According to McKinsey & Company’s report, the global automotive industry will see an increase in profits to EUR 79 billion by 2020. Emerging markets are projected to grow more than three times as fast as established markets. The total contribution of emerging markets is said to amount to an approximately two-thirds of the total automotive profits.
The automotive profits over the last decade were derived from various contributing factors across different markets; they are namely an overall increase in domestic and export market demand, changes and restructuring in automotive policies as well as innovations through the use of technology. Of which, technology is seen as the most significant disruptor which will redefine the future of the automotive industry, opening new roadmap for technology-driven automotive and tyre businesses around the world.
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