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Innovative OEM Strategies to Spark Commercial Vehicle Aftersales Market in Europe
Remanufacturing of replacement parts and multi-brand servicing create additional revenue streams for OEMs, finds Frost & Sullivan
SANTA CLARA, Calif. , Aug. 5, 2021 /PRNewswire/ -- Frost & Sullivan's recent analysis of the finds that strategies such as aftersales digitalization, white labeling (product produced by one company rebranded by other companies) for genuine parts/services, and multi-brand servicing are instrumental for original equipment manufacturers (OEMs) to drive the commercial vehicle (CV) aftersales market in Europe . Despite the OEM initiatives, aftersales market growth is expected to be slow due to low vehicle-in-operation (VIO) growth in 2020 and the sluggish recovery of vehicle registrations during the COVID-19 pandemic. The market is estimated to reach by 2027 from in 2021. The study focuses on the potential trends that will disrupt the aftermarket, the effect of disruptive trends on OEMs, and more.
"An increase in the number of older trucks on the road provides OEMs with an opportunity to come up with competitively priced value-line products for fleet operators that deal with older trucks," , Industry Principal, Mobility Practice at Frost & Sullivan. "In the future, the emergence of electric and autonomous trucks is expected to expedite the need for new products, which will increase the demand for genuine parts from OEMs."
Chandran added: "Remanufacturing of replacement parts and multi-brand servicing will create additional revenue streams for OEMs, thereby addressing the needs of the price-sensitive customer segment that deals with relatively older vehicles. Further, predictive maintenance will become a necessity as time-based maintenance will lose significance. Due to this, OEMs' data-enabled platforms and revenue streams will result in sophisticated services like predictive analytics and prognostics."
Market participants should focus on the following growth prospects:
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