It’s no surprise to state
that the car market is VERY competitive. In 2016, 44 automotive brands were
offering nearly 400 different model types to UK consumers.
Keeping up with consumer expectations in an increasingly
crowded market is difficult, especially as an industry which has lengthy
production cycles. Time to market stretches over many years. A vehicle that
looks like a perfect product market fit at conception, might find that the
market has changed by the time it rolls off the product line.
Likewise, once a vehicle is in the market it’s there for
many more years.
Manufacturers can’t easily roll back the production line
to make changes or match the speed that other industries can.
However, the slow pace of time-to-market
can also be a huge opportunity for automotive brands. Innovative vehicles
that address gaps in the market can enjoy years of success while the
competition scrambles to catch-up.
Like Tesla (world’s
largest electric car producer) they can keep their production pace slow because
they are not only producing a car full of new technology which is affordable
and environment friendly and they are the leaders when it comes to selling
electric cars so consumers won’t mind waiting like how the consumer waited for
tesla model X the consumers even paid at the release of model X concept and
waited for about 2 years for it.
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