May 21, 2014—A recent survey of automotive industry leaders by PricewaterhouseCooper (PwC), a provider of assurance, tax, audit and advisory services, revealed that nearly 80 percent of CEOs believe technology advances will transform the auto industry in the next five years.
The 17th annual survey, called “Fit for growth: The automotive industry—Where it’s going and how it plans to get there,” also revealed that more than half of the 1,344 officers surveyed currently have a program underway to implement technology investments.
"From the purchasing process and ownership experience to in-vehicle infotainment and fuel-efficiency expectations, technological advancements are radically changing the automotive industry," said Rick Hanna, PwC's global automotive leader. "Beyond the customer, automotive CEOs are betting on advancements in technology when managing their supply chains, driving innovation, developing integrated infrastructure models and attracting talent."
The survey also highlights CEOs increased concern about the availability of key skills in science, technology, engineering and mathematics (STEM). This year 63 percent of CEOs aired concerns about finding workers with STEM skills, up 14 percent from last year.
Other key automotive CEO survey results:
- 91 percent see a need to adapt their talent strategy in response to global trends
- 57 percent say they're concerned that inadequate basic infrastructure could threaten growth
- 56 percent are somewhat or very concerned about supply chain disruption.
- 45 percent say they are planning to increase headcount
- 20 percent have already started or completed change programmes to their supply chains
The full study can be downloaded at pwc.com/auto.
