What’s The Current Scenario?

The auto parts buyers are interested in suppliers who can fulfill the orders in the promised time and at friendly rates. On the other hand, auto parts manufacturers can achieve their respective targets by expanding their focus on:

  • Manufacturing high-value parts (engine components, electricals, electronic circuits)
  • Frequently replaced parts (exhausts, brakes, and gearbox parts)
The Role Of Auto Parts Buyers In Global Trade

Auto Parts Buyers And Export Expansion

In the recent past, multiple nations expanded their export opportunities, mainly due to the decisions they made regarding their manufacture and export strategy. The countries mentioned above have a huge trade surplus for auto components. Furthermore, they have achieved the status with several advantages.

Aftermarket Opportunities In Global Trade Of Autoparts

Most auto component manufacturers believed that the aftermarket was a huge booster during the COVID-19 lockdown period. This is due to the fact that most auto parts importers relied on their respective markets, which was generally affected because more people postponed their plans to buy a new vehicle.

What’s The Future Role Of Auto Parts Buyers?

As discussed earlier, the choice that auto parts buyers make generally steers the auto part industry. However, the manufacturers can always cash in the opportunity by following a simple three-way approach.

  1. Firstly, they need to concentrate on the aftermarket strategy, i.e., the 7 per cent micro-market contributing to 50 per cent of market demand.
  2. Next, they can encourage greater agility in the sales sector by trusting new platforms like virtual sales and planning their stocks accordingly.
  3. Finally, the auto component manufacturers can also soar by expanding their partnerships with influencers like local mechanics with good popularity; this strategy can also work for global markets. All they need to do is establish a channel between their company and local influencers.

What’s Next For Auto Part Buyers In Global Trade?

It will be interesting to see how the future auto part markets take shape, given the fact that the recent market shocks gave jitters to all the stakeholders of the auto parts business. However, one thing is certain, the auto parts business doesn’t depend upon the monopoly of a single party, as it is a perfect example of circular trade!

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Rahul Badnakhe

Rahul Badnakhe

Technical Content Marketer,looking to share insights, continuously learn and innovate. Keep Reading, Keep Learning!

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