Five Key Words & Phrases Related to the Automotive Aftermarket
2018-12-06 13:19 Thursday
Due to the increasing prominence of millennial consumers, consumption patterns within the automotive aftermarket have changed dramatically.
Jingdong's Online Consumption Report for the Automotive Aftermarket indicates that providers in the Chinese automotive aftermarket are emphasizing service, quality, convenience and functions, in an effort to attract young consumers.
The report also revealed that one out of seven people in China are car owners, and that the average car age is close to 5 years.
According to the report, people aged 37 and below are the primary consumers on online auto service platforms, and their consumption habits have had a profound effect on the automotive aftermarket. Furthermore, experts also noted that the purchasing power of millennial consumers continues to grow, and will breakthrough when millennials are middle aged.
Men currently consume at a 20% higher rate than women; the discrepancy makes women a highly promising demographic. With the increase in female car owners, particularly in smaller cities, aftermarket providers will inevitably shift their focus to those areas in the coming years.
One-stop, standard and branded automotive services are expected to facilitate greater integration within the industry in the near future, helping to create mutually beneficial relationships among aftermarket enterprises. China's automotive aftermarket continues to evolve, in light of demographic and cultural changes.
Emerging Consumer Goods
Vehicles have become an important part of daily life in China, a phenomenon that has accelerated sales of automotive accessories such as air purifiers, auto vacuum cleaners and car refrigerators. Continued growth for a wide range of auto parts and accessories is expected to persist.
Technological breakthroughs in driverless technology, vehicle connectivity, and automotive intelligence, will lead to new opportunities for vehicle app stores, mobile map services, and the vehicle advertising business.
To achieve market success, automotive enterprises should be mindful of emerging business sectors, and pursue new collaborations to take advantage of a market in flux.