Not just auto suppliers, but manufacturers of all types of industrial products and equipment, are learning that a future differentiator and real source of revenue growth will develop from expansion of their service and aftermarket businesses. Services such as spare parts, preventive maintenance, testing, field support, repairs, and quality management can help differentiate an automotive company from competitors and earn a loyal revenue stream from OEMs that no longer have the resources to carry out many of these functions in-house.
The aftermarket business has exploded over the last few years and is now a more than $75 billion global industry. Automotive companies can generate significant revenue by offering aftermarket items within their product portfolio.
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