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Something fantastic

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SCV Consumer Trend Canvas_Fung Ching Yin, Tom

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SCV Consumer Trend Canvas_Fung Ching Yin, Tom

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SCV Consumer Trend Canvas (individual submission)

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SCV Consumer Trend Canvas.pptx  -  Joshmuel

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SCV Consumer Trend Canvas.pptx  -  Read-Only

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The disruptive trend that I have identified in the market is how Autonomous Vehicles have impacted the transportation industry.

What basic needs does this trend address?

Autonomous Vehicles satisfy the need for safe transportation be reducing human error and judgement in various road traffic situations. It also satisfies the need for efficient transportation, especially in urban cities, by optimising routes, which allows for potential time savings and minimal congestion. Lastly, autonomous vehicles enable increased mobility and transportation choices for the disabled and the elderly.

Why is this trend emerging now? What’s changing?

The trend is likely emerging now due to vast improvements in technological capabilities and the increased availability of data sources. The enhanced precision of Artificial Intelligence including reinforcement learning and deep learning has enabled Autonomous Vehicles to command a greater share of the transportation industry. Lastly, the increased computing power through chips have enabled this trend to emerge now. On a social front, the increasing desire for cost reduction and efficiency has facilitated the emergence of this trend.

How are other businesses applying this trend successfully?

Admittedly, Autonomous Vehicles are in their early stages, with its potential not yet fully realised. That acknowledged, companies such as Waymo and Tesla are testing self-driving vehicles, while working on increasing its precision. Closer to home, the Land Transportation Authority (LTA) has also been launching pilot programmes for Autonomous Vehicles.

What new consumer needs, wants and desires are being created by the Drivers of Change? Where and how does this trend satisfy them?

With greater strides being made in the technological space, there is greater expectations for cost efficiency, time savings and improved safety. This also creates a greater desire for convenience and making sustainable choices. Through leveraging AI and increased computing power, Autonomous Vehicles can increase safety by detecting hazards more accurately, while also increasing time efficiency.