IHS Markit Gives Insights into Industry Trends during AAPEX 2019
IHS Markit has presented the latest automotive
industry trends around the globe and the role of advanced technologies in this
process during the AAPEX exhibition.
IHS Markit, a global information provider, reports that the volume of currently operating fleets that come with light-duty vehicles (LDV) in the US territory has reached a new level of more than 278 mln. This number is predicted to grow by 6% over the next five years. Moreover, IHS Markit’s analysts point out that the average age of LDVs in the US has grown to 11.8 years thanks to the fact that nowadays manufacturers use more sophisticated technologies and general improvements in quality of vehicles, ensuring a wide range of opportunities for aftermarket businesses – from parts producers, vendors and retailers to repair businesses.
As the average operational resource of vehicles
goes up, it affects the main source of revenue for aftermarket, as the volume
of older cars steadily increases. It is expected that the volume of older LDVs
(16 years and older) will increase by 17% in the next few years, thereby
providing a great opportunity for aftermarket businesses to make serious money
on repair/maintenance services as well as spare parts supply.
Thanks to huge amounts of valid information accumulated and analyzed by IHS Markit experts, its customers from the automotive industry (repair businesses, spare parts suppliers) can use these data for analysis of the automotive industry trends and their future business prospects. This year, visitors of the AAPEX had a chance to become familiar with trends and insights, which have a significant impact on the aftermarket industry as well as presentations focused on the US import market.
Learn more about the WorldView solution from IHS Markit
The company’s experts also answered some questions on presented products, including IHS Markit’s latest modifications to the WorldView solution, which gives detail and analytics to assist owners of aftermarket businesses in making crucial decisions.
