Vigorous increases from developing markets such as Central and Eastern Europe, Africa and Middle East, Latin America and Asia (excluding Japan) could spark double-digit growth in the global light-vehicle aftermarket, predicts Datamonitor (www.datamonitor.com), a provider of online data, analytic and forecasting platforms for key vertical sectors.
The company expects the value of these developing markets to grow by 47 percent, or 6.6 percent per year from 2006 to 2011. This would then trigger a 10 percent increase of light-vehicle global aftermarket sales values by 2011, bringing the global market for replacement parts, maintenance and accessories for light vehicles up to an estimated worth of $860 billion.
An increase in the number of cars on the road is the most significant factor fuelling global aftermarket growth. New car registrations are quickly rising in countries such as India and China. Chinese motorists' consumption habits are progressively becoming westernized to the benefit of modern distribution channels, says Datamonitor.