The market for luxury vehicles isn’t an easy one for new businesses to break into. But Lucid Motors is attempting to do just that thanks to a few key trends.
Those trends include the proliferation of the electric car, cars that are highly connected, the increased use of ride-sharing and the advent of autonomous vehicles. So the Lucid Air is completely electric powered and features a number of screens with connected features throughout the vehicle. It puts a big emphasis on the passenger experience, providing enough room for comfort and also including screens in the back seat. And the company is testing autonomous driving features as well.
Peter Rawlinson, Chief Technology Officer of Lucid, tells TechCrunch that these four trends aligned at just the right time for this type of vehicle to take off.
It’s unlikely that tons of small businesses are also trying to break into the luxury vehicle market at the moment. But if you’re trying to break into any industry that might be difficult for newcomers, you can learn something from Lucid’s approach.
Breaking Into Tough Markets
If you’re going to break into an industry that’s full of established brands, you need an angle. No one is going to choose a brand new business over an established one if you just offer the same exact thing.
So you could take advantage of other trends like sustainability, subscription models or even AI. These trends can provide you with an angle to set your business apart from your more established competition when breaking into tough markets.
Image: Lucid Motors
It may be tough. It will only be a matter of time until the bigger companies are also able to do their research and come up with similar products.
That’s true – so you have to always need to stay ahead of trends and keep innovating
It is definitely possible. We can remember that Apple is not as big before. But it entered the market with unique products and it eventually became the market leader.
I don’t think that markets are exclusive. You can break into them if you have a solution far better than what is already offered.
I think some are a bit tougher than others, but it’s always possible if you have a good enough idea