Global Preference for Hybrid Electric Vehicles

Researches suggest that more than half of customers in APAC choose a hybrid electric car over others, showing a preference change.

FREMONT, CA: EVs have extremely distinct needs from raw materials to final assembly, automakers must prepare for a smooth transition to EVs. Hence, technology-driven goals will concentrate on boosting automation, developing in-house solutions, and improving visibility throughout their respective supply and production chains.

Studies suggest that automakers would soon be under strain to satisfy consumers' rising demand for electric cars (EVs). Though automakers appear prepared to invest in technological innovation despite the economy's dynamics, anticipating an increase in tech and manufacturing infrastructure spending in 2023, they are under high pressure to deliver products that are more environmentally friendly, sustainable, and safe for the environment.

Many new-generation customers feel sustainability and eco-friendliness are vital factors in their decisions to buy or lease a car, driving the automotive makers to accelerate technology innovation. The option to personalise a car to one's preferences is something that consumers are driving as customisation receives more attention. Customers identify that customisation choices influence their choice to buy a car, and fleet managers presume this aid in sustainability and personalisation.

While it's encouraging that consumers are moving towards a greener automotive future with a greater preference towards electric vehicles, seven in ten decision-makers in the automobile sector admit it's challenging to keep up with rising customisation requests. This is a signal to automotive decision-makers to actively invest more in safer technologies and robust infrastructure to better serve their customers. Building strategic alliances with internet businesses are seen as a major objective for automakers worldwide for their upcoming generation of production.

Most customers and fleet managers desire complete transparency throughout the production process. They place a high value on data and information openness, and they both want deeper insight into the automobile ecosystem. They emphasise the significance of having access to manufacturing information to assure its sustainability and to comprehend the process of its evolution. This generation is leading the charge in calling for greater transparency in the automotive manufacturing industry. They also wish to have clarity on the data utilisation the automotive ecosystem will have on them.

Yet, only three out of ten decision-makers in the automotive sector believe they would prioritise integrating real-time data systems to allow a comprehensive picture of operations and boost visibility throughout the supply chain during the next five years.

Manufacturers are advancing their investments in technology to produce more individualised and environmentally friendly automobiles to suit shifting consumer needs. To develop the next level of consumer trust, businesses need to increase their end-to-end supply-chain visibility. Tech experts opinionated that digitalising processes using RFID and tough portable mobile computers may ensure that both rules and sustainability requirements are satisfied effectively and efficiently by providing real-time visibility across the supply chain. With assistance from tech companies, they can improve their operational skills through digitisation with various technologies, including the Workforce Connect platform.

Over seven out of ten decision-makers in the automotive sector concur that digital transformation is a strategic priority for their company. They expect to increase their use of technology over the next five years, concentrating on supply chain planning solutions.