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  • Press & Events Vitesco Technologies publishes its third independent Sustainability Report Vitesco Technologies secures 83,000 MWh of  electricity from solar and onshore wind power plants Fiscal year 2023: Profitability and cash flow exceeded expectations
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    Society - Vitesco Technologies

    By 2050, there will be nearly 10 billion people living on this planet, according to the UN.1 At the same time, in developed regions the phenomenon of an aging society will become more apparent.2 This not only presents a huge challenge to social security and healthcare systems, but also raises the question of housing: 75% of these 10 billion people will be living in cities by the middle of the century. The urbanization trend will lead to megacities with a population of 10 million or more.3 This calls for new city ideas that are ecological and include state-of-the-art living and mobility concepts. Multi-functional buildings, urban farming and green spaces will be central for this demand.4 The green trend will also be observable in other areas of life: products will increasingly be designed to support a healthy environment and meet the demand for both ethical consumption and convenience.5

    The way we shop will also change. On one hand, ownership will become less relevant. People will start to commonly use rental products in a sharing economy.6 Following predictions, this economy will experience a drastic increase in value over the coming years.7 On the other hand, seamless commerce with dynamic and mobile payment methods can happen anyplace and anytime. It will be characterized by a large degree of personalization due to effective algorithms. This development will also affect the automotive retail. It will be crucial for Original Equipment Manufacturers (OEMS) and dealers to ensure a customer-centric and multichannel journey that combines both the physical and digital world.8

    The digitalization will also make itself known in the job market: We are currently already experiencing a shift towards hybrid working with more and more employees choosing to work from home.9 Another change will be how future software systems and autonomous robots will be able to take over more processes. McKinsey expects 50% of today’s work to be automated by 2025. In this era, a skill society will substitute the knowledge one, making experience and practical application ever more important. Continuous learning and upskilling will ensure business to be future-proof and stay competitive.10

    Sources: 1 UN 2019 | 2 Roland Berger 2021 | 3 TRENDONE 2021 | 4 Statista 2021 | 5 Future Today Institute 2021 | 6 PwC 2015 | 7 Statista 2022 | 8 TRENDONE 2019 | 9 Future Today Institute 2021 | 10 McKinsey 2021

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