The Volvo Group’s offering includes various types of financing solutions, insurance, rental services, used vehicles, spare parts, preventive maintenance, service agreements, assistance services and IT services. The range and flexibility of the offering means that the solutions can be customized for each customer.
Since a large part of the accessories, spare parts and services in the aftermarket business is requested as long as products are being used, they contribute to balancing the fluctuations in the business cycle for the Volvo Group. By strengthening the aftermarket offering, profitability and revenue sustainability can improve for the Group throughout the business cycle.
The strategy to increase sales of services and aftermarket products is an important element in the Volvo Group’s effort to achieve targets for profitability and growth, both in mature markets and in the Group’s new markets. During 2010, the services and aftermarket products business represented approximately 35% of net sales in the Industrial Operations, of which roughly half was attributable to spare parts and workshop services.