The Household Market and Migration and Urbanization sections: (Essay Sample)

Student’s Name Instructor Course Date The Household Market and Migration and Urbanization sections: Urbanization, migration and the household industries have got one major similarity, they all involve ownership of vehicles. Vehicles are a vital part of the economy of any given country or region which makes up the automobile industry. The automobile industry has experienced a lot of changes in the past years, however. In this paper, one exclusive economic model will be applied to explain the recent shifts that have taken place in the automobile industry. The automotive industry has been going through quite a number of transitions in the recent years which can be explained by the automotive business model disruption. The model explains the most significant challenges that the automotive industry is facing currently which include the transition from the production of products to release of products and services, electrification, autonomous driving and mobility services. This model is built upon three major pillars: consideration of electric transformation as a minor challenge, the speed at which Silicon Valley is transforming the automotive industry and the manner in which autonomy drive complexity digitalization is hindering Old Equipment Manufacturers from producing better equipment. Most automotive companies have partnered up with non-traditional entities in the recent years, outside of the usual OEMs. This has enabled the automotive industry to find ...