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Overview

The aftermarket services sector has a significant opportunity for differentiation and the creation of new revenue streams, which is something that manufacturing organizations are constantly working on. End-to-end visibility throughout the aftermarket value chain is necessary to provide effective installation, repair, maintenance, and support services to its customers. Thus, the rapid advancement of data and connection is ushering in a new era for aftermarket services, with prospects for upselling and increased efficiency. Aftermarket services segment encompasses all services associated with a product following its sale to a customer. These services range from operations such as training and communication, maintenance and repairs, including regular inspections and spare parts management to end-of-life management such as upgrading or dismantling. The technologies included in the upcoming generation of tools and procedures allow for the unprecedented capture and transfer of data, which may be used to enhance aftermarket operations. New potential to optimize traditional aftermarket operations with faster, more affordable, and higher-quality aftermarket services, such as better spare parts management and optimized maintenance planning, are made possible by the analysis and ongoing monitoring of acquired data.

Challenges faced by Original Equipment Manufacturers (OEMs) towards Digital Transformation of Aftermarket Services

Figure 1: Different Challenges towards Digital Transformation of Aftermarket Services

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The Rise of Digital Services

Digitalization has emerged as a key factor in the aftermarket's recent growth. With greater efficiency and convenience than ever before, digital services are revolutionizing how consumers engage with the aftermarket sector. The owners may now readily access a wide range of services, from ordering spare parts to booking maintenance appointments, owing to online platforms and applications.

Figure 2: Key Trends and Future Strategies of Digital Aftermarket

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Source: DBMR Analysis

The notion of same-day delivery and effective logistics services has increased customer convenience even further. Customers can now get the necessary parts sent right to their home with just a click of a button, saving them the trouble of physically visiting several locations to find the exact parts.

In addition to giving customers financial stability, this subscription model fosters enduring relationships between service providers and clients. The adoption of subscription-based services not only accommodates contemporary customer preferences but also lays the groundwork for long-lasting and mutually profitable collaborations within the aftermarket, reflecting a strategic change in the industry

Additionally, businesses have been able to learn a great deal about the preferences and problems of their customers owing to the incorporation of online reviews and consumer feedback tools. Businesses may modify their tactics, enhance their products, and give a smooth customer experience by actively listening to consumer feedback

The global automotive aftermarket market witnessed significant growth in recent years due to several factors such as increasing investment and strategic initiatives by different companies, rising automotive sales, growing technological advancement, emergence of online portal & e-commerce sites for proper distribution and lots more.

According to Data Bridge Market Research analysis, the market for global automotive aftermarket market is projected to grow at a compound annual growth rate (CAGR) of 4.75% from 2022- 2029.

To learn more about the study, visit: //baronmoving.com/reports/global-automotive-aftermarket-market

Digital Aftermarket Technologies

Figure 3: Types of Digital Aftermarket Technologies

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Source: DBMR Analysis

Digital Twins: Although digital twin technology has been in the public eye for several decades, significant investments have been made in it more recently. The usage of digital twin technologies to aid with pandemic recovery has increased dramatically in only the last two years. The digital twin has the potential to become a more widely used solution for the management of spare parts. Aftermarket players are able to track component wear and accurately determine when to buy a replacement by using a digital twin system. The virtual counterpart of machinery can capture its physical sibling's service history. As a result, businesses may operate more strategically and effectively owing to detailed knowledge regarding the spare parts type, and its installation.


The digital twin can alert industry participants in real time if a spare part begins to deteriorate. When a necessary part is out of stock, the same thing takes place. Advanced platforms offer rapid access to spare parts lists in addition to real-time warnings. This even results in direct ordering of spare parts. By using a digital twin to monitor machinery in real-time, one can gain insight into the behavior and overall health of the system. The digital twin continuously gathers real-time data from sensors; this data is analyzed for early wear and problem detection by cross-referencing it with past data.

Some businesses see digital twins as being essential for expediting the ordering and identification of parts. Many industry participants are pushing for investments in virtual reality technology to improve the efficacy of teaching new employees in the process of choosing replacement parts for work orders. But predicting the need for spare parts also depends heavily on this technology.

Mentioned below are a few of the examples wherein companies are utilizing digital twin:

The digital twin market has witnessed substantial growth due to the upsurge in the demand for efficient product testing and development. Adding to this, increasing focus on cost minimization and efficient performance monitoring also tends to drive the market. According to Data Bridge Market Research analysis, the market for global digital twin market is projected to grow at a compound annual growth rate (CAGR) of 5.8% from 2022- 2029.

To learn more about the study, visit: //baronmoving.com/reports/global-digital-twin-market

Artificial Intelligence (AI): Although AI has many uses and can be quite important, especially for the auto aftermarket. It gives customers the ability to make sure that their operations function smoothly and that the solutions they've installed are scalable and increase productivity. Increasing productivity, maintaining efficiency, and simplifying information retrieval are all made possible by integrating AI into aftermarket software solutions. Enhancing customer service, decreasing errors, making better decisions, and managing inventories more efficiently are just a few benefits we can concentrate on as AI develops.

AI's function in data transformation needs accuracy and quickness. It makes sure that even from a large database, a single search query can produce extremely relevant results. The margin of error can be greatly decreased with AI-enabled indexing and search, increasing the assurance that you are working with up-to-date and accurate data. It improves decision-making and reduces the possibility of mistakes that could result in expensive situations such as downtime.

An AI's Natural Language Processing skills let users easily retrieve information. Consumers can now ask more conversational, human-sounding questions as opposed to using strict search terms or keyword lists. Clients can find information effortlessly and intuitively due to NLP's intelligence and understanding of context and subtleties. It also implies that employing AI-powered solutions improves worker skill levels and streamlines operations.

Below are a few of the initiatives taken by different associations and companies in relation to AI in aftermarket:

The global artificial intelligence market is witnessed a substantial growth in recent years owing to the growing demand for enhanced driver convenience and increasing adoption of AI in the value chain and others. Artificial intelligence integration is becoming vital for manufacturing automotive in the future. This has led to the adoption of sustainable technologies by different companies in order to remain competitive. According to Data Bridge Market Research analysis, the market for global artificial intelligence market is projected to grow at a compound annual growth rate (CAGR) of 26.1% from 2021-2028.

To learn more about the study, visit: //baronmoving.com/reports/global-artificial-intelligence-market

Big Data Analytics: In the current dynamic corporate environment, data analytics has become an essential instrument for promoting expansion and streamlining processes in a range of sectors. The aftermarket sector is no different, with businesses aiming to improve their client experiences and competitive advantage. Data collection, analysis, and interpretation skills can yield insightful information about consumer behavior, industry trends, and operational effectiveness, empowering aftermarket companies to take strategic initiatives and make well-informed decisions.

For Instance,

Internet of things (IoT) and Blockchain: The use of IoT in the aftermarket sector is among the most notable developments of recent years. The term Internet of Things (IoT) describes how things and gadgets are connected to the internet so they can trade and gather data. This technology facilitates communication between automobiles and their parts as well as between external systems and the aftermarket industry.

For example, a connected car can communicate to its owner and service providers in real time information on its performance, maintenance requirements, and possible problems. This makes car ownership more enjoyable overall and makes preventive maintenance and more effective servicing possible.

Blockchain technology will be used more and more as the industrial sector develops, particularly in terms of automation and digitization. The aftermarket business is projected to adopt blockchain technology due to key developments including parts authenticity, asset monitoring, modern logistics systems, and the proliferation of financial technology (fintech) influencing the overall industry. The business activities of all major aftermarket stakeholders, including suppliers, distributors, buying groups, retailers, and eventually consumers, will be drastically streamlined and expedited by blockchain technology. For example, blockchain solutions that enable efficiency, security, and time and cost reductions across multiple areas including as leasing, insurance, service and maintenance, refuelling, parking, freight brokering, and safety are projected to have a significant positive impact on shared mobility and fleets. Fleets that use blockchain technology to purchase vehicles have a single platform where all pertinent parties can interact and exchange real-time information.

Given below are a few of the instances in relation with the adoption of IoT and blockchain technology in aftermarket:

Conclusion

In conclusion, the use of digital services and cutting-edge parts distribution strategies is causing a huge transformation in the automobile aftermarket. In the future, convenience, efficiency, and customer happiness will be key factors in the sector as a result of the integration of new technologies, improved consumer involvement, and optimized supply chain operations. In the quickly changing market, businesses must embrace these changes and overcome related obstacles to remain competitive and provide excellent value to their customers. Management should start the worldwide initiative to digitize the aftermarket services with the goal of combining new value-generation targets with optimization in order to take advantage of these prospects. The emergence of subscription models and cooperative collaborations reinforced its flexibility even more. Aftermarket services, which are pioneers in innovation in satisfying customer demands, are not only adapting to change but also actively creating a future characterized by sustainability, creativity, and collaborative excellence.


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