According to Global Market Insights Inc, the revenue of automotive aftermarket is expected to record a total of eight hundred billion USD by 2027. It is a popular fact also known in Ethiopia that the global automotive industry has been growing exponentially. The OICA has recorded that global car sales have exceeded seventy-seven million units since 2020.
In this sector's increasing sales, the demand for efficient market services is gradually increasing. For this purpose, some car manufacturers are interested in adding aftermarket services to boost business aspects. The aim? The boost in the aftermarket will offer good services, cost savings, etc.
Following is a summary of the trends that may reshape the 2027 market structure:
Digitalize the distribution channels
As a result of Corona, the demand for digital platforms has increased in several industries, including the automotive industry. The addition of digital platforms into distribution channels can enhance the continuity of industry. The report says the digitalization of distribution channels can be a major player in increasing profits.
As a result, some car manufacturers are looking at opportunities to create a digital aftermarket segment and introduce digital manufacturing.
Increasing interest in changing the backup component
There is an additional interest rate on changing the backup part of a car, which gives impetus to the car market worldwide. The growing technological advances in space will generate significant gains in the convertible component. However, a report shows the segment holds more than eighty percent of the business budget.
Increasing sales through OEM industry
The sale by the OEM factory aftermarket services will generate huge profits in the coming years in the automotive industry. The growing demand for standard quality oil is a major growth driver. Industry experts predict that part of the filling of the OEM factory.
A strong presence of automotive giants in Europe
Europe was famous as the world's leading car manufacturer. The reliable sources show that the region represents more than seven percent of EU GDP, making the continent a hotspot for the aftermarket. In addition, rising revenue and interest rates on car ownership have spurred the demand for passenger cars in European countries. For 2020, the automotive market segment holds a 30% share.
Involve the best market players
The best companies operating in the car industry are Bridgestone Corporation, Roberts Bosch, and others. These companies adopt the strongest strategic processes such as procurement, collaboration, product launch, etc-helping them to gain a prominent position in the global market.
