In a constantly revolutionizing market landscape where technology rules all, aftermarket services manifest as a game-changer for evolving consumer needs and expectations. As per a recent worldwide market report, the aftermarket realm is growing with a CAGR of 15.6% which indicates its potential as a thriving domain.
In the last few years, there has been a shift in after-sales services with the multi-dimensional impact of technology and complete digitization. Among other booming segments of the aftermarket industry in India, the automotive sector continues to show its prominence with a CAGR of 12.7%, signaling a promising future in the upcoming years.
Aside from these numbers, a rapid surge in the demand for spare parts, the adoption of eco-friendly practices, and value engineering are also some powerful factors that add up to this latest development, inciting a transformative change for both OEMs and dealers in India. Apart from spare parts commerce, cutting-edge technologies like AI and IoT will also bring momentum in the supply chain.
What is the future of the aftermarket industry in India and how will the technology catalyze the market expansion?
In this blog, we will sneak a peek at the future of the aftermarket industry in India along with the top tech trends that will set the pace of success for OEMs and dealerships!
Industry Overview - What Does the Future of Aftermarket Domain Look Like in India?
EY and ACMA conducted industry research a few months ago unraveling the future of the aftermarket industry in India in terms of opportunities from other countries. The sector will grow up to be a $14 billion market by 2028, but there is more extensive scope to the landscape with a rising export demand from other nations that can cross $35 billion.
Among numerous segments of the aftermarket domain, the automotive sector which is currently established at $340 million, has the maximum potential with an 8% CAGR. The overall survey puts emphasis on the absolute need to adapt to modern practices of branding and collaborating, setting new and improved marketing standards for OEMs.
From strengthening the digital presence to automating their service architecture, there are several aspects where OEMs will need to make improvements to keep up with the lucrative future of the aftermarket industry in India. However, digitization is an area where many companies strive to make a definitive decision.
In the next section, we will explore some technology-related market trends that will play an essential role in boosting aftermarket sales and enable OEMs to maintain their supply chain flow amid increasing competition.
Tech Trends that will Change the Future of Indian Aftermarket Industry
Dependency on Digital Platforms for Enhanced Aftermarket Services
Increasing market competition and evolving consumer demands collectively has been a remarkable force in the adoption of digital technologies. It’s the seamlessness of a digital platform that compels users to trust a business and keep coming back in the future. Plus, managing user data on a digital portal is far more convenient and insightful for OEMs.
A tech-based service paradigm comes with a plethora of advantages for target users and businesses. For starters, the timeline of service exchanges shortens drastically, enabling users to discover more about the platform and learn about the enterprise. The promptness of easier communication and faster collaboration is why equipment manufacturers are choosing to maintain a strong digital presence.
The future of the aftermarket industry in India depends broadly on digitization as it can start the passage for an unparalleled experience users seek in aftermarket services.
Data-Driven Optimization for Personalized User Experience
Improved user experience is the outcome of a well-integrated digital architecture most OEMs need. But this is not the only benefit businesses reap with end-to-end digitization as there are more ways to upscale user experience, and a glance at the user behavior is one such method.
When we talk about the future of the aftermarket industry in India, we can see that almost all tech trends point to the necessity of digitization. The implementation of data-driven practices can help original equipment manufacturers come across the hidden challenges their dealers often face while placing orders or requesting warranty claims.
The capabilities of an advanced behavior analytics system go beyond interactive digital experiences. To deliver personalized aftermarket services, OEMs are starting to invest in software solutions that also provide insights into the usability and convenience of their digital presence.
Well-known aftermarket software solutions providers offer a digital knowledge base and inventory management tools that come with in-built analytics functionality. OEMs get to integrate these features with their existing ERP system to discover what elements affect the usability and engagement on their digital platforms.
Centralized Data Management for Sales & Inventory Forecasting
Aftermarket e-commerce is the discussion of the hour with B2C and B2B2C garnering popularity in the market. With these transforming dynamics comes the need to optimize the supply chain and other operations associated with it. Above all, efficient sales and inventory management is what OEMs are required to work on.
If we talk about aftermarket software solutions providers, they are one step ahead of the curve with their offerings that include spare parts management and end-to-end claim management systems. Manufacturers have the option to effectively automate the sales cycle, simplify the process of parts search, and streamline warranty claim approval and parts return management.
You should also know that these top technology trends are already revolutionizing the aftermarket industry. Now, it’s up to OEMs and dealerships to take hold of these trends and leverage them to become a future-ready brand your target users can trust.
Aftermarket Software Solutions to Keep Up with Future-First Industry Trends
As discussed earlier, original equipment manufacturers will have to discover more sales possibilities with the need to expand their service structure and automate operations to not only fulfill the demand, but also thrive consistently in a tech-dominant market.
If you are looking to make a headstart with technology adoption and align your growth with the ever-changing future of the aftermarket industry, then you should choose tailored software solutions. A full-fledged suite of software will help you automate and optimize aftermarket operations and collaboration with the network of dealers and distributors.
At Intellinet Systems, we offer dedicated solutions for OEMs that range from spare parts catalog systems to warranty claim management and parts return management platforms. Our digital products are designed to reduce time consumption and overhead costs. With efficiency and intuitiveness at its core, our extensive suite of aftermarket solutions is making an impact in more than 70 countries.
Our broad array of aftermarket products are available for pre-sales, sales, and after-sales operations. This categorical arrangement allows OEMs to make an informed decision and implement the right platform while streamlining their end-to-end operations. This way, OEMs can attain a future-first business architecture and enhance their collaboration with dealerships.
Get in touch today to get a free demo and know more about our OEM-centric software solutions!
