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