Automotive Industry Competitor Analysis
The past few years, the automotive industry has taken huge leaps in terms of technological innovations. Moreover, with new players increasingly entering the industry; new processes, customer channels, and product life cycles are expected to bring in the next wave of change in the automotive industry.
However, the recent automotive industry market research reports state that, the entry of new players has also brought about major disruptions in the market, making it difficult for existing players to expand into newer segments. Hence, for companies in the automotive industry, it is imperative to keep abreast with the industry trends and keep track of the competitors’ plan and actions.
Business Case: The rising number of automotive companies have drastically increased the level of competition in the market, making sustainability a key challenge for companies in the automotive industry. Hence, a renowned automotive industry player wanted to analyze and anticipate potential industry challenges to facilitate strategic decision making in terms of product positioning, launch, and marketing. Additionally, with Infiniti’s competitor analysis strategy, the client wanted to profile their competitors’ offerings and understand their product portfolio to devise market entry strategies and develop new products.
As economic conditions have improved, the companies in the automotive industry are focussing more on product innovation to capitalize on shifting consumer tastes. Is your business prepared? Request a FREE brochure to know more about our services.
Top Challenges Faced by the Automotive Industry Client
Problem Statement 1
With the recent technological advancements in the industry, the client faced increasing demand to adapt to the fast-evolving marketplace by efficiently catering to the needs of the growing population. Thus, the automotive industry client wanted to evaluate the potential bottlenecks in the automotive market and devise effective ways to enhance business efficiency.
Problem Statement 2
Their inability to understand the competitors and the new market trends proved to be costly, leading to a sharp decline in their profit margin. This prompted them to leverage a competitor analysis strategy to profile the major automotive players in the market and devise a business plan that meets customers’ expectations.
Problem Statement 3
The client wanted to refine their existing marketing models and devise effective marketing campaigns to enhance business performance.
Problem Statement 4
They wanted to keep abreast with the automotive industry trends and leverage the latest technologies to meet the new market requirements.
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Solutions Offered and Value Delivered
The market intelligence experts at Infiniti Research carried out extensive automotive industry market research with leading stakeholders in the market space to assist the client in improving their business efficiency. The competitor analysis strategy followed these phases:
Phase 1: Gathering competitive information
The initial phase involved analyzing the automotive industry client’s main competitors. The competitors were categorized into different categories based on the level of competitiveness.
Phase 2: Analyzing competitive data
The second phase involved analyzing the competitors’ information. The factors including product information, market share, marketing strategies, and competitors’ strengths and weaknesses were taken into account during the analysis.
Phase 3: Determining competitive position in the marketplace
By analyzing the competitors, the experts at Infiniti Research helped the automotive industry client to determine their market position. This helped the client to implement a new marketing strategy to strengthen their market position.
With Infiniti’s solution, the industry client was able to analyze competitors in terms of market penetration and product developments. This helped them tailor their product offerings based on the customers’ requirement. The engagement further helped the automotive industry client to focus on issues such as the key risks and opportunities and identify lucrative markets to scale their product offerings. Altogether, our solutions helped the automotive industry client to identify and address the potential bottlenecks in terms of the compliance requirements and enter potential markets in an agile and seamless manner. The client was able to increase profits by 13%, within a span of eight months.
In an industry characterized by constant disruption, reducing costs while maximizing efficiency is key, and yet the demand for innovation cannot be ignored. Request for a FREE proposal and stay up-to-date with all the automotive industry trends.
Automotive Industry Analysis
The automotive industry is witnessing promising growth in the US. The automotive industry trends and exciting technologies such as powertrain systems, mobile connectivity, advanced driver-assistance systems, maintenance monitoring, and several others are attracting more buyers in the automotive industry. However, with the influx of new automotive industry trends, adjusting to changes is essential to withstand the growing competition. Also, automotive market players need to stay on top of new industry trends, technologies, suppliers, and regulations to stay a step ahead of the global competition.
Despite all these industry trends, the companies in the automotive industry are facing certain challenges:
- Demographic changes and profound shifts in global economic power are causing massive upheavals in demand.
- Consumer expectations are changing radically.
- New technologies are dramatically changing vehicles, from the advent of the ‘connected car’ and enhanced driver support to better fuel efficiency and new or improved powertrains.
Furthermore, the automotive industry manufacturers and suppliers are confronted with increasing complexity as a result of increasing numbers of products and options, shorter technology cycles, increasing pressure to innovate, and global supply networks. So, automotive industry players need to balance the needs and demands of customers, investors, regulators, non-governmental organizations and the public to stay ahead of the curve.
Why Infiniti Research?
Established in 2003, Infiniti Research is a leading market intelligence company with proven capabilities to deliver actionable granular insights across the globe. With the use of statistical, scientific methods, and scientific experiments, Infiniti Research ensures intelligent business strategies. Contact our market experts to know more about our custom research methodologies and market intelligence services.