The global automotive market industry is expected to reach around $700 billion by 2020. Today consumers are keeping their vehicles longer and are more aware of the importance of maintaining them and scheduled servicing to maximize the lifetime value of their vehicles. This rising demand for auto parts in the automotive industry is increasing the growth and revenue opportunities for a wide range of businesses operating in the automotive aftermarket industry.
According to old data in the USA, the vehicles which have old make and model are lasting longer as compared to new one. The number of vehicles on the road that are at least 25 years old is about 14 million and the number of vehicles that are around 24 years old is 44 million.
Some Trends and Statistics:
- The average age of the US vehicle has increased around 15% in the last ten years.In near future, the aftermarket world will be going online, and the marketplace will change completely. Parts are being sold online, service is being sold online. All necessary car information will be online in near future to serve customers in a different way.
- 75% of aftermarket auto service and repair is performed by independent auto repair shop services.
- 20% auto repair shop services are indulged in performing new tasks which will benefit customers.
With so many opportunities to service today, here is a look at 4 ways to get in front of consumers looking for parts or service.
- Target consumers by VIN.
- Reach out to new users.
- Ramp up your digital presence.
- E-Tailing in aftermarket.
As vehicles on the road continue to age, there will be an ever-growing demand for parts and services. Be sure to get your brand ahead of others with the most targeted and relevant offers.
