Results

Harman International Industries Inc.

11/02/2021 | News release | Distributed by Public on 11/02/2021 09:18

How Will Electrification Shape Your Mobility Experience? Dive Into the Latest EPM Advisory Council Report

The automotive industry has been undergoing a massive transformation, centered around the evolution of technologies that enhance the overall mobility experience. So what goes into creating stellar 'Experiences Per Mile'? Defined as hyper-individualized, customizable experiences that aid consumers in making their time in the car time well spent, we at HARMAN believe that Experiences Per Mile is a crucial pillar enabling the mobility industry's transformation. We developed the Experiences Per Mile (EPM) Advisory Council in tandem with SBD Automotive, comprising of top industry automakers, tier-one suppliers, third-party suppliers and other industry leaders.

Given the recent and rapid advancement of vehicle electrification solutions within the broader automotive industry, the EPM Advisory Council chose to explore how Experiences Per Mile differ for electric vehicle owners. Read on to learn more about the council's fascinating findings.

As the council worked tirelessly to interview thought leaders and conduct independent research, our findings were based on two key assumptions:

  1. A likely proliferation in the adoption of EVs, and
  2. Global charging infrastructure will catch up with and meet the level of demand

The opportunities these fundamental assumptions create for consumers cannot be overstated. New chances to purchase and participate in the EV space will only increase in the coming years, and we should all be ready! As investment grows from across the industry -- from OEMs to broader automotive technology players, coming together to accelerate the electrification of vehicles -- consumer interest in EVs is soaring as well. The automotive industry's ability to adapt will be crucial in creating distinct Experiences Per Mile that succeed in electric vehicles. While this opens the door to new technologies and solutions, it also opens the door to new risks in the automotive ecosystem.

The advisory committee's report examined the top 10 new dynamics in the EV Market:

  1. The major conclusion of the new report is: 'Experiences Per Mile' are different for electric vehicle (EV) owners compared to traditional ICE vehicle owners.
  2. The transition to an electric future is affecting consumers across the world differently and shows a different pace of adoption by major regions.
  3. Collaborative, consumer-centric innovation is critical to promote better experiences for the Electric Vehicle future.
  4. The EV consumer is looking for better experiences more now than ever before and is at a state where he/she can finally appreciate various Experiences Per Mile solutions.
  5. There is an opportunity to acquire new customers from competing OEMs during the global electrification race, due in part to the lack of available EV options by every manufacturer.
  6. The EV value chain is complex and adds several layers, integrating markets that were not closely linked to the automotive industry in the past.
  7. Electrification affects the entire consumer lifecycle, from purchase consideration through the secondary market, creating new business opportunities for automakers and other businesses throughout.
  8. The EV Market attracts distinct 'consumer personas' included in the report in this early market stage. It is expected that this will change as wider adoption occurs.
  9. EVs are flagships for new technology, creating new opportunities and risks for the entire automotive industry and creating a stronger demand for Over-the-Air Updates for EVs and charging stations.
  10. As vehicle powertrains are shifting, so is the connected world, colliding to create new opportunities and hyper-individualized experiences that solve for real consumer needs.

How Electric Vehicles Alter Current Experiences Per Mile

Our research showed that the thought process behind an EV purchase is much different and deeper than the approach taken when buying a traditional, gas-powered vehicle. We found consumers take more time to carefully research electric vehicle options than they would otherwise. They also take additional time to make decisions among electric vehicles and train themselves on their chosen vehicle before committing, given the extended lifecycle that EVs offer when compared to their gas-powered counterparts.

Barriers to Electric Experiences Per Mile

In addition to outlining the possibilities for growth and prosperity, the EPM report also gives insight into the barriers still in place that must be broken down to achieve full EV adoption. Most notably, charging infrastructure must continue to be developed and implemented to support the surely marked increase in charging needs. Consumers too are continually voicing concerns over range limitations presented by EV adoption.

To summarize, the EPM Advisory Council's EV report outlined one crucial fact: It's not a matter of if EV adoption will transform the automotive industry, but when it will. As environmental factors continue to make widespread EV adoption even more necessary, consumer preferences will change and their in-car experiences must change to suit their new needs, as well. Want to learn more about our interesting findings from the report? Download it here.