Top 6 Aftermarket Trends 2023 : Making Full Use of Connected Vehicle Data

Wondering what are the aftermarket trends in 2023? As modern consumers turn to alternatives of the conventional car maintenance model, they look out for personalized solutions and bundled-services, packed with a seamless service experience. Connected vehicle data makes this shift from a range of isolated solutions to an integrated, data-driven resolution possible with ease, with 59% of connected-car owners admitting to having their choice of vehicle being influenced by smart, connected features.

With the rise in connected vehicles, and as a result in the generation of connected vehicle data, vehicle connectivity has opened the way for a set of new trends. Customers and service providers both benefit from a thriving ecosystem of intelligent data services and future-ready mobility concepts that improve customer experiences linked to aftermarket services while keeping the cost considerations relatively low.

Top Aftermarket Trends  for Automotive Service Providers

Here are the connected vehicle data aftermarket trends in 2023

1. Predictive Maintenance
2. Roadside Assistance
3. Warranty-as-a-Service
4. Inventory Forecasting
5. Single Source of Service
6. New Market Development

Read more about it below

1. Predictive Maintenance

One of the most popular and useful connected vehicle data aftermarket trends around connected vehicles is the ability to predict engine faults and maintenance issues before they lead to costly repairs. By keeping a check on the vehicle’s vitals and service warnings, such as tire pressure, engine temperature, overheating warning, and more, automotive service providers notify the drivers proactively about potential failures, and prevent vehicle breakdowns.

2. Roadside Assistance with Connected Car Data Insights

Automotive maintenance service providers leverage connected vehicle data to help drivers stranded along the road, in instances of accidents, malfunctions, or unexpected repairs. Simple tracking of vehicle vitals, telematics data as well as collision data enables the service providers to send help when needed, and save them from facing serious troubles or uncertainty for safety without delays.

3. Warranty-as-a-Service

As the complexity of modern vehicles rises, warranty costs also continue to increase. With clear visibility into customer trends and their dynamic needs, modern service trends have emerged from AI analysis of vehicle and driver data. The Warranty-as-a-Service model offers increased convenience and flexibility to the car owners, along with improved revenues for the service provider with subscription-based models for extended warranty services.

4. Inventory Forecasting

By analyzing service connected vehicle data aftermarket trends and evaluating a number of requests, players in the automotive aftermarket can now easily restock parts inventory, to ensure uninterrupted services to vehicle drivers. Automating the back-office tasks further promises a reduction in costs, flexible timelines as well as enhanced operational efficiency and flexibility.

5. Single Source of Service

Connected car data enables automotive service providers to sell a unified service to customers, that covers the purchase, installation of parts, maintenance, and after-sales services. The trendy solution attracts customers as it takes away the hassle of paying for each service separately, through an all-around customer-centric solution that’s powered by in-vehicle data and technology.

6. New Market Development

By tapping the data directly from embedded vehicle sensors, automotive service providers can now identify new opportunities to derive value from existing customers while offering exciting services to attract new customers. For example, vehicle data can help assess the condition of used vehicles more accurately to alert owners for potential faults, decode collision data for collision assistance or offer extended warranty services.

Deepen Customer Relationships with Increased Loyalty & Trust

When warranty and service providers ingest data that are unique to the vehicle and its owner, they grasp the opportunity to create a pipeline of more trusted and attractive aftermarket services for the customers. It becomes easy for the service providers to come up with customized products and insights targeting the right customer segment, or gauge accurate customer needs to improve marketing to those customers. As a result, the development of products based on analysis of customers’ connected vehicle data strengthens brand relationships and builds loyalty.

Seize the Customer Attention with CEREBRUMX

Powered by CEREBRUMX’s range of advanced solutions, capturing customer interest with in-trend aftermarket solutions is now as easy as thinking about it. With our AI-powered Augmented Deep Learning Platform (ADLP), experience the power hidden behind connected vehicle data like never before. Unlock the true meaning of raw vehicle data and convert it into rich insights that enable you to expand your service portfolio and business. What’s more, we enable you to leverage your existing infrastructure without the need to deploy a complex network of connected features, to prevent your customers from drifting away from your brand.

CEREBRUMX believes in total consumer privacy and transparency when it comes to analyzing sensitive data. To ensure complete trust and uninterrupted business operations, we enable you to give the power back to the customers by letting them the grant, revoke or edit consents easily, with our white-label platform, CerebrumX Secure Consent.

For more information regarding connected vehicle data and the evolving ecosystem around it, Contact us or reach out to our experts.