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The Future of Automobile Industry in 5 Years

The Future of Automobile Industry in 5 Years

Covid 19 has extensively shut down the factories and plants worldwide, extensively minimized traveling, reduced the sales ratio of the automobile sector, and has caused a great number of downsizing, it is very important to wonder what the next normal is for the auto industry sector. Covid 19 has caused automobile businesses to keep their workforce on a short-term basis due to the complete shutdown of business operations. It has been estimated that the top businesses in the auto sector will have their profits declined by approximately $100 billion due to the drastic effects of a pandemic. It will take a good deal to recover from the huge plunge when it comes to profitability.

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If we talk about things at the operational level, the pandemic has increased the developments in the automobile industry such as increased growth of online traffic and significant willingness of operational equipment manufacturers OEM's to collaborate and cooperate with their business partners to address and overcome the great number of challenges lying ahead of them within the industry. One of the great advantages that automobile industry owners and leaders may get benefit from is reinventing and reimagining their organizational operations and systems. One of the most important and key factors that can prove resourceful for the automobile industry includes focusing on continuous revenue streams, digital channels, developing a strong and resilient supply chain, having a wise and intelligent decision-making ability. Now is the time to grab this opportunity to make extensive changes in the business models when the whole world of business is experiencing and going through a new shift and online business and taking things online is the new normal. The consumers and buyers of the automobile industry are now utilizing the online platform more than ever before and automobile industry leaders have understood the game while taking necessary steps and decisions by revising their business structure to meet the standards and protocols of working online and by streamlining their industry structure according to the expectations and demands of the consumers because there are very well familiar with the fact that remote selling is becoming the new normal.

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