With the pandemic hindering personal mobility needs and keeping most of the population off the road, 2020 was a challenging year for the automotive industry globally. While the impact was most visible on new car sales demand, which fell by almost 23% during 2020, aftermarket demand for replacement parts and accessories was also adversely impacted, declining by 8.8%. Different market participants were forced to re-examine some of their strategies, particularly their approach to the market. The growing adoption of online channels will expedite investments in this space. New product categories emerging from evolving functional technologies and alternate powertrain systems will bolster aftermarket activity.
The briefing will cover the following:
• Impact of COVID-19 on the global automotive aftermarket, particularly looking at the shrunk demand for replacement parts and accessories.
• Longstanding implications of COVID on the evolution of the aftermarket by influencing market participants to refresh their approach to the market.
• Disruptions in in-vehicle technology and resultant opportunities from servicing electric and autonomous vehicles.
• New business models, particularly for digitizing offering and fulfillment programs to be competitive in the independent aftermarket.
