Whilst auto markets in the US and Europe have enjoyed unprecedented growth in recent years, momentum is starting to slow, according to a new report by Boston Consulting Group (BCG).
The precise timing of the next downturn is difficult to predict, but when it hits, the impact will be unlike anything the auto industry has experienced.This is further exacerbated by the need to invest into new technologies and alliances to ensure long term survival
The automotive sector illustrates the difficulties faced by industry with worsening consumer sentiment, loan delinquencies and newcomers looking for disruption.
BCG’s latest report, ‘An Automotive Downturn Is Coming – It’s Time to Prepare‘, advises on the measures that can help automotive companies prepare and respond by creating a downturn plan, building this into existing processes and making appropriate investments:
It’s increasingly clear that the automotive industry is in the early stages of a downturn, but while contractions create uncertainty, they also introduce significant opportunities to drive value for the long-term. Act quickly and decisively to embrace a new more strategic playbook and emerge stronger.
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