The global demand for quality automotive aftermarket products from North American suppliers has never been greater and the importance of international business is continually growing.
According to the “2016 World Automotive Market Report,” published annually by the Automotive Aftermarket Suppliers Association (AASA), global growth markets are shifting and opening more opportunities for North American aftermarket suppliers to advance their business.
The report reveals that the industrialized regions of the world experienced a slower compound annual growth rate (CAGR) of vehicles in operation (VIO) during the 10-year period from 2005 to 2015. The Asian region recorded the biggest CAGR increase worldwide at 9.6 percent. The Middle East was second at 7.5 percent. Central/South America and Africa tied for third at 5.8 percent.
By contrast, the growth rate in Western Europe from 2005 to 2015 was 1.4 percent and North America grew just 1.2 percent. Mexico recorded the largest growth rate in North America at 6.7 percent; Canada grew 3 percent and the U.S. CAGR for the period was 0.6 percent.
Within the fastest growing region of Asia, China overwhelming registered the largest CAGR at 27.4 percent. In addition to China, Asian region countries included in the report are Burma (Myanmar), Hong Kong, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam.
Global business can provide companies with a larger and more diverse customer base, open doors for overseas manufacturing and distribution, market share gain in less competitive countries and give manufacturers a broader view of the industry. But access to reliable, accurate data is crucial to making the best possible decision.
The AASA World Motor Vehicle Market Report, celebrating its 80th edition this year and produced with IHS Automotive, has been revised to provide insightful analysis. It contains passenger car and truck information regarding vehicles in operation, production and density for regions throughout the world including Africa, Asia, Central and South America, Central Eastern Europe, Middle East, North America, Oceania and Western Europe. The report is available to AASA members at no cost by clicking here. Non-members can receive information about purchasing the report by e-mailing [email protected].
AASA also supports its supplier members’ global business growth through the Overseas Automotive Council (OAC) and the China Aftermarket Forum (CAF). For more information, visit www.aftermarketsuppliers.org.
Editor’s note: Ben Brucato is the director of membership and sponsorship of the AASA and executive director of the AASA OAC. The OAC promotes the sale in foreign markets of automotive and heavy-duty products manufactured in North America. Those products include components, accessories, chemicals, hand and power tools, service maintenance and repair equipment, and paint and body supplies for cars and trucks. OAC has more than 350 members in more than 40 countries. More information is available through its website, www.oac-intl.org.
CAF is a peer group comprised of members of the AASA with operations in the People’s Republic of China. Its mission is to support the growth of member companies’ business within the Chinese automotive aftermarket. The CAF accomplishes this mission through offering opportunities to meet with peers and other selected constituencies, facilitating collaboration among the members, and representing member interests via coordinated member participation in relevant industry groups. AASA exclusively serves manufacturers of aftermarket components, tools and equipment, and related products, which support 710,000 employees in the United States.
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