LONDON, July 24, 2017 /PRNewswire/ Korea IT Times-- The global automotive aftermarket is rapidly evolving. While technological enablers in eRetailing, telematics, and service aggregation will facilitate the evolution of traditional business models and transform the market into a digital and connected ecosystem, multiple opportunities exist in parts and service retailing due to steady growth in worldwide vehicles in operation (VIO).
Global Automotive Aftermarket Outlook, recent research from Frost & Sullivan's Automotive & Transportation Growth Partnership Subscription, finds that penetration of eRetailing in the automotive aftermarket is increasing significantly and is expected to cross $21 billion globally by the end of this year. The study provides an overview of the global automotive aftermarket and its growth opportunities. Main industry trends, growth prospects, VIO, eRetail dashboards, country snapshots, and opportunities in North America, Europe, China, India and Latin America are provided.
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"Automotive aftermarket suppliers need to become holistic solution providers and extend their capabilities beyond manufacturing by incorporating digital innovations in their channels to market, including distribution, sales, and services," said Frost & Sullivan Mobility Research Analyst Anuj Monga. To succeed in a rapidly changing environment, players will need to invest in research and development (R&D), strategic partnerships, and embrace technology advancements."
Regional automotive aftermarket developments and trends driving growth include:
- High growth in emerging markets such as China and India due to expanding VIO and favorable economic conditions;
- Intense competition and merger and acquisition (M&A) activities in Western Europe;
- Fast-paced growth of remanufacturing in Asia-Pacific;
- Boost to United States market due to eCommerce channel revenue, new business models such as business-to-business (B2B) platforms from pure players, and direct retailing by suppliers and OEMs;
- Steady growth in European regions due to aging VIO and proliferation of new technologies, vehicle types, and service channels; and
- Increased Internet automotive sales in Mexico due to smartphone penetration and favorable government legislation.
"The pace of innovation in vehicle technologies is causing growing complexities in vehicle functionality and a lack of available skill set," noted Monga. "To overcome this challenge and remain competitive, players will need to invest in assistive technologies, innovative training methods and equipment."
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