Challenges North America In person

MEMA Aftermarket Startup Challenge

Date of event: 10.10.2023 Application to the event: 09.06.2023
Apply Now
About Sparker

SPARKER is a global network of influential innovators, investors, and key automotive stakeholders dedicated to accelerating sustainable mobility innovation with a special focus on the automotive aftermarket.

Through collaboration, investments, and commercial opportunities, we foster partnerships and spark initiatives at an unprecedented speed.

Sponsors
Startups Criteria

ADAS:

Advanced Driver Assistance Systems (ADAS) is an area of opportunity within the automotive aftermarket industry. According to a report by ResearchAndMarkets, the ADAS market is expected to grow from $27.23 billion in 2020 to $83.27 billion by 2030. Startups that focus on ADAS technologies have the potential to capture a significant share of this market by providing solutions that improve vehicle safety and performance. Some innovative ADAS solutions include predictive maintenance for ADAS components, computer vision, and machine learning-based systems that enable more accurate and efficient ADAS calibration, and automated calibration tools that reduce the time and cost associated with ADAS calibration.

Predictive Analytics:

Startups that offer predictive analytics solutions for the Automotive Aftermarket can provide valuable insights into customer behavior, maintenance needs, and demand forecasting for aftermarket parts and services. According to a market report by MarketsandMarkets, the predictive analytics market for the Automotive Industry is expected to grow from $1.1 billion in 2020 to $3.3 billion by 2025, at a CAGR of 24.5%. By leveraging data and analytics, US-based Automotive suppliers can optimize their inventory management, reduce downtime, and increase customer satisfaction. This technology is highly relevant to the aftermarket as it allows suppliers to identify potential failures before they happen, providing proactive maintenance, and reducing repair costs.

Digital Customer Engagement:

Startups that offer digital solutions for customer engagement, such as mobile apps, chatbots, and personalized communication, can enhance the customer experience and drive loyalty. According to a market report by Zion Market Research, the global automotive customer engagement solutions market is expected to reach $28.23 billion by 2025, growing at a CAGR of 10.4%. For the Automotive Aftermarket, such solutions can enable US-based Automotive suppliers to provide timely and relevant information about parts, services, and promotions, as well as personalized recommendations for customers based on their buying history. This can result in increased sales and customer retention.

Inventory Management:

Startups that offer inventory management solutions can help US-based Automotive suppliers optimize their supply chain, reduce costs, and improve delivery times. According to a market report by Technavio, the global Automotive Inventory Management Software market is expected to grow by $2.01 billion during 2020-2024, at a CAGR of over 7%. With the increasing complexity of the Automotive Aftermarket, startups that provide innovative approaches to inventory management can create a competitive advantage for US-based Automotive suppliers. This technology is highly relevant to the aftermarket as it allows suppliers to manage their inventory levels more efficiently, reducing stockouts and improving customer satisfaction.

Innovative Car Parts Creation, Use, and Monitoring:

Startups that focus on creating innovative car parts or improving the use and monitoring of existing car parts have the potential to create significant value in the automotive aftermarket. Examples of innovative solutions in this space include 3D printing of car parts, real-time monitoring of vehicle systems, and new materials and manufacturing techniques. According to a market report by IDTechEx, the market for 3D printed automotive components is expected to reach $1.1 billion by 2029. By leveraging 3D printing technology, US-based Automotive suppliers can reduce lead times, minimize waste, and create unique value propositions for their customers.

Safety Systems for Servicing EVs:

Safety systems for servicing EVs have the potential to create significant value in the automotive aftermarket. As the market for EVs continues to grow, there is a growing need for safety systems that can protect service technicians when working on these vehicles. According to a report by Mordor Intelligence, the global electric vehicle market is expected to grow at a CAGR of over 22% between 2020 and 2025. This growth is expected to result in an increased demand for servicing and maintenance of EVs, making safety systems for servicing EVs a highly relevant and important area of focus for startups.

EV workshops and online repair:

The global EV repair and maintenance market is expected to reach $11.8 billion by 2028, growing at a CAGR of 7.0%, according to Grand View Research. In addition, the increasing trend towards online repair and service platforms presents new opportunities for suppliers to offer innovative solutions that meet customer demands.

EV batteries such as battery health checks, refurbishment, and upgrades in demand:

According to Allied Market Research, the global EV battery market is expected to reach $94.4 billion by 2027, growing at a CAGR of 18.6%. As EV batteries degrade over time, there is a need for aftermarket services to extend their lifespan and improve their efficiency, providing opportunities for suppliers to offer value-added services to EV owners.

The distribution, supply chain, spare parts logistics, and fleet management:

As the automotive industry becomes more complex, the need for efficient supply chain management and fleet management solutions increases. According to MarketsandMarkets, the global automotive aftermarket size is expected to reach $1,030.7 billion by 2025, growing at a CAGR of 3.9%. This presents an opportunity for suppliers to offer innovative solutions that optimize supply chain and fleet management operations.

Sustainability and the circular economy:

With a growing focus on reducing waste and emissions, there is a need for more sustainable solutions across the industry. This includes the development of circular economy models that encourage the recycling and repurposing of automotive components. According to a report by McKinsey & Company, the circular economy in the automotive industry could generate $400 billion of additional value by 2030.

Contact us

Get in touch!

Thank you!

Your message has been received, we will update you shortly.

close
Automotive world

Related events

See all events