Increased wear and tear of the automotive components owing to growing adoption will drive the business growth. Besides, mounting demands for car customization, enhancing its performance and aesthetical look is expected to positively influence Mexico automotive aftermarket growth. —
Regular vehicle maintenance and periodic replacement of safety components for improving the vehicle’s life will fuel the industry growth over the forecast timeframe. Investments for improving the driver and passenger safety during the travel time by installing additional accessories like airbag, seat belts, and automatic braking system.
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Integration of electrical and transmission parts, availability of remanufactured parts, warranties, and products at competitive prices will in turn drive the consumer motivation towards their portfolio. This will in turn fuel Mexico automotive aftermarket growth.
Rise in the average age of the used cars will increase the requirements for maintenance and repair of the vehicle components. Majority of car models currently functional across Mexico are old aged and require frequent visits to repair shops. Old vehicle components experience high stress when driven over poor road infrastructure. Moreover, strict government regulations for reducing carbon emission will in turn drive the requirements for replacement parts thereby, augmenting the demand for Mexico automotive aftermarket.
Manufacturing and sales of motor vehicles across the country have witnessed significant rise owing to improving purchasing power of the people across the country. According to International Organization of Motor Vehicle Manufacturers, the motor vehicle production in the economy witnessed surge of 13.0% in 2017 in comparison to 2016. Augmenting rate of vehicles on road, sales, and production will influence demand for maintenance and repair in turn fueling the Mexico automotive aftermarket growth.
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Increasing utilization of online applications, for purchasing the replacement parts and accessories will drive the industry growth over the forecast timeframe. Free home delivery coupled with discounted product prices will help to improve the product penetration. For instance, in 2018, eBay motors introduced new tools for simplifying online purchase of auto parts. However, the raw materials prices are highly volatile and may hinder the Mexico automotive aftermarket growth.
Accessories segment from Mexico automotive aftermarket will witness xx% CAGR over the forecast timeframe owing to increasing demand for vehicle customization for improving its performance and functionality. Increasing requirements for improving the comfort and aesthetical features of the vehicle will provide strong growth opportunities.
Mexico Automotive Aftermarket Trends, By Vehicle Parts
o Replacement Parts
o Engine & AC
Replacement parts segment is expected to witness xx% CAGR till 2024 owing to rising demand for customization, performance enhancement and deal with high rate of wear and tear due to increasing average distance travelled and accidental crashes. Dominance of old vehicles across the country will positively influence the growth of the segment.
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Mexico automotive aftermarket is expected to witness considerable demand surge for customization, and regular maintenance for improved the vehicles life. Environmental and safety regulations of the country will proliferate the industry growth. Furthermore, average age of vehicles on road across the country is more than a decade which is expected to escalate the demand for replacement segment of the industry over the forecast timeframe.
Some of the major players in in Mexico automotive aftermarket are Delphi, Robert Bosch, Federal-Mogul, Denso, Continental AG, 3M Company, Cooper Tire & Rubber Company, and Magneti Marelli. Industry players are adopting merger & acquisitions and new product launch to establish strong regional presence and consumer base. For instance, in 2018, CIE automotive received USD 150 million support for expansion plan across Mexico. This expansion was to help the company in strengthening its industry foothold and cater the growing product demands.
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