Enhanced data-driven services, the use of light-weight materials, and rapid infrastructural developments for electric vehicles are key trends that are expected to impact the growth of the automobile spare parts market.
Despite the global cooldown of automotive demand, the automobile spare parts market is expected to remain the main engine for volume growth in the auto industry. It is also one of the fastest growing sectors in the world. Factors such as the rising inflation and interest rates are expected to deter the purchase of automobiles, which, in turn, is expected to impact the growth of the global automobile spare parts market.
Though the global auto industry market poses a grim picture in terms of growth, it has a silver lining- with strategic planning and implementation of enhanced business plans, manufacturers and dealers of automobile spare parts can turn this scenario into a pool of new opportunities. However, to make the most of market opportunities it is essential to realign the business strategies and conceptualize ideas, which can bring about major disruptions in the market.
The Business Challenge
- The client: An automobile spare parts manufacturing company
To gauge the sales potential of their newly introduced automobile spare parts, a leading automobile spare parts manufacturing company approached Infiniti to help them conduct an in-depth market opportunity assessment. The client wanted to devise effective strategies to better position their products in the market and to closely track performance. They also wanted to identify bottlenecks, gauge the attractiveness of newer markets, and understand the growth potential of each new market segment.
How Can Market Opportunity Assessment Help the Auto Industry?[spacer height=”10px”]
The relentless pressure to stay relevant in an accelerating marketplace makes it a necessity for auto industry players to invest in market opportunity assessments before entering newer market segments. To be successful and establish themselves in any new market, organizations have to adopt specific go-to-market strategies and business plans. Infiniti’s market opportunity solutions are designed to offer a comprehensive view encompassing every aspect of the market. It also assists them to stay aware of the market opportunities and challenges.
Summary of our market opportunity assessment
Client Journey[spacer height=”10px”]
The solutions offered by Infiniti’s market opportunity experts helped the automobile spare parts manufacturer to gain a detailed industry outlook. It also offered relevant market information to gauge the sales potential of the newly launched spare parts.
Furthermore, to help the client gauge the market potential, the market experts at Infiniti conducted a detailed market opportunity assessment to devise executable strategies and achieve their goals in the target segments. The comprehensive approach included primary and secondary research methodologies coupled with qualitative and quantitative data collection procedures. The experts also reached out to various stakeholders in the auto industry.
Solution Benefits and the Business Impact[spacer height=”10px”]
With the help of Infiniti’s market opportunity solutions, the automobile spare parts manufacturer was able to enhance their overall growth strategies through systematic expansion into complementary product categories within the auto industry. They were also able to conduct an in-depth market opportunity assessment to identify the market potential for their product offerings.
The Future[spacer height=”10px”]
With rapid transformations taking place in the global automobile landscape, it might be difficult for automobile spare parts manufacturers to stay abreast of the industry trends to gauge the attractiveness of their product offerings in different market segments. This, in turn, has increased the global competition and is forcing auto industry players to devise precise business strategies to drive growth in newer segments.