Did you know that the average person is keeping their car for almost 7 years? With people keeping their cars longer than the length of their finance terms it is keeping the automotive aftermarket industry busy. There are quite a few automotive aftermarket industry trends that you might not be aware of.
Keep reading to learn the latest automotive aftermarket news that you should know to help your business level up.
1. Hybrids
With technology improving on a daily basis, hybrids are on the rise. The aftermarket industry is developing new types of turbochargers and new injection systems to reinforce the powerplants for electric and diesel engines.
Boria Exhausts has been working on cat-back exhausts that are made just for cylinder deactivation models. Another company called Delphi Technologies is improving its Dynamic Skip Fire On-Demand Cylinder Deactivation. Companies are using ACES PIES data to make sure everything is in compliance when it comes to the automotive aftermarket industry.
Electric vehicles use their parts in different ways than traditional cars. For example, while it takes longer for the brake pads of an electrical vehicle to wear out, you will go through tires a lot faster. Manufacturers and distributors will have to adjust to these changes and also will have to train their sales team with the new product offerings.
2. E-Commerce
With e-commerce on the rise in business to consumer and business to business marketplaces, the need to sell directly to end consumers and businesses has become more common. In the years to come, it will be the norm to purchase reliable automotive parts online directly from the manufacturer.
More car part buyers are researching online before they even step foot inside a store. They make their decisions based on what they find online and with the global pandemic fewer people are thinking about going into a physical sticks and bricks building.
3. Remote Diagnostics
Another trend on the rise is remote diagnostics, where there is real-time monitoring of parameters of a vehicle. With this, the quality of operations and performance can be evaluated and compared to the predetermined benchmarks for the vehicle.
More shop owners and small scale service providers are meeting with large-scale fleet operators to obtain contracts for maintenance and repair based on the remote diagnostic.
4. Autonomous Vehicles
Self-driving vehicles are in the works in order to minimize the need for human drivers to help transform how everyday transportation currently is. The aftermarket industry is looking at fleets of autonomous vehicles to help reduce downtime, make public transportation safer, and reduce accidents due to negligence or fatigue.
These vehicles are equipped with advanced recognition technologies to help identify obstacles that are found along the route. Be on the lookout for the rise of AV vehicles.
5. Artificial Intelligence
This goes hand in hand with self-driving cars because AI technologies such as deep learning, computer vision, and machine learning find applications in robotics automation within the automotive world. Artificial intelligence helps with guiding self-driving cars and improving insurance and vehicle inspections where required.
Artificial intelligence also finds where it can accelerate the rate of production and reduce costs via applications in automotive manufacturing. Apex AI is an example of a startup in the United States that enables automobile companies to implement complex artificial intelligence solutions.
6. Additive Manufacturing
3D printing is also helping the automotive industry. It is enabling manufacturers to accelerate the testing and design phases of production. 3D printing is also helping create lighter, durable, and stronger automotive parts.
Manufacturers have the ability to also print spare parts to help match the requirements for different car parts. Moi is an Italian startup that is combining 3D printing with thermosetting composite materials to manufacture high-performance parts for the automotive industry. This startup is using continuous fiber manufacturing (CFM) technology, digital fabrication, and robotic intelligence in order to deposit fibers.
7. IoT
The Internet of Things is securing communication between vehicles in the automotive industry. It is also securing communication between infrastructure components and vehicles. IoT is solving problems such as traffic congestion, pollution, safety on the road, and energy expenditure.
There is a startup in Canada called KonnectShift that is proving IoT solutions to help optimize fleet and asset management. So far, they have developed Konnect – GS01 which is an automatic electronic logging device that is able to track vehicle health on a continuous basis. GS01 also includes optimization for real-time dispatch, alerts regarding driving, and route planning.
EcoG is a startup company in Germany that is offering an IoT based platform and operating system for EV charging. Manufacturers have access to tools that help them with maintaining and developing EV charging. Also, they are helping with making the infrastructures fast, simple, and scalable.
Operators are able to integrate microservices in the chargers in order to make the charging process a lot more profitable. Their solutions work with any EV charger out there and it also enables new features to be shipped directly throughout the network for faster access.
Feeling Like an Automotive Aftermarket Industry Pro?
We hope that now that you know more about the latest automotive aftermarket industry trends, you can make an informed decision on which trends sound best for your own business. The key to overcoming key challenges in the aftermarket world is to always stay in the know of the latest companies out there.
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