The global automotive aftermarket startup ecosystem is witnessing rapid growth. Original equipment manufacturers (OEMs) such as Toyota, BMW, Tesla, GM, TVS Automobile Solutions and Mahindra, are constantly scouting, investing in, and acquiring startups that enable speed to market, long-term business sustainability, and the development of end-to-end automotive solutions for customers. Startups focusing on service aggregators, eCommerce platforms and telematics are driving growth and technological penetration globally.
New Frost & Sullivan analysis titled, Competitive Benchmarking of Select Startups in the Global Automotive Aftermarket, analyzes the global startup ecosystem for passenger vehicle automotive aftermarket.
The study shares insight into the product and service channel stakeholders in segments such as electric vehicle infrastructure, telematics, in-vehicle technologies and ePlatforms. In addition, key funding patterns, OEM interests, partnerships, product capabilities, business strategies and future investment avenues are also discussed and assessed.
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“Autonomous technologies are ensuring the growth of startups in the artificial intelligence and augmented reality segment,” said Frost & Sullivan Mobility Research Analyst Benson Augustine. “These nascent technologies are poised to disrupt the future market once their prototypes are market-ready. However, government policies, safety regulations, and real-world behavior still need addressing.”
Developments and trends driving aftermarket startup growth include:
Service aggregators and aftermarket telematics will act as innovation partners for existing part eRetailers in targeting do-it-for-me (DIFM) customers.
Telematics-focused startups are triggering application developments for the mobility segment, while insights and real-time monitoring open up channels for connected maintenance and repair services.
China and India will continue to drive startup evolution in the Asia-Pacific region as they integrate unorganized aftermarket distribution networks with existing businesses.
“From a funding perspective, electronic vehicles driven by a $370.6 million investment in Boston-Power, was the highest funded startup segment in 2016. ePlatforms such as Your Mechanic, Navdy, Tuhu, Zubie Sparesbox, Click Mechanic, and Mojio garnered the greatest number of investors, and Boston-Power, Zubie Sparesbox, as well as Your Mechanic, witnessed the most funding rounds in their respective segments,” noted Augustine.
Competitive Benchmarking of Select Startups in the Global Automotive Aftermarket is part of Frost & Sullivan’s Automotive & Transportation Growth Partnership subscription.
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