New York and Bangalore, India–(business wire) — The North American automotive industry is undergoing a paradigm shift. The transition to electric vehicles (EVs) is underway, but far from complete. Software-defined cars are demanding original equipment manufacturers (OEMs) to think like technology companies, giving customers a smart, digital-first retail experience and instantly updatable cars that feel like new every day. Expect both cars.
To understand the readiness of automotive executives for this shift, Wipro (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, hired more than 100 North American automotive industry CXOs. surveyed to measure the industry’s plans and forecasts for EVs. and internal combustion engine (ICE) vehicles.
In our research we found:
Automotive CXOs are ready to run the three identified components of the automotive future, with more than 70% ready for the transition to EVs and software-defined vehicles (SDVs), and 63% ready for You feel ready to run your digital customer experience.
The price gap between ICE and EV vehicles is expected to continue to narrow, with 81% expecting battery technology costs to fall between now and 2025.
To prepare for this industry shift, 53% of OEMs are looking for vertical integration to solve supply chain problems, and nearly 70% of industry CXOs are looking for battery-as-a-service, swapping and data revenue. enthusiastic about new business models such as Battery condition monitoring system.
“The automotive industry and the vehicles of the future are undergoing unprecedented transformation. Between now and the end of the decade, the automotive industry will be built on sustainable business models, enabled by cross-sectoral cooperation, We anticipate converging into a technology-driven ecosystem designed to deliver intelligent, customer-centric mobility solutions.” Ashish Saxena, Senior Vice President and Sector Head, Manufacturing and High Tech, Wipro Limited, said:
Nearly 45% of respondents predict that the future of auto retail will be led by tech giants. Balancing ecosystem collaboration and competition among manufacturers, suppliers and technology companies is essential for traditional auto companies to succeed in this new environment.
EV stakeholders agree on the need for collaboration, but take a different approach, citing joint ventures, mergers and acquisitions, and joint research and development as key strategies. In addition, 53% cite regulatory issues as a key challenge for future vehicle development.
“Our research found multiple competition-driven opportunities in the EV ecosystem. Jaydip Mukhopadhyay, Vice President of Automotive North America, Wipro Limited. “Whether it’s the gigafactory of the future, cloud-enabled battery management systems, vehicle-to-grid integration, or wireless charging and commercial EV fleet solutions, a collaborative approach by OEMs and technology partners will ultimately help all relationships. We offer the best value to our customers.”
For more information, see the full report here.
About Wipro Limited
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading technology services and consulting firm focused on building innovative solutions for clients’ most complex digital transformation needs. . Leveraging our comprehensive portfolio of capabilities in consulting, design, engineering and operations, we help our clients realize their wildest ambitions and build future-proof and sustainable businesses. With more than 250,000 employees and business partners in 66 countries, our company delivers on our promise to help our customers, colleagues and communities thrive in an ever-changing world. For more information, please visit www.wipro.com.
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