In 2022, the world of Product Management is expected to get bigger and better. While digital product companies such as Amazon, Microsoft, Uber, and more have been the top recruiters for Product Managers, the demand for Product Management specialists has increased robustly across industries.
One such industry actively hiring world-class Product Managers is the Automotive sector. With technological advancements and changing consumer needs, the demand for Product Managers in the automotive sector has increased rapidly.
If you’re someone trying to break into Product Management and have a knack for technology and cars, an Automotive Product Manager role might be the perfect fit for you!
To understand more about Product Management in the automobile industry, continue reading.
Top Trends Driving Demand for Automotive Product Managers
1. Demand for Electric Vehicles on the rise
There’s no denying that electric vehicles are the next big thing in the automotive sector. EVs come as a sustainable alternative to the consumers, offer a rich feel and design, and have garnered immense support from governments. In addition to giants such as Tesla and Ford, we are seeing disruptive innovations from EV startups.
In this era of e-cars, Product Managers are playing a crucial role in creating products that tick all the boxes of customer requirements. Product Managers are responsible for creating features that make green cars compete head-on with traditional cars such as comfort, style, safety, marketing, and more.
2. Use of Artificial Intelligence
Self-driving cars are no more a dream! Top auto manufacturers are developing self-driving cars that are ready to change the face of the automotive industry.
It goes unsaid that the researchers, designers, and engineers are responsible for bringing the idea of self-driving cars to reality. However, Automotive Product Managers are playing a crucial role in enhancing the experience of a self-driving car.
Automotive Product Managers have sound technical knowledge along with excellent management skills. They are responsible from ideation to launch of certain features that make the end product a treat for its customers. This includes:
- Promoting and improving existing products and designing new products/features
- Coming up with target applications and product offerings in the over-competitive space of autonomous vehicles.
Pin3. Feature Packed Cars
Along with the aforementioned trends, consumers today demand vehicles with more features. From improved safety features to driving aid systems, while buying a car consumers are on the lookout for such features.
While luxury vehicles come with such features, but budget-friendly vehicles usually lack them! To build a product that rightly caters to the needs of a consumer and at the same time price the product correctly, identifying the right proportion of these features is necessary.
This is where a good Product Manager steps in. A Product Manager:
- Conducts market research for the most in-demand features
- Analyses competitor products, features offered, and price points
- Strategises which feature can be clubbed with which product to keep the product cost-friendly
- Discuss with engineering teams to incorporate features
- Works closely with marketing teams to market the features to the right audience in the right way.
For instance, getting the color right for a car is very important. Thus, a Product Manager for color analyses the top colors in-demand, works with stylists, and gets the color palette for cars approved and sourced.
4. Evolving Customer Buying Behaviour
The way we buy cars today has changed dramatically in the last 10 years. With technological advances, customer buying behavior is changing more rapidly. Could we have imagined buying cars online 10 years back? Today it is one of the most dominating trends in the automobile industry.
Brands are focusing on product-led business growth for which understanding the end-user is the key. Without understanding the audience, car manufacturers can never hit the right chords. This is where Product Managers come into the picture. Product Managers are responsible for:
- Understanding User Behavior – From conducting surveys to analyzing trends, Product Managers deeply understand How The Consumer Wants To Shop?
- Communicating – A good Product Manager effectively communicates the needs and wants of a consumer to the marketing and customer relationship teams. This helps in product marketing and launch.
We hope you found this blog informative. Interested in building a career in Product Management? If yes, schedule a call with our PM career expert today!
