Brazil, China and the former Soviet Union are the world’s top three emerging regions for the automotive aftermarket, according to the 2004-2005 edition of the World Automotive Market Report published by the Overseas Automotive Council (OAC), the international division of the US-based Motor & Equipment Manufacturers Association (MEMA).
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According to the report, the three countries have shown tremendous growth in total vehicle populations, placing ninth, 10th and 11th in the top 14 countries by vehicle population.
“All three countries have experienced significant growth in their automotive manufacturing sectors and in the participation of international companies in those sectors,” said MEMA research head Frank Hampshire.
“Brazil in particular has seen tremendous growth in international mergers, acquisitions and joint ventures, from 48% in 1994 to 69% in 1999.”
Global automotive aftermarket product sales in 2003 reached a record high of $US314 billion the report said. North American sales represented 60%, or $189 billion, of global aftermarket product sales.
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By GlobalData“If vehicle maintenance and accessorising [sic] in the rest of the world took place at the same rate as in North America, global aftermarket product sales would exceed $550 billion annually,” Hampshire added.
