Frost & Sullivan will be hosting a webinar that will discuss the digitization of the automotive aftermarket, the company announced.
According to the firm, the rapid adoption of digitization to mitigate the adverse impact of COVID-19 on the global automotive aftermarket has fueled investments in this space. Although the aftermarket demand for replacement parts and accessories declined 8.8% in 2020, online sales are rising as the global market recovers. They are expected to reach $478.8 billion by 2025 at a 5.7% compound annual growth rate (CAGR) from $362.2 billion in 2020.
The webinar, “Global Automotive Aftermarket: Strategies for Revenue Generation & Growth,” will be hosted by Frost & Sullivan’s aftermarket experts Anuj Monga and Stephen Spivey, along with Ben Johnson, director of product management for Mitchell, and is scheduled for June 8 at 10 a.m. CST. In this webinar, the experts will discuss how market participants can leverage the digitization of the customer journey for parts and services retail and understand the online and offline integration challenges, event organizers said.
Aftermarket growth will focus on investment in new service programs involving advanced driver-assistance systems (ADAS) sensor replacement and re-calibration, as well as preparing for EV servicing opportunities. In addition, the emergence of new product categories from evolving functional technologies and alternate powertrain systems will bolster aftermarket activity.
Topics to be covered in the webinar:
- Examine the impact of COVID-19, particularly looking at the factors that contributed to the decline in demand for replacement parts and accessories in 2020.
- Gain an understanding of the evolution of the aftermarket by exploring how market participants are rethinking their growth strategies and business models to diversify revenue streams.
- Explore the disruptions in in-vehicle technology and the opportunities in servicing electric and autonomous vehicles brought on by rising technology adoption.
- Identify new business models and other revenue streams, mainly by digitizing offering and fulfillment programs to expand the customer base and enhance customer experiences.
Click here for more information or to register for the webinar.