in place for dealing with market instabilities, government policies, regulations and environment?
- How do you adapt and adjust to your customers right now?
- Do you have a scenario(s) in place for the next five years?
- How do you balance between producing new and innovative design globally and the need to be flexible to meet local demands?
- How do you use new technologies in your product development and for customization?
- Do you have the right talent, cultural understanding, age profile, experience and skills to create credibility and relationships with critical stakeholders (e.g., regulators, company officials and key business)
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