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Parts Replacement Revenue to Grow at a CAGR of 2.3% between 2017 and 2025
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This study covers the Class 1-3 vehicles aftermarket in terms of volume (in million units) and value ($ million) across Canada. The base year for the analysis is 2017 and the forecast period is 2018 to 2025. This research compiles findings from various reports published by Frost & Sullivan over the past two years.The study includes analyses of vehicles in operation, new and used vehicle sales, and parts replacement revenues in the automotive aftermarket. It discusses the growth opportunities and challenges offered by new business models and technologies such as eRetailing, telematics, as well as electric and autonomous vehicles in the aftermarket ecosystem. It also includes profiling of major aftermarket players such as Uni-select, Wakefield, Vast-Auto Distribution Ltée, Lordco Parts, UAP, Inc. (NAPA Canada), WORLDPAC, Spectra Premium, MAS Automotive Distribution, Mevotech, Gates Canada, and other establishments.The Canadian vehicle portfolio has a greater concentration of light trucks and SUVs owing to their high residual value and functionalities. This trend offers more revenue potential for the aftermarket players, as light trucks have higher priced parts, which increases the value per parts and services. Moderate economic growth, inflation, and higher interest rates are expected to dampen the growth of new car sales to less than 1% CAGR till 2025. The used vehicle sales, however, are expected to rise steadily during the forecast period. The share of 4-7 year old vehicles is likely to remain stable. The large population of out-of-warranty vehicles, fueled by the growth of used vehicle sales, boosts the revenue-generation opportunities for the independent aftermarket (IAM). Early adoption of technology-based business models and services such as eRetailing, service aggregations, and telematics-based prognostics will help increase the market share of aftermarket participants. The eRetail channel for automotive parts and services in the Canadian aftermarket is expected to grow at a CAGR of 8.6% during 2017-2025. The growth is due to the strong penetration of Internet/smartphone usage and online discounts.
This study's objectives are to:
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