13 Trends Set to Reshape European Aftermarket Auto Parts Business
A joint study by Boston Consulting Group, the European Association of Automotive Suppliers, and Wolk After Sales Experts has outlined 13 trends set to reshape the profitable and growing European aftermarket auto parts business over the next decade. The report, launched at the Aftermarket Conference on 4 May, identifies key challenges and strategic responses for industry players to maintain their market positions in the stock market today.
The study, based on over 900 interviews with industry executives and service centre operators, explores two critical questions: 'Where to play?' and 'How to win?' It highlights the significance of digitalisation, vehicle electrification, and growing channel competition in driving stock market changes.
Companies are urged to adapt to these shifting conditions. They must strategise now to navigate the transforming landscape, as competitors are already mapping out their responses. The report suggests carving out roles in integrated business alliances that will channel customers and parts to workshops, while also addressing new competition from e-tailers and other digital players in the stock market. Tapping into the data stream generated by digitalised automobiles and aftermarket processes is also identified as a crucial strategy.
The European aftermarket auto parts business, while currently profitable and growing, is poised for significant transformation. The study serves as a roadmap for companies to prepare for these changes and maintain their market positions in the stock market today. By understanding and acting on the identified trends, industry players can continue to thrive in this evolving landscape.
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