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Outlook of the Global Automotive Aftermarket 

  • February 2016
  • -
  • Frost & Sullivan
  • -
  • 78 pages

Summary

Table of Contents

2016 Outlook of the Global Automotive Aftermarket : Global Aftermarket Revenues Forecasted to Grow at 4.7% Globally in 2016

Global vehicles in operation will increase sharply over the 2016–2020 period, driving new opportunities for light vehicle parts and service providers. This research compiles findings from various deliverables published over the past two years. It covers growth prospects for the global automotive aftermarket in North America, Europe, China, India, and Latin America. The research includes vehicles in operation analysis, revenue forecasts, and top parts, and service providers by region. It also includes an analysis of Mega Trends impacting the global automotive aftermarket, with a specific focus on electronic parts retailing. Conclusions and future outlook are presented for each region.

Executive Summary—Key Highlights of 2015

Increased Original Equipment Service (OES) participation along with consolidation of traditional distribution channels in developing markets were the key highlights of 2015.

Lower than Expected Growth in China and Latin America

- Total manufacturer-level parts revenue (including maintenance, repair, body/collision, and accessories) was $ billion in 2015.
- Revenue grew by nearly % in 2015, with growth stifled a bit in China and Latin American countries.

Vehicle Ownership Trends Drove Growth in Aftermarket Demand

- Growing vehicles in operation, especially in emerging markets will be the biggest driver for aftermarket demand. Frost & Sullivan expects the global Vehicles in Operation (VIO) to increase from billion in 2015, from billion in 2014.
- Increasing average vehicle age largely contributed to the growth of aftermarket revenues in 2015.

Strengthening of the OES Channel Across the Globe

- The OES channel gained 1 to 2 market share points worldwide because of the high growth of new vehicle sales in countries (such as India and China) that lack traditional aftermarket infrastructure.
- OEMs introduced more aftermarket parts (such as Mopar in the US) and expanded independent garage networks.

Traditional Aftermarket Participants Explore Geographic Expansion Options

- Development and expansion of traditional distribution channels to emerging regions (particularly China), as North American and European groups (such as the Aftermarket Auto Parts Alliance) are partnering with Asian wholesalers.
- Developed regions continued to evolve away from three-step distribution, with closure of more jobber stores.

Key Questions This Study Will Answer

- What are the main factors that influence the size and direction of the global automotive aftermarket?
- How does the industry structure vary from region to region?
- Which emerging distribution channels will offer opportunities for growth and differentiation?
- What is the position and competitive outlook of leading global automakers in the aftermarket?
- How are emerging regions currently being served, or underserved, by automotive parts and services suppliers?

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