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Strategic Outlook of Vehicle Relationship Management Market in Europe and North America

  • September 2014
  • -
  • Frost & Sullivan
  • -
  • 69 pages

Summary

Table of Contents

Billion Dollar Revenue Potential by Capturing Long-Term Opportunities Through Vehicle and Customer

The aim of this strategic study is to present and analyze the impact of vehicle relationship management in the automotive industry. It puts forth the key segments of vehicle relationship management by identifying the context, consideration, and involvement of OEMs and other ecosystem partners in these segments. This research service identifies strategies and market opportunities for the automotive industry in Europe and North America using vRM. It also showcases the different counter measures that can be adopted using vRM strategies for converting lost opportunities into possible revenue initiators. This research is supported by case studies and strategic conclusions and recommendations and also provides links to supplementary research studies.

Executive Summary—Top 5 Market Highlights
Deploying effective vehicle relationship management (vRM) strategies is expected to turn the car into a digital wallet through an ecosystem of consumer centric services and applications.
Vehicle Relationship Management Market: Top 5 Market Highlights, Europe and North America, 2013

vRM Potential
Effective utilization of vRM strategies would aid original equipment manufacturers (OEMs) tap into a revenue potential of about $ billion. External Web-based companies (example: Google and Skype) can create a niche for themselves using this revenue opportunity for consumer engagement services.

It is All About Data Feedback
OEMs lose significant opportunity with respect to product planning with the lack of customer/vehicle data feedback. Direct interaction between an OEM and customer/vehicle will help the former understand and gauge customer preferences and reduce several inefficiencies. vRM tools such as preventive maintenance alerts and warranty analytics increase customer satisfaction levels and opportunities beyond the point of sale.

Dealer Opportunity Capitalization
vRM empowers dealers with the critical advantage of being the first touch point with the customer. This engagement is vital, as this builds the basis for future customer-dealer interactions. Though aftermarket vendors are quick to adapt with competitive prices, dealers need to outpace them with customer convenience that will outweigh the premium they pay post free warranty.

Telematics Strategies to Pay for itself
Consumer engagement companies are trying to connect with consumers in multiple ways. If an OEM can enable that engagement through the vehicle using connected telematics platform; that kind of value and data is phenomenal. This will also allow OEMs to facilitate their telematics strategy to pay for itself.

Preserving Vehicle Value
Over-the-air (OTA) platforms will enable OEMs to extend software over-the-air (SOTA)/firmware over-the- air (FOTA) to not only vehicles but also to their component suppliers and service partners. This will not only give access to vehicle data and preserve its value throughout the vehicle lifecycle, but will also aid in reduction of repair/recall costs. Additionally, this will provide increased opportunities for dealers to sell more used vehicles and get insights into newer customer information.

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