Spotting India’s PRIME innovation moment
Deloitte-FICCI report
The theme of this report, PRIME: Promoting Resilient, Inclusive Manufacturing & Employment, reflects the urgent need to build a stronger and more inclusive economy. It brings together strategic insights and actionable recommendations for businesses across FMCG, retail, and e-commerce sectors.
Diving in to Digital : Journey to the future
Global drivers, technology players, and new-age digital partners are converging to realise greater value from connected vehicles. Through this report, we have explored connected cars through the Original Equipment Manufacturer (OEM) lens. In doing so, we have tried to explore the value that OEMs can create through connectivity and the implications for all stakeholders in the vehicle and driver ecosystem.
Journey through the future: Connected cars and OEM outlook in India
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Key considerations for OEMs
With connected cars gradually becoming ubiquitous, OEMs will have to consider a few fundamental questions from three perspectives—customer, platform, and data.
The way ahead
Over the next five years, connected cars are expected to change the way people perceive and use vehicles. By 2025, most cars in India are expected to be connected to users’ homes and offices. Partnerships between OEMs and insurance companies (who may want to use the data from the car to design personalised insurance products) are likely to increase significantly. By 2025, fleet management companies are also expected to gamify the entire e-mobility space. Taxi companies could use driver behavioural data to rank and reward their drivers. These have the potential to enable cleaner and safer driving experiences. For automotive players, the following considerations will help them realise their journey through a connected vehicle proposition:
• Connected Vehicle Platform (CVP) is not a software module or a standalone product. It is a platform that is enabled to provide differentiated value proposition to the customer through unique digital scenarios.
• Each use case and feature needs to be thoroughly researched before enabling it for the customer. There might be scenarios when a simple feature can provide the best experiences and drive adoption, while a negative user experience can harm the solution in its entirety.
• While auto OEMs will require initial handholding and technical support from external players, it is important for them to build self-sustainable capabilities and maintain these platforms in the future.
• The right go-to-market strategy, along with the timing of the launch may also have a bearing on the outcome. At times, a first-mover’s advantage can play a key role for certain use cases while the collective market could drive adoption for the rest.
• Partnerships with multiple players in the ecosystem, including competitors and government institutions are likely to play a key role in scaling up capabilities. Being agile and able to enter and exit out of partnerships at the right time can be the key to success.
• While connected car capability is a differentiated value proposition today, it is expected to eventually become commoditised in the future. The key to maximising its full potential is to continuously innovate and improve customer experiences over time.