It would be a digital revolution sweeping through every corner of the industry. In addition, environmental challenges are becoming more emergences to new rivals from the outside sector. The industry has never been a time like the one we currently find ourselves in.
So Protolabs – as the world’s fastest digital manufacturer of custom prototypes and low-volume production parts – embarked on The Innovation Race, one of the most comprehensive pieces of research recently completed on the European automotive industry.
Through a survey of 300 senior executives from the likes of BMW, Daimler, JLR, Magneti Marelli, Volkswagen, and Williams F1, we explored the trends affecting the sector in the short and long-term, evaluating the actions it is taking in response.
Car-sharing, ride-hailing and rental and subscription alternatives to ownership are all seen as areas of huge disruption. Alongside this, 48% of respondents threat new competitors from Asia or America. This leads to the wholesale loss of Europe’s business.
Around 69% of respondents predicted environmental regulation to become significantly stricter. Adding on, around 65% believe green issues to see consumers against the traditional automotive industry.
In Italy, 88% of respondents are well-placed to meet changing consumer demand. A key figure is reflected by their colleagues in France (87%). The Italians are also the most confident about their ability to compete with new rivals. Around 86% predict growth prospects are high as compared to France.
So, the UK appears to be leading the European automotive sector in pioneering new approaches to fuel efficiency.
The research highlights the strides that the industry is taking to combat climate change. This results to meet the sector’s commitment to reduce CO2 emissions to 95g/km by 2020/21.