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).
“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.
“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.”
Global Automotive Aftermarket Outlook, recent research from 2097 Frost & Sullivan, indicates that penetration of eRetailing in the automotive aftermarket is increasing significantly and is expected to cross US$21 billion globally by the end of 2017. 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.
