New research conducted by Wards Intelligence for Hexagon’s Manufacturing Intelligence division reveals that traditional carmakers are not prioritizing the adoption of Industry 4.0 processes, and risk being blindsided by new market entrants. Big Tech and unicorn start-ups from Silicon Valley, the UK and China are disrupting the electric vehicles (EV) market with advanced digitalization and automation capabilities, enabling time-to-market reductions from several years to as little as three months, notes Hexagon. The EV market is projected to soar to global sales of 34.7 million by 2030, and it is critical for OEMs to match the disruptors’ pace of innovation in order to participate. Despite this, only 48% of the auto industry report they plan to invest more in the types of Smart Manufacturing strategies their competitors are using, while 25% have no plans. The research finds that only 8% of carmakers see pure-play EV manufacturers as a threat, yet Tesla is already the market leader for battery electric vehicles (BEVs), while the likes of Lucid are rapidly scaling up with vertically-integrated EV production.
With the continued growth and evolution of Advanced Manufacturing International, Inc. (AMI), the