AFTERMARKET = BIG BUSINESS
For automotive manufacturers, aftersales services represent a vital series of revenue streams that they cannot afford to be without.
Indeed, according to a 2010 report by French consultancy giant Capgemini, in Western Europe during a typical 15-year lifespan of a car, only 37 percent of the total revenue an OEM receives can be attributed to the initial sale of the vehicle.
The aftermarket offers a major opportunity to drive profits by maintaining customer loyalty beyond the upfront sale. Worldwide, the automotive aftermarket was worth $335.23 billion in 2016, with steady growth expected through to 2025.
The UK market in particular is thriving. A study by Frost & Sullivan found in 2017 it turned over £21.1 billion, supported more than 345,000 jobs and contributed £12.2 billion to the country’s economy. By 2022, the UK automotive aftermarket is expected to be worth £28 billion.
Auto Fasteners plays a keep role in the smooth and efficient running of many OEMS thanks to its reliable provision of fasteners and spare parts on demand as and when they are needed.
Further, these parts are often needed in different packaging or supplied as specialised kits, made up of components from several different manufacturers. This is where Auto Fasteners and its flexible setup come to the fore.