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New Vehicles in Eastern Europe and Aging Fleets in Western Europe Drive Automotive Aftermarket Growth Finds Frost & Sullivan - Revenue opportunities will expand as complex vehicles with advanced parts enter the aftermarket, finds Frost & Sullivan - Automotive.Frost.com
New Vehicles in Eastern Europe and Aging Fleets in Western Europe Drive Automotive Aftermarket Growth Finds Frost & Sullivan

 

NewswireToday - /newswire/ - London, United Kingdom, 2015/06/22 - Revenue opportunities will expand as complex vehicles with advanced parts enter the aftermarket, finds Frost & Sullivan - Automotive.Frost.com.

   
 
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The total vehicles in operation (VIO) in Eastern European countries is on the rise as economic development allows more people to own personal-use vehicles. This is fuelling the demand for routine maintenance parts such as tires, wiper blades and filters. Meanwhile, increasing average vehicle age, which is currently at 9.5 years and climbing, is spurring the need for expensive ‘life of vehicle’ powertrain and electronics repairs in the large Western European nations.

New analysis from Frost & Sullivan, 360 Degree Perspective of the European Automotive Aftermarket, finds that the market earned revenues of €96.42 billion in 2014 and estimates this to reach €109.99 billion in 2020. The study covers service and replacement parts, body panels and collision repair, hard parts and tires.

In addition to rising VIO and average age, the growing complexity of cars and light trucks entering the European aftermarket will drive up parts and service costs, and positively impact industry revenue. As modern automobiles feature more advanced powertrain technologies, sophisticated electronics, and highly engineered materials than most vehicles being serviced in the aftermarket today, they will be an important source of growth for participants in this space.

“Moreover, increasing inspection standards in many European countries aimed at enhancing public safety and reducing exhaust emissions will support market development,” said Frost & Sullivan Automotive & Transportation Program Manager Stephen Spivey. “To pass inspections, vehicle owners and fleets will boost spending on exhaust and fuel system components, brakes and other parts.”

However, the economic recession has taken a toll on employment and overall consumer spending. Fewer Europeans have been driving in recent years, instead using public transportation and taking advantage of new mobility solutions such as car sharing. Since many vehicle parts have a service life expressed in kilometres, the decline in vehicle usage will hit the automotive aftermarket.

Furthermore, longer warranties offered by automakers are delaying the entry of new vehicles into the aftermarket. This, along with the consistent improvement in the quality of original equipment automotive parts, is reducing replacement rates.

“Suppliers in Europe are consolidating, adding private-label brands, and specialising in specific services or nameplates to expand their share in the competitive automotive aftermarket,” noted Spivey. “Several large manufacturing and distribution groups have been acquired as new discount brands take market share from established suppliers.”

Consumers are becoming more price-sensitive as the options for parts and services rise. The growth of private-label brands for common maintenance parts, migration to independent service chains for routine services at the expense of automobile dealers, and popularity of Internet-based suppliers highlight this trend.

360 Degree Perspective of the European Automotive Aftermarket (M927-18) is part of the Automotive & Transportation (automotive.frost.com) Growth Partnership Service program. Frost & Sullivan’s related studies include: Advent of 5G in Cars, The 48v Power-net Market in Europe and North America, The Future of Intelligent Mobility and its Impact on Transportation, GPF Market for Passenger Cars in Europe and North America, Key Focus Areas for Driving Interface Systems for Passenger Cars, Passenger Car Braking Technology and Innovations in North America and Europe, Opportunities in the Global Taxi Market, 2015 Outlook of the Global Automotive Industry, and US and European Onboard Chargers Market, among others. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.

About Frost & Sullivan
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Our “Growth Partnership” supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.

The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.

The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.

For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organisation prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?

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New Vehicles in Eastern Europe and Aging Fleets in Western Europe Drive Automotive Aftermarket Growth Finds Frost & Sullivan

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