The findings show that suppliers to the aftermarket are experiencing a period of growth as the industry is witnessing strong growth in regional markets. The research, which surveyed members of AASA’s Overseas Automotive Council’s board, aimed to find out the business conditions across the globe.
It shows that the general economic conditions in Europe is very good, with the business rating for the aftermarket positioned as good. A lot of this has been attributed to a boom in automotive industry in Germany, and the OE work that suppliers are putting in.
Its survey shows that all markets, including Latin America, the US, Central America, Australia and Southeast Asia all showing signs of growth, with the OAC members pointing out that aftermarket suppliers are gaining good traction in the Middle Eastern and Colombian markets.
The report explains that the Middle East is continually growing despite the unrest in Iraq, Syria and Lebanon among others. It claims that this can be attributed to the high price of oil and its constraints on importing poor quality parts into the region.
Colombia has also been showing a good growth pattern and it is expected to continue after the announcement that President Juan Manuel Santos was re-elected. This means the region is likely to experience another four years of economic stability and growth. However the report does highlight that this market has been oversupplied in the past and as a result has led to a negative impact, including causing delays in the distribution of parts.