Global Information would like to present a new market research report, "Automotive Aftermarket in North America" by The Freedonia Group.
The North American automotive aftermarket for light vehicle components and parts is expected to grow 3.1% annually to reach $71.8 billion in 2014.
US dominates North American automotive aftermarket, while Mexican aftermarket will see fastest growth
The US aftermarket will account for approximately 85% of the total North American automotive aftermarket. However, Freedonia researchers expect both Canada and Mexico to see more rapid gains through 2014. Among the three nations, the automotive aftermarket in Mexico is projected to see the fastest growth. The rapid growth in the Mexican aftermarket is attributed to Mexicos rapidly expanding vehicle park and the growing affluence of Mexican consumers who increasingly demand more complex, fully featured vehicles.
Electronics expected to top all segments in automotive aftermarket
According to The Freedonia Group, the largest product category in the automotive aftermarket will "continue to be mechanical products, which includes non-electrical/electronic engine hard parts; and chassis, drivetrain and suspension parts and components." Market demand for electronic controls and modules will stay strong as more vehicle systems transition to electronics. The large tire segment in the automotive aftermarket will also experience above average growth.