Do you love cars or automobiles? Do you keep up with the latest trends in the automotive industry? Are you interested in starting a business in the automotive industry but you don’t know the best business opportunity or idea to choose from?
Then I advice you read on as I highlight the best business opportunities and ideas in the automobile industry for 2019.
The automotive industry is one of the largest industrial sectors by revenue, with activities that comprise the engineering, design, technological development, manufacturing, distribution, marketing, sales and maintenance of automobiles or motor vehicles.
Automobiles or cars can also be categorized by the type of fuel used and from this category, we have gasoline, diesel, electric, and various hybrid or alternative fuel cars such as ethanol and combined electrical motor-heat engine drives. According to statistics published by OICA.net, a total of 84,141,209 vehicles were produced in 2012 alone, which represent a 5.3% increase compared with the previous year. Of the total vehicles produced, China carried the biggest figure, followed by Japan.
The automotive industry is a billion dollar industry with notable market leaders such as Toyota, General Motors, Ford, Chevrolet, CAT, TATA, etc. however, this article is not about the big brands of the automotive industry; rather, this article is focused on revealing several ways you can tap into this billion dollar industry. So without wasting time, below are 23 business opportunities in the automotive industry.
23 Best Automotive Business Opportunities & ideas in 2020
1. Vehicle manufacturing
This is the level of the big players such as Toyota, Ford, General Motors, etc; yet, there are smaller companies that are raking in profit annually by targeting a narrower niche that is ignored by the big companies. If you have the financial capacity, you can set up a vehicle manufacturing plant for cars trucks, trailers, earth moving equipments, or caterpillars, etc.
2. Vehicle assembling
Rather than venture into full scale vehicle manufacturing, you can venture into vehicle assembling. The good thing about this venture is that it is less capital intensive and you can stick your brand on the cars you assembled. Examples of vehicle assembling plants in Nigeria are Innoson and Peugeot. Now if you are not up for big cars or trucks, you can focus on assembling light weight vehicles such as tricycles, motorcycles, scooters, etc.
You can also buy the rights to become a distributor in your country for any car manufacturer of your choice. Example of successful car dealers and distributors in Nigeria include Coscharis Motors, AG Leventis, Elizade Motors Ltd, etc. Or better still, you can simply start small by importing and retailing used cars. The used car market (Tokunbo) in Nigeria and even the U.S is currently booming as most people have resorted to buying used cars to save cost.
Do you know that you can also become a car dealer right in Nigeria from your home? Yes, all you need to do is setup shop online, sample your wares and take orders from customers. You then proceed to buy the pre-ordered vehicle from online car auction websites and deliver it to the customers.
4. Become a spare parts importer or dealer
Vehicles are machines with a lot of movable parts, that needs to be changed at one time or the other. You can import and retail spare parts of several brands of vehicles in your country and make money off vehicle owners.
5. Start a vehicle re-spray business
You can also setup a vehicle re-spray company and help car owners reclaim the beauty of their cars after it has been worn out and the color is faded.
Auto detailing is the process of thoroughly cleaning, polishing and waxing of an automobile. The cleaning will also be done inside and out; including the engine and underneath the vehicle. Auto detailing is usually done on used cars that are to be resold, thus increasing its value and outlook to the proposed customers.
7. Start an auto repair service
11. Start a traffic monitoring radio or TV Channel
13. Establish a parking lot or center for vehicles in congested towns
17. Start a vehicle tracking and tracker software installation service
18. Become a vehicle registration agent, and help car owners register their vehicles with the necessary regulatory authorities. You can also help them process and procure their driver’s license.
20. Start a vehicle design company or become a car design consultant
22. Setup a vehicle customization company. Most individuals, especially celebrities and wealthy personalities would love to stand out from the crowd. You can cater to the needs of these individuals.