European Aftermarket Auto Parts Set for Major Decade-Long Shift
A collaborative study by the European Association of Automotive Suppliers (CLEPA), the Boston Consulting Group (BCG), and Wolk After Sales Experts has delved into the European aftermarket, posing two crucial questions: 'Where to play?' and 'How to win?' The research, launched at the Aftermarket Conference on 4 May, highlights the profitability and growth of the stock market today, while also predicting significant transformations in the coming decade.
The study pinpoints 13 trends that will reshape the industry's size and profit pools. As vehicles become increasingly digitalised and electrified, and competition intensifies from e-tailers and other stock market players, companies must adapt to changing market conditions. To maintain their market positions, competitors need to start strategising now.
A key strategy identified is for companies to carve out a role in integrated business alliances. These alliances will channel customers and parts to workshops while dealing with new competition. Another crucial aspect is tapping into the data stream created by the digitalisation of automobiles and aftermarket processes.
The European aftermarket auto parts business, while currently profitable and growing, is set to transform significantly in the next decade. The study, based on over 30 interviews with industry executives and over 600 interviews with service centre operators across Europe, serves as a wake-up call for companies to adjust their strategies. By understanding and responding to the identified trends and challenges, companies can continue to win in this increasingly competitive stock market.
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