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Innovation in the automotive industry: can data-driven business models make a change?
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This work analyzes current challenges, future innovations, and business models of the automotive industry. Therefore, it analyzes research and conducted expert interviews. Electrification, connectivity, autonomous driving, and COVID-19 were identified as current challenges. Telematics and data exploitation were identified as two fields on which new business models can be based. Telematics increases value by improving the safety, comfort, and efficiency of vehicles, while customers are willing to pay for it. Literature sees even higher potential in data exploitation than experts. Both agree that the industry needs to increase innovativeness to not become a hardware supplier of a digital product.
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Innovation Business model innovation Future mobility Automotive industry Electric vehicles Autonomous driving Telematics V2x Case Aces