N. American aftermarket demand to reach US$59 billion by 2010: report
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The North America aftermarket for light vehicle components and parts is forecast to rise 3.2 per cent per year, rea...
The North America aftermarket for light vehicle components and parts is forecast to rise 3.2 per cent per year, reaching US$59 billion by 2010, according to a new study by Cleveland, Ohio-based market analyst firm The Freedonia Group. Overall, however, the report concluded that emergence of aftermarkets parts sourced from China will apply increasing downward pressure on parts prices in the next several years.
The study, entitled “Automotive Aftermarket in North America”, presents historical demand data plus forecasts to 2010 and 2015 by aftermarket product for Canada, the U.S. and Mexico.
Mechanical products, which include non-electrical/electronic engine hard parts and chassis, drivetrain and suspension parts and components, will continue to be the largest aftermarket product category through to 2010, the report noted.
Also, some segments of the market, such as electronic parts and components, will witness the highest annual growth.
Replacement rates for electrical parts will grow moderately, the report also said, with some categories seeing demand suppressed due to new technologies such as highly durable light emitting diode (LED) lighting.
Finally, growth in the exterior and structural parts category will decline somewhat due to better technology.
Priced at US$4,400, “Automotive Aftermarket in North America” can be ordered from The Freedonia Group’s website.