The automotive business, like real estate or any other mainstream pillar of a sustainable economy, is one of the most resilient and rising sectors internationally and locally. The UAE accounts for little under a quarter of the GCC car sales industry, coming in second only to Saudi Arabia. According to statistics, an estimated 1.4 million cars were sold in the United States in 2016, with sales forecast to reach 2 million yearly by 2021.
Passenger automobiles account for about 80% of the UAE automotive market, with commercial vehicles accounting for the remaining 20%. (trucks, vans, and buses). The country’s geographical location makes it a regional hub for auto parts and components, and it has established itself as a major player in the Gulf and African auto parts trade. Given these statistics, becoming an entrepreneur in the automobile business is less of a roller coaster ride than competing in other industries in the current environment. Here’s how I think you can succeed in the automotive industry:
1. Understand the issue you’re attempting to resolve. To begin, locate a market gap that you can exploit, which will provide you an advantage and, of course, fewer competition. The most crucial stage is to understand your population and what their needs are so that you can answer them and give timely, high-quality, and cost-effective solutions.
2. Have a vision that is unbounded. Consider the automotive industry as a large field with almost endless possibilities: spare parts, technical training, maintenance, car care, accessories, and so on. Choose one or several avenues in which you are passionate, start small, and master the service you intend to deliver. To get repeat business, focus on client loyalty.
3. Collaborate with major players Form strategic alliances with well-known brands both internationally and locally. This helps you establish a reputation and establish yourself as a trustworthy source for your customers. For long-term success, investing time and effort in researching and signing up with the proper partners and suppliers is worthwhile. You can pitch for institutional work with government bodies or corporations once you’ve established a reputation and trust.
4. Maintain relevancy Never cease to innovate. Keep an eye out for future advances such as autonomous driving, electric vehicles, and the associated technology. The automotive sector is rapidly evolving, and in order to stay current, you must be informed of what is occurring in the industry and how you can contribute.