Whether we like it and whether we’re ready for it, our industry is on the verge of a permanent change
This change is being led by the switch to electric vehicles (EV). EVs are going to forever alter the way our businesses look, the equipment we need to operate, and the training our people need to do their jobs.
According to a recent major analysis of the automotive aftermarket for light vehicles by McKinsey, EVs will make up between 18 and 26 percent of the global car parc by 2030.
It’s easy to dismiss that figure, after all, we’re probably talking about less than a quarter of the market, and it’s a global figure. But it’s the indicators from the manufacturers that matter.
They’re providing the pipeline of vehicles that will eventually emerge onto the aftermarket, and many of them are all-in on electric.
There’s still plenty of opportunity for businesses to make money servicing the vehicles of the future. EVs will still need tyres, suspension systems and wiper blades, but the next generation of businesses will need less conventional drive train parts, and more expertise with HV and LV batteries.
The services we charge for, what we charge and the way we charge might change, even though customer service costs are projected to stay the same.
It might all still seem a long way off, but as business owners we need to have one eye on the horizon now, to make sure we make the right investments for the future.
If you’re interested in how Capricorn can help you build a stronger, next generation business, visit www.capricorn.coop to arrange a visit from your local Capricorn representative.
Group CEO, Capricorn Society Ltd
For more on Capricorn Society membership, visit www.capricorn.coop