Leading the Transport Revolution Through Autonomous Technology

Autonomous Vehicles (AVs) are fundamentally changing how we drive and are anticipated to generate between USD $300 - $400 billion in revenue over the next decade. The technology’s adoption has marked the beginning of a transportation revolution but, naturally, its complexity poses several challenges to industry leaders.

Our automotive experts provide insights on how industry leaders can strategically integrate autonomous technology to maintain a competitive edge in this highly regulated and rapidly evolving market.

A strategic and agile approach

AVs are presenting an entirely new set of considerations for automotive leaders to navigate. As this technology continues to develop, it is crucial for original equipment manufacturers (OEMs) and suppliers to navigate this changing environment tactically to capitalize on the opportunities while addressing the obstacles.

The various challenges include technological complexity, regulatory hurdles, consumer acceptance, road safety concerns, infrastructure requirements and cybersecurity risks. However, significant opportunities lie in increased safety, improved mobility, efficiency gains, new business models and data-driven innovation.

A key challenge for OEMs and suppliers is the financial capacity to invest in and implement new technologies. Some have opted to scale back their investments or redirect their resources that are more financially viable, particularly as light detection and ranging (LiDAR) technology, the system required for full autonomous driving, is still too expensive for the broader market and therefore making it challenging for many manufacturers to incorporate them into their current business models.

To overcome these challenges, automotive companies are adopting several measures:

• Building alliances: Establishing partnerships with governments, technology providers, and other stakeholders is critical to addressing regulatory and infrastructure challenges. By collaborating with these stakeholders, OEMs and suppliers can help shape regulations and standards that promote safety and innovation while addressing infrastructure requirements.
• Fostering public acceptance: Engaging with the public to increase awareness of the benefits of autonomous technology, addressing safety concerns and showcasing the potential of this technology to improve mobility.
• Advocating for industry-wide standards: Promoting industry-wide standards and best practices for the development and deployment of autonomous technology is critical to ensuring safety, interoperability, and public acceptance.
• Prioritising safety and security: Implementing robust measures to address consumer concerns and mitigate risks.
• R&D investment: Devoting resources to overcoming technological challenges and developing reliable autonomous systems.
• Leveraging data: Utilizing data generated by autonomous vehicles to enhance performance, safety, and the overall mobility experience.

An agile approach is essential when integrating autonomous technology into operations. As the industry evolves, it is imperative for OEMs and suppliers to remain responsive and adaptable, embracing new technologies, business models and partnerships across the broader mobility ecosystem. By doing so, they can drive innovation, enhance their competitive advantage, and play a leading role in shaping the future of mobility.

The future-ready leader

Essential qualities include strong technical expertise, innovation, customer-centricity, adaptability, and a commitment to sustainability. Leaders must skillfully address obstacles, promote innovation, and align strategies with market trends to ensure long-term success in this dynamic environment.

Talent strategy

Diversity in skills and experiences is essential for driving innovation and growth. Companies are recruiting talent from various sectors, such as technology, aerospace, consumer electronics, academia, and start-ups, to bring fresh perspectives and ideas. 

Odgers Berndtson plays a vital role in this dynamic landscape, offering expert guidance to companies in recruiting innovative leaders, providing valuable insights on organizational structures and fostering strategic partnerships. With a deep understanding of the industry and genuine commitment to client success, we are a key partner for companies looking to navigate the complexities of the sector and assemble high-performing, innovative teams that are poised to lead the way in shaping the industry’s future. 

Get in touch. Follow the links below to discover more, or contact our dedicated leadership experts from your local Odgers Berndtson office here.