It’s the Small Things: Automotive Industry Trends
From popular subsectors to changes in the fuel market, here are four trends shaping the industry.
1. THE INDUSTRY SNAPSHOT IS ON AUTO FOCUS
Online sales of automotive parts and accessories to consumers are expected to become a $20 billion business by 2020 in North America and Europe—an estimated 9-10% penetration rate within the overall aftermarket. —Frost and Sullivan
2. FUEL ECONOMY—WHAT A GAS!
By 2025, automaker fleets in Europe and the United States must average upward of 60 miles per gallon, requiring the industry to make stepchange improvements, not incremental ones, to meet these standards. —PwC Strategy
3. BRINGING UP THE REAR IN A GOOD WAY
A requirement for mandatory rear cameras on all new cars in the U.S. by May of 2018 has put manufacturers on notice. The federal government says this will go a long way toward reducing accidents. —IndustryWeek, Autotrader
4. THE ATTRACTION TO ALTERNATIVE FUELS IS ELECTRIC
The alternative fuel market, including electric vehicles, will reach $614 billion by 2022. The Asia-Pacific region is continuing to corner this market, especially China. —ACAPMag
This edition of “It’s the Small Things” originally appeared in the Summer 2017 issue of Middle Market Growth. Find it in the MMG archive.
Larry Guthrie is the director of communications and marketing for ACG Global and a regular contributor to Middle Market Growth.
