The proliferation of automotive technology and intensifying competition between well-established automotive supply companies and emerging market players remain at the top of the agenda for the C-suite. Notably, the emerging market players are radically disrupting a wide range of industry segments, due to which leading automotive supply firms face challenges in terms of market differentiation, expansion, go-to-market opportunity, and product development.
Businesses in the automotive supply industry must devise effective strategies and keep track of decision criteria to adapt and make organization-wide changes. Ideally, the strategies must be based on three aspects, i.e., product development, technical expertise, and innovative go-to-market methodologies.
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Succeeding in the increasingly competitive automotive supply industry
To better understand these aspects, we interviewed representatives of leading automotive supply companies. Based on these insights, we have curated a list that explains the strategies to succeed and win globally in the increasingly competitive automotive supply industry.
Retaining leadership in new product development
A majority of automotive companies with a global reach have innovation and product development as the topmost priority on their business agenda. Global leaders within the automotive supply industry set aside many resources and invest in R&D when compared to the other players for whom product development is not a priority. Moreover, product research and innovation are considered crucial in addressing end-customer needs and retaining market position in most cases.
Maintaining a technology advantage by bridging the gap
The use of innovative technology can aid businesses to gain an edge in the automotive market. Keeping abreast of technology must be a strategic priority for executives looking to capture a fair share of the market. However, addressing these issues will require businesses to invest in research and analysis. The need to maintain a technology advantage comes not only from well-established market players but also from stricter compliances and industry standards in both developed and emerging markets.
The rising industry standards for fuel efficiency, stricter recall policies, and enforced repair and replacement guarantees by OEMs will require automotive supply companies to improve product technology and quality to stay in the market.
Whether you’re an emerging automotive supply company or a well-established player looking to expand into new market segments, our best-in-class research methodologies can provide you with accurate data on market developments and insights you need to know to break into a new market. Request a free proposal right away.
Differentiating through value-added services and go-to-market methodologies
In today’s scenario, automotive supply firms must provide solutions and value-added services to differentiate themselves. This is especially important if you’re an emerging market player who has just set foot and looking to expand your business in a new market segment. An in-depth comparative analysis of go-to-market strategies used by leading automotive supply companies and emerging players reflects the fact that they are starting from different points but wish to achieve a similar end goal.
Automotive industry experts at Infiniti Research recommend emerging market players must devise a global branding strategy backed with in-depth brand research insights to expand reach outside their home markets.
A three-step approach for emerging automotive supply companies
Our experts have outlined a three-step approach for emerging companies to succeed in the quickly changing competitive landscape based on our market knowledge and expertise in creating branding strategies for leading automotive supply companies.
1. Gather extensive intelligence on the competition
Given the remarkable speed at which players from emerging markets are setting foot in the automotive supply industry, it is crucial for businesses to track and analyze the competitive landscape. Emerging companies must also form a vision of future industry developments and growth aspects to survive amid the competition in global markets.
With in-depth market and competitive intelligence, businesses can identify areas for action and create breakthroughs in product innovation, product development, branding, and many such areas.
2. Develop a winning mix of strategies to address your needs
Developing a winning mix of strategies requires in-depth market research insights. Acting upon market data can help automotive supply companies find specific areas that require an overhaul or end-to-end transformation comprising diagnostics and changes to address their business needs. Our research experts can provide tailor-made solutions based on your unique requirements and help you address your challenges. Request a free brochure to know more.
3. Prepare for the global shift
Keys to creating a successful global competitive strategy in the automotive supply industry include M&As, partnerships, and alignment of business goals and strategic plans. Hence, finding the right balance of authority, setting KPIs to track performance, and developing a robust governance model are critical to preparing for future shifts.
In today’s complex business world, the tectonic shifts and pace of change are faster than one would have expected them to be a few years ago. This requires automotive supply companies to stay proactive and prepare their businesses for the inevitable shifts in the future. Besides these shifts, globalization is expected to impact developments within the automotive supply industry. And leading players in the automotive supply industry agree that a globalized market offers more opportunity than pose a risk for companies well-equipped to tackle dynamism.
Based on research, several factors are found to impact growth in the automotive supply industry. Request more information to gain comprehensive insights into each of these factors and learn how you can tackle these challenges with custom market intelligence.