The Car Aftermarket - UK - November 2016
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- November 2016
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“Replacement parts are an integral feature of the automotive market. Yet whereas recent years have seen relatively strong growth in the number of cars owned, and indeed new car sales, the value of the car aftermarket has expanded much more slowly. While this reflects a number of developments unique to this sector, price increases since the second half of 2016 appear set to move the market into a period of more buoyant expansion in value.”
– Neil Mason, Head of Retail Research
This report examines the following issues:
The car aftermarket is an important sector and comprises replacement parts that are purchased by motorists for their vehicles. However, recently the market has seen only modest value growth expanding by only 6% between 2011 and 2015. Although stimulated by the continued expansion in the size of the UK car parc, the market has seen revenues dampened by longer replacement times and the impact of low priced manufacturers in some segments of the market such as tyres. Nevertheless, with price increases following the weakening of Sterling since the middle of 2016, much stronger revenue growth is likely to occur.
Although the car aftermarket supports a wide range of parts it is tyres that are the largest single segment. Accounting for over half of value sales, their importance is reinforced by Mintel’s own research which notes that 48% of car owners have replaced at least one tyre in the previous 12 months. Other parts take a much smaller share of sales with this reflecting factors such as their price and replacement rates.
Mintel’s exclusive research for this Report notes that many car owners also take responsibility for car maintenance and servicing. Indeed this is particularly important for older men and those on lower incomes. A broad range of cars by age are in ownership with our research suggesting that continuing strong sales for new vehicles and increased reliability of older vehicles is leading to growth at both ends of the market.
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