The Evolution of the Automotive Aftermarket Outlook
The global automotive aftermarket is in a transformative era, driven by disruptive vehicle technologies, shifting consumer behaviors, new business models, and an increase in vehicles in operation (VIO). Frost & Sullivan’s research1 has identified the top transformations currently facing businesses in this market; these can serve as both challenges and new growth opportunities:
- Dealership downsizing, increased virtualization, and shifts to agency or direct-to-consumer models in order to counteract rising costs and shrinking margins
- Expanding customer-focused solutions, including doorstep services and more convenient digitally based maintenance scheduling
- Upgrading infrastructure, inventory, and services to address things like increases in VIO and EV expansion
- Increasing spending on digital technologies that enable better customer touchpoints and optimized operations
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1 Frost & Sullivan. Global Automotive Aftermarket Outlook, 2023
