More than 350 international auto part manufacturers and distributors gather in Panama each year for one of the most widely-acclaimed automotive trade shows in Latin America and the Caribbean – the Latin Auto Parts Expo. Endorsed by the U.S. Department of Commerce, this year's show is set to take place July 25-27 at the ATLAPA Convention Center in Panama City, Republic of Panama.
“Central America has matured into a stable, lucrative market,” according to Aftermarket Business World, December 2017. “Within the seven-country [Central American] region, there are approximately 4.6 million cars and trucks in operation.”
The International Trade Administration (ITA), part of the U.S. Department of Commerce, has been working to attract more U.S. businesses to export to Latin America. As part of its “Look South” initiative, the ITA has identified 27 sectors of industry that would be especially attractive to U.S. exporters. For the automotive parts and supplies sector, nine countries are identified as specific market targets: Chile, Colombia, Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Mexico and Panama.
The aftermarket sector will play a major role at the exhibition this year, where several top brands will showcase a wide variety of products. Some of those companies include Automann USA, Autopart International, Berryman Products, EMG International, Mighty Auto Parts, Omega Environmental Technologies, S&S Truck Parts, The Parts House, Walker Products, Zen S.A., Zeta Trading, to name a few.
According to studies at Global Market Insights, Inc., the “Latin America automotive aftermarket share will exhibit notable annual growth rate of more than 5 percent over the coming years of 2016 to 2024.”
Ronnie Barassi, Director of International Sales for Mighty Auto Parts, a distributor of lubricant products to the global aftermarket, says the exhibition has been worthwhile for his company. “We are exploring our products in the [Latin American] region, and there has been a lot of influence at the show from Colombia, Nicaragua, Costa Rica to Panama,” said Barassi.
Members of the Overseas Automotive Council of the Automotive Aftermarket Suppliers Association agree that Latin America is a major growth area for the global automotive aftermarket. “Mexico, South and Central America are opportunities for growth, due to older vehicle age and repair history,” a member commented.
For auto part companies looking to enter or expand their market share in Latin America and the Caribbean, Panama is the place to be July 25-27. Spaces are limited and the show sells out each year. Potential exhibitors, please email email@example.com, call 786-293-5186 or visit www.latinpartsexpo.com.
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