|
|
An Analysis of the Attitudes and Behaviors of U.S. Vehicle Modification EnthusiastsPublished by: Frost & Sullivan Published: Feb. 17, 2006 Table of Contents
AbstractResearch OverviewVehicle Modification Enthusiasts Have Varied Interests by Vehicle Type, Modification Needs, and Components Historically vehicle modification has been concentrated amongst experienced, hands on enthusiasts many of whom are involved in vehicle repair, maintenance, designs or component manufacturing as part of their professional careers. Style has become an essential element to vehicle design and modification allows those with older model vehicles to actively participate in the trend. The expansion of interest in vehicle modification has gone across the board to all types of enthusiasts. This has proved challenging for product developers and retailers as they try to assess interest and ultimately profitability success of specific products. In many cases it has meant that marketers need to find profitability in multi-sku lines to satisfy the needs of this broad and ever-developing group of enthusiasts. Modifications is not a trend but rather a movement that has penetrated mainstream vehicle ownership that has created lucrative sales opportunities for aftermarket component manufacturers. Much of the automotive industry saw vehicle modification as a grass roots fad similar to the hot rod era of the 1950’s. Although some products are following fad-like product development paths, the overall modification industry continues to grow because of the heavy investments made by the product manufacturers that have a vested interest in seeing the market progress. Frost & Sullivan’s recently release research indicates that approximately 43% of U.S. vehicle owners have modified their vehicle. Frost & Sullivan’s investigations of active modifiers indicated that 30% had modified 5 vehicles in their lifetime. Who, When, How Much, and Why? These are the questions that manufacturers are seeking to answer as they try to create and market innovative modification components. Today’s modifications are as much about style as they are about performance. Style requires products that are always fresh and new. As the population of enthusiasts has grown, marketers have started to look for commonalities amongst participants as a means of honing in on modifications that will drive the greatest profit opportunities. Frost & Sullivan’s research service investigates the interests and needs of popular enthusiast categories but also seeks to understand common behaviors between established groups, emerging groups and those who do not conform to existing grouping labels. Categorization of enthusiasts is becoming more challenging as vehicles and trends evolve. 59% of participants in Frost & Sullivan’s research study indicated that the current vehicle they were working on was actually a modern vehicle used for daily driving purposes. Benefits of this Service This service provides an understanding of the dollar value and the type of components enthusiasts are purchasing as part of their vehicle modifications. Because modification is all about creating a unique style, it requires new and unique components or unique presentation of existing components to meet consumer demand and fuel the market. This study provides insight into the dollar value consumers currently spend on modification components and which modifications are popular amongst the various groups of enthusiasts. Modifications were traditionally performed on older vehicles because there was no worry of voiding the warranty and to rejuvenate an old vehicle by giving it a new look. There has been much speculation within the industry about the profile of today’s vehicle and enthusiast profile. This research service has gone to great lengths to gain a better understanding of both those factors. Enthusiasts are profiled by enthusiast category, age, income, skill level, participation time, vehicle type, and geographical region. By reviewing this study, readers will have a very clear picture of who the enthusiast is, their vehicle, and their desire and ability to participate in the past-time of vehicle modification. Modifications fall into two major categories, “show” and “go". There continues to be debate around consumer desire for products in each of these categories. This analysis outlines consumer opinions toward each category. “Go” modifications are those that enhance the power, handling, and speed of the vehicle. Show modifications are done because they are aesthetically pleasing. This research service probed consumer’s behaviours and opinions regarding this issue and provides valuable insight into how and why one aspect comes to dominate on a particular vehicle as well as public opinion. This research service provides insight into enthusiast demand for show versus go modifications and the importance of vehicle theme on the purchase of each component. Distribution is a key element to any manufacturers marketing strategy. This study provides direction by enthusiast type on where consumers buy and why. The research indicates that aftermarket components are the most popular for modification and that automotive retailers are the most popular location for purchasing these components. With interest in modification rising amongst new vehicle owners, much more interest is being paid to OE parts and OE distribution channel. This study indicates where consumer interest lies for OE aftermarket parts. Complimentary study to market sizing studies. Frost & Sullivan is a leader in providing comprehensive market sizing and opportunity analysis studies to the automotive aftermarket. These studies analyze the market at the manufacturer level and provide a solid understanding of the manufacturer, distributor, and retailer, competitive positioning, brands, and pricing. This research service compliments Frost & Sullivan’s market sizing studies by providing the consumer point of view that supports the market forecasts and trend analysis. As part of our aftermarket subscription, Frost & Sullivan currently has market sizing and opportunity analysis studies covering the major components discussed in this service. Market Sectors Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research: This Frost & Sullivan research service entitled An Analysis of the Attitudes and Behaviors of U.S. Vehicle Modification Enthusiasts, provides a profile of enthusiasts, understanding of most popular modifications, investment in modification by vehicle owner type and enthusiast skill level. In this research, Frost & Sullivan's expert analysts thoroughly examine the following: tires, wheels, exhaust, ignition system,fuel system, lighting, electronics, lighting, alarms and engine modifications. Get Full Details About This Report >> |
|
|||
|
About MarketResearch.com
|
||||