LONDON, June 20, 2017/PRNewswire/ --The United Kingdom (UK) automotive aftermarket is set to grow. A rise in innovative business models and services such as e-retailing, telematics and connected car systems, personal contract purchase (PCP) financing, service aggregators, and e-stores are factors propelling demand and creating unique value for customers in a price sensitive market. To capitalise on the growing ageing vehicle market, service chains should focus on highly replaceable parts associated with top brands while independent garages should develop a better understanding of servicing top brands.
"In a fiercely competitive evolving ecosystem, independent aftermarket (IAM) players and franchises must harness available opportunities such as developing mutually beneficial partnerships and tie ups with PCP agencies, tyre companies, telematics and connected car manufacturers to offer better discounts, customer value, and ensure availability of parts on time," said Frost & Sullivan MobilityProgram ManagerAnuj Monga.
UK Automotive Aftermarket, Forecast to 2023, recentresearch from Frost & Sullivan'sAutomotive & TransportationGrowth Partnership Subscription, provides an overview of the UK automotive aftermarket, including market size and structure. Key trends, growth prospects, and developments are assessed including vehicles in operation (VIO), vehicle ownership, e-retailing, and service providers. New business models and profiles of major aftermarket players such asEuro Car Parts,Parts Alliance,Kwik Fit, andThe Rapid Groupare covered.
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UK automotive aftermarket developments and trends encouraging growth include:
"While independent repairs still represent a large majority of sales and service points within the IAM, growing complexities in vehicle functionality and a lack of available skill set are a key market challenge," noted Monga. "Investing in innovative training methods, tools, equipment, and assistive technologies will be critical to long-term business sustainability."
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UK Automotive Aftermarket, Forecast to 2023
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/new-business-models-and-aging-car-market-boost-uk-automotive-aftermarket-300476446.html
SOURCE Frost & Sullivan