Major elements of this growth opportunity include autonomous-driving innovations, connectivity enhancements, shared-mobility breakthroughs, and fleet decarbonization efforts. A variety of mobility trends indicate that the industry has reached an inflection point that fosters growth due to the accelerated changes to the ecosystem that have occurred over the past few years. We believe now is the time for industry incumbents to embark on business building strategies.
McKinsey’s research suggests that if made during early periods of turbulence, these kinds of investments can have an outsize impact on a company’s recovery later on. In fact, over 45 percent of them outperform the market, while only 30 percent that don’t make new businesses a top three priority do the same. They outgrow their markets more often and by greater amounts than competitors pursuing organic growth strategies. They’re right to prioritize it: companies that focus on building new businesses significantly outperform their peers. New business building is a top-five agenda itemĬorporate leaders are increasingly focused on building and scaling up new businesses, with eight in ten executives considering it a top five agenda priority. Looking ahead, we anticipate this trend to continue, reflecting the opportunities for new businesses to emerge. In the late 1950s, companies on the S&P 500 enjoyed an average tenure of 61 years by 2020, this had decreased to 20 years, showcasing the rapid pace of innovation and market adaptation. McKinsey research has observed an evolving trend in corporate longevity, indicating a dynamic business landscape. Furthermore, changes in business dynamics across industries suggest growth is becoming even more potent as other formerly key success factors like global supply chains falter in the face of the pandemic and other challenges. It protects incumbents and propels start-ups into the winner’s circle. Growth is everything in the automotive industry.
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