2023 outlook: Rising trends in the automotive industry
The automotive industry is coming out of one of its most challenging periods in history. There has already been plenty of discussion about how we arrived at this point, but what about the future ahead? What will be the trends that will shape the future of the automotive industry, and what is the outlook for the next evolutionary step in automotive manufacturing?
We recently discussed this with several RSM automotive experts, including Mario van den Broek (Partner and Automotive Leader, RSM Netherlands), Richard Bartlett-Rawlings (Partner and Head of Automotive Manufacturing, RSM UK), Jim Ward (Partner and US Automotive Leader, RSM US), and Larry Keyler (Partner and Global Automotive Leader, RSM US). In this article, they share some of their predictions for 2023 and beyond.
Global headwinds make their mark
The industry is continuing to deal with major global disruptions, not just from COVID-19, but from so many other elements of the global economy. Factors such as the tensions in Asia Pacific and the war in Ukraine have created a climate of uncertainty and hesitation. Then, of course, shortages from microchips to labour are affecting almost every touchpoint along the automotive supply chain.
However, one of the most significant global trends continues to be the industry’s focus on the development of electric vehicles (EVs), whether it is improving battery performance or expanding the charging infrastructure. These ambitions are resulting in a significant increase in research and development (R&D) by vehicle manufacturers, who seem to be charging ahead with EV technology despite the many other challenges they currently face.
Autonomous technology takes a backseat
The breakneck pace of development is a sign that manufacturers remain bullish on the future of EVs. In fact, it seems as though every month brings a new advancement that