To say the global automotive industry has been through the wringer in the past 17 months is an understatement. From pandemic-provoked production shutdowns and an accelerated shift to virtual sales to crippling parts shortages and a planetary climate crisis, manufacturers and suppliers have been fighting one virtual (and literal) fire after another for more than year.
And if that weren’t enough, the automotive industry is already going through major structural changes as a result of several megatrends, including a shift toward electrification, autonomous driving, connected technologies, and shared mobility. To thrive—or even just to remain viable in the new market reality— suppliers should shift gears and adapt to the rapidly changing nature of their business.