Business Opportunities in the Global Automotive Aftermarket
Monday, August 08, 2022
Business Opportunities in the Global Automotive aftermarket
By Carolina Arregoces, Associate, International Affairs, Auto Care Association
As the auto care industry becomes more borderless, AAPEX increases its presence in the international automotive community by offering and promoting international business opportunities for attendees. During a time when the global aftermarket industry is facing unprecedented challenges, going global is essential to compete and thrive in the marketplace. To overcome these challenges and take advantage of the growing global automotive aftermarket, companies need to better position their products and services with new audiences.
The current global landscape offers a positive outlook if you are considering expanding or entering new markets:
- According to the Auto Care Association‘s 2023 Factbook, the U.S. and global economies rebounded dramatically in 2021, led by strong growth in GDP and new and used motor vehicle sales.
- The total global automotive aftermarket increased by 13% to $1.8 trillion in 2021, primarily due to an increase in the average age of both passenger and commercial vehicles as well as growth in the number of passenger vehicles.
- As the average vehicle age continues to rise worldwide, longer-lasting vehicles present a great opportunity for the aftermarket as they require more repairs and maintenance. Passenger cars are now at an average age of 12.2 years.
- Global vehicle registrations of new passenger vehicles and commercial trucks increased by 5.3% to 1.52 billion units in 2021. Asia accounts for 37% of the global fleet, followed by Europe’s 28.1% and North America’s 24.3%. South America accounts for 5.3%, as does the Middle East and Africa.
- The top vehicle-owning nations include the United States (292.2 million vehicles), China (289.4 million), Japan (74.2 million), India (56.5 million), Russia (53.8 million), Germany (52.7 million), Mexico (49 million) and Brazil (46 million).
- According to a report from the International Trade Administration (ITA), U.S. exports of goods and services rose over 18.5% in 2021, reaching $2,528.5 billion, up $394.1 billion from 2020. 2021 set export records with 57 trading partners, including markets such as Mexico, China, South Korea, and Germany.
In order to take advantage of AAPEX as a well-established space to promote exports and benefit from the growing global opportunities, the Auto Care Association is offering U.S. manufacturing exhibitors the opportunity to meet with international buyers and distributors through the association’s International Matchmaking Program. The program will match U.S. exhibitors to international buyers based on their products of interest and will schedule one-on-one meetings Nov. 1-3, 2022, at The Venetian Expo. Registration will be open during August 2022.
The International Matchmaking Program at AAPEX has been hosted annually since 2016 in partnership with the U.S. Commercial Service. It has successfully connected U.S. suppliers with a select group of pre-screened international buyers matching the participants’ buying and product interests and scheduling one-on-one meetings during the show.
If you are interested in increasing your presence in the global automotive aftermarket, AAPEX is the best platform to connect with industry executives, create business relationships and expand business opportunities in the region. For more information on the International Matchmaking Program please contact Carolina Arregoces at firstname.lastname@example.org.
August 8, 2022