Harnessing strategic partnerships, R&D and technology advancements will strengthen growth opportunities, finds Frost & Sullivan's Mobility team
LONDON, July 24, 2017 /PRNewswire/ -- 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:
"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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