Automotive Aftermarket to Reach $144 Billion
According to The Freedonia Group, global demand for automotive aftermarket products will increase more slowly than previous years, but should still amount to more than 6 percent annually during the next 5 years. Gains will be driven by an increase in the number of light vehicles in use, continued maintenance and repair of older vehicles in the developing regions of the world, and greater use of high-value automotive electronics.
Mechanical and electrical products account for 55 percent of overall demand. However, these are largely mature products that are subject to intense price competition. Fast growing items in this segment include brake parts and fuel injectors.
The electrical products segment will benefit from continued demand for batteries.
Approximately 3,000 companies manufacture automotive aftermarket products throughout the world. The United States and Japan, alone, account for almost half the world's shipments, followed by Germany, France, Italy, the United Kingdom, Canada and Brazil.
For more information, call The Freedonia Group at 440-684-9600 or visit www.freedoniagroup.com