A new KPMG survey finds that auto industry executives are not focusing on many of the issues that consumers are interested in, and that could put them at risk.
KPMG’s 2015 Global Automotive Executive Survey found that despite the consumer trends, innovation in tech is low on the agenda for auto industry leaders.
The survey’s authors say that the leaders are placing less emphasis on newer, industry-changing developments such as self-driving cars, in vehicle connectivity, designing vehicles for urban environments and more mobility services.
This points to a “major disconnect” between the priorities of the auto companies and their customers who are looking for cutting-edge technologies with their vehicles.
“Relying on traditional trends could leave major auto players highly vulnerable to new competitors eager to attract the never-offline customer of today with continued innovation in mobility services and vehicle connectivity technologies,” says Peter Hatges, National Automotive Sector Leader.
The survey also found that 92 per cent of North American respondents forecast an increase in demand for small and basic cars in coming years; they don’t anticipate self-driving cars on Canadian roads for at least 20 years; and the high profile recalls in recent years have led to consumers being more concerned about product safety than before.
The study’s authors say that the industry leaders need to pay closer attention to the broader consumer trends to ensure they are keeping pace with customer expectations.
“More and more car consumers are expecting vehicle manufacturers to surprise and delight them by integrating new and innovative services and mobile apps into the car driving experience,” says Hatges. “In a lot of ways, the car is the final frontier – following the home and the office. Traditional automotive players must reassess their priorities to keep abreast of consumer demands and stay ahead of the game.”
KPMG interviewed more than 200 senior executives from the world’s leading automotive companies, including automakers, suppliers, dealers, financial services providers, rental companies and mobility solution providers.
