Game-Changing Trends for Automotive parts Manufacturers in 2020
As per a recent report, the global Automotive Aftermarket Parts Industry is expected to stand at a whopping $723 billion in sales by 2020. The US alone would account for $296 billion. This includes both OE and aftermarket parts, equipment, service, and collision repair to name amongst a host of other facets. As we venture into the future of mobility, OEMs are rolling out a diverse and technologically advanced line-up of cars, trucks and commercial vehicles and this has opened a whole new world of possibilities. Here are some of the biggest trends that are expected for automotive parts manufacturers in 2020.
Clean mobility is the future
As propulsion technology improves it opens new horizons for the parts manufacturers. Electric and hybrid solutions are being developed at a never seen before rate as we take one more step towards the future of clean mobility in 2020. Technologies like cylinder deactivation, cleaner injection systems, more efficient turbochargers etc. have a higher priority as OEMs now strive even harder to reduce the carbon footprint.
E-Commerce changing the Automotive Aftermarket Landscape
The influence of digitisation has transformed the parts buying process of an average consumer. Now a prospective customer is well aware of the market and the product as well since he/she has access to all the pertaining information and reads everything possible, including reviews and videos.
Wheel and tire websites are one of the fastest-growing segments in the automotive components industry. Third-party data aggregators are also gaining a substantial market share where customers can go and compare the products and services offered by various brands.
E-commerce: The biggest influence
According to a study by Hedges Company, the aftermarket e-commerce market is predicted to touch $12billion in annual sales which would rise to over $19 billion by 2022. Not just that, by 2022, the online digital influence is projected to be $160 billion.
Automakers are leveraging the smartphone and e-commerce technologies to ease the process of driving and owning a vehicle. Most automakers have started providing owner’s manuals and other important information on the smartphone for enhanced convenience.
One platform, many vehicles
Digital Transformation
The automotive industry is the most data-driven in the world with a connected car generating an average 60GB of data per hour. Smart vehicles are designed to collect information on every aspect of your mobility experience, right from detailed driver data to routes, traffic patterns and even the oil that you have used in your vehicle.
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