The automotive industry is one of the fastest-growing and most vibrant sectors in both global and local markets. It is comparable with real estate and other pillars of a sustainable economic system. In this region, the UAE is second to Saudi Arabia in terms of car sales, with just under a quarter. Reports indicate that 1.4 million vehicles were sold in the UAE in 2016. This number is expected to increase to 2 million annually by 2021.
Around 80% of the UAE’s automotive market is made up of passenger cars. The remaining 20% is made up of commercial vehicles (trucks, vans, and buses). Its strategic location makes it a regional hub of car components and parts and a major player in the trade of car parts within the Gulf and African regions. In the current economic climate, being a business owner in the automotive sector is not as difficult as competing with other industries. What’s my opinion on how to succeed in the automotive sector?
1. You need to know the problem that you are trying to solve. Identify the gap you can exploit in the market to gain an advantage and, of course, to reduce competition. The most important thing is to understand your audience and their needs so you can provide them with timely, high-quality, and cost-effective services.
2. Imagine a world without limits. The automotive industry is a vast area with endless possibilities. Think about spare parts, training, maintenance, and car care. Accessories are also available. Start small and focus on one or two avenues that you’re passionate about. To get repeat business, focus on customer loyalty.
3. Join forces with the big players. Establish strategic partnerships both locally and internationally with renowned names. It helps you build a good reputation with your customers and become a reliable resource. It is worth your time to research and sign up with the best partners and suppliers. Once you have earned the trust of your clients, you can start pitching for institutional work.
4. Keep up with the latest innovations. Watch out for the latest developments, such as autonomous driving and electric cars. You need to know what’s happening in the automotive industry to keep up with it.