Industry Analysis & Industry Trends
The industry has been on the road to recovery over the past five years. Despite a faltering economic recovery causing a contraction in revenue in 2012-13, parts and accessories manufacturers have benefited from moderate growth overall. Domestic car sales rose, bolstered by rising consumer confidence, the wider availability of cheap car finance deals and the greater fuel efficiency of new cars and reigniting demand from motorists. Sales of parts to domestic producers that export vehicles to North America and several emerging markets have improved significantly over the past five years. Motor vehicle manufacturers have stepped up production in the face of improved worldwide demand, which in turn has boosted sales of vehicle parts and accessories... purchase to read more
Industry Report - Industry SWOT Analysis Chapter
The Motor Vehicle Parts and Accessories industry is expected to be in the mature stage of its life cycle. The industry's contribution to the economy is forecast to grow at a compound annual rate of 1.3% over the 10 years through 2021-22. Meanwhile, GDP is forecast to increase at a compound annual rate of 2.3% over the same period. This indicates that the industry is growing at a slightly slower pace than the economy, which points to a mature industry. As more prosperous economic conditions have returned, demand for industry products has risen. However, enterprise numbers are still estimated to have declined over the past five years and are expected to rise at a modest pace over the next five years.
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