As the economy improves and buyers gain more confidence, automotive companies are also gaining back some of their lost ground. The industry is setting all kinds of records as we begin 2011, such as:
- Record-high prices for used cars, as demand rises and supply dwindles.
- Getting past the two worst years on record for the industry (2009 and 2010) and seeing new sales and market share increases for the major car companies in the US.
- Record-high fuel prices are creating interest in new innovation and high demand for hybrid gas-electric cars, as well as electric models, world-wide.
Today, auto companies are looking for ways to achieve profitable growth while increasing customer satisfaction. One often overlooked place that could help with these goals is the auto aftermarket. With a strong aftermarket supply chain, customer satisfaction is improved, especially with the used car market being as hot as it is right now. Car companies should look to improving this aspect of their operations in 2011.
This year will also see the automotive market experiencing global innovation. China, India, and Germany are all major developers in the global car market for a variety of reasons. China's rare earth metals, for example, are key to developing and manufacturing electric cars. The cost of acquiring these materials, as well as the country's export limitations on them, will be a factor for car companies to consider as they develop new models.
More priorities for the automotive industry in 2011 are highlighted in this article:
http://www.tompkinsinc.com/2011/Top_11/automotive.asp
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Photo Credit: Stas Kulesh