2023 Predictions: Auto Part Suppliers' at Risk? S4 Ep3

Welcome to the future of automotive parts. A world without auto parts stores, a world where cars drive themselves. It's pretty scary, isn't it? But what if this is the new normal? In this video we explore what that means for your business and where you can go from here. We predict some of the trends in the aftermarket and parts sector of the automotive business for 2023 and possible impacts. First, we look at how the aftermarket parts market will change as electric cars become more popular. Maintenance needs will shift as engines become simpler or are replaced by batteries. This creates opportunities for new parts and services. Next, we explore some of the opportunities opening up. Autonomous vehicles will create demand for sensors, computing components, and software. New revenue streams around data analytics and predictive maintenance will emerge. There is room for innovation as the industry evolves. Finally, we discuss what you can do right now to prepare. Consider expanding your knowledge, capabilities, and inventory to serve electric and autonomous vehicles. Look for ways to add value through data-driven services. Be ready to adapt to stay relevant as a parts provider in this new automotive future. The landscape is changing fast. But by understanding the trends and taking strategic action, there are exciting possibilities ahead. The future of automotive parts may look very different, but it can also be prosperous for those with vision. For more insights, visit https://partspass.app/Become a supporter of this podcast: https://www.spreaker.com/podcast/talking-business-with-mark-and-john--5696935/support.