2016 Aftermarket Overview - memafsg.com Aftermarket... · 2016 Aftermarket Overview ... Source:...
Transcript of 2016 Aftermarket Overview - memafsg.com Aftermarket... · 2016 Aftermarket Overview ... Source:...
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AASA is the aftermarket division of the Motor & Equipment Manufacturers Association
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State of the U.S. Aftermarket
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US aftermarket represents a $246.7 billion industry with steady growthProjected growth rate expected to average + 3.6% annually
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2016 AASA Joint Channel Forecast Model
-1.4%
3.7%
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3.5%3.1%
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4.4%4.1%
3.3% 3.4%3.6%
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Light Vehicle Aftermarket Growth
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Key driver of $ growth is value of parts
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Wiper Blade$5 $19
Fuel Pump$45 $225
Wheel End$15 $185
Source: AASA Analysis
Examples
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Improved OE quality / warranty has constrained parts replacement and unit volume…
6Source: DIFM Outlook 2025, IMR Inc., 2016 AASA Replacement Rates Report
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This has been offset by the increased longevity of vehicles
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9.69.7 9.7
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10.3
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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Average Age of Light Vehicles in Use (Years)
Source: IHS
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There is currently a dip in number of vehicles in “sweet spot”By 2017, the “sweet spot” is expected to stabilize and rise again
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103.1 102.3
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In m
illion
sAftermarket Sweet Spot (Vehicles 6 – 12 years old)
Source: Experian
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2015 saw record New Car sales
9Source: NADA
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2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
In m
illion
sVehicles Sold
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As we wrap-up 2016…
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New Car sales have likely peaked - rate of increase beginning to slow
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14%
5%
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6%
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6%
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10% 10%
6%
3%
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2%
4%
6%
8%
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12%
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16%New Car Sales (YOY Change)
Source: NADA
2015 By Month
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Gas prices continue to be lowPump prices down 35% from two years ago
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$1.50
$2.00
$2.50
$3.00
$3.50
$4.00Average US Gas Price
Source: EIA
2015 By Month
Peak Price$4.10 in 2008
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Miles driven continues to increaseSupported by low gas prices; important driver for aftermarket growth
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In M
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Mile
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Annual Vehicle-Distance Traveled
Source: DOT
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Drop in unemployment rate is supporting miles driven
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6.0US Unemployment Rate
Source: BLS
Peak Unemployment10% in 2009
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Weather in 2015 was unusually warm for most of the year and much of the U.S.
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National Average Temperature Rank
Source: NOAA
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January 2016: drier conditions in Midwest and the first strong winter storm in the Northeast
16Source: NOAA
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2016 - 2018Looking ahead:Challenges and Opportunities
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Channel Trends
• At Consumer Level• DIFM growth
• Trade Level• Big 4 consolidation
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A data-driven landscape
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DIFM share growth
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Key Shifts
• DIFM
• All the dollar growth• + 4 points market share
• DIY
• Share loser• Dollar volume flat
Independent• Remains largest• Dollar Growth
OES• Share winner• Dollar gains
26%
74%
2013
DIY DIFM
22%
78%
2025
Source: DIFM Outlook 2025
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Aftermarket parts volume
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• DIFM increases $14 B (+ 25%)• OES and Independent both grow
• DIY stays flat at $20 B value2013 2025 Growth
DIFM $56 B $70 B +14 B (25%)-Independent $43 B $52 B +9 B (21%)
-OES $13 B $18 B +5 B (38%)
DIY $20 B $20 B ---
Source: DIFM Outlook 2025
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DIFM outlet share forecast
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60% 55%
3%5%
6%6%
16% 18%
14% 16%
2013 2025F
DealersTire DealersProduct Repair SpecialistsIndependent ChainsIndependent Non Chains
Reduction of over 13,000 outlets
Source: DIFM Outlook 2025
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Vehicle age and owner income greatly influence outlet choice
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61% 51%38%
18% 16% 6%
39% 49%62%
82% 84% 94%
0-3 3-6 6-9 9-12 12-15 15+
Yes No
Vehicle Age
79% 71% 66% 62% 63% 54% 47%
21% 29% 34% 38% 37% 46% 53%
Lessthan$25K
$25K -$50K
$50K -$75K
$75K -$100K
$100K -$150K
$150K -$200K
$200K+
Independent Dealer
Income
Did you go to the dealer the last time you needed vehicle repair or maintenance?
Source: DIFM Outlook 2025
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OE Dealer recovery
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• Outlets and share declines have bottomed out from the recession era
• Dealer closings over; + 200 locations in 2014
• 2014 product increase *first time in 7 years
• OES service occasions increasing along with car sales
• Consumer visits• Warranty / Diagnostics
*Source: Lang Marketing and NADA
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Big 4 channel players continue to increase their share of the aftermarket
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28% 28% 29% 31% 34% 35% 36% 37% 39% 41% 42%
72% 72% 71% 69% 66% 65% 64% 63% 61% 59% 58%
0%
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2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
AAPAZOGPCORLY
Source: DIFM Outlook 2025 and AASA analysis
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“Online” Impact on Aftermarket
• E-Tailing
• Price Transparency
• Consumer Expectations & Maintenance Behavior
• New Digital Business Models
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e-Tailing market: ~5% of overall market
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Source: DIFM Outlook 2025
3
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2013 2025
e-Tailing Growth
DIY DIFM
+13%
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Internet is driving transparency
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• E-tailing will grow share of DIY
• Much faster growth of consumer search online
• Internet driving price transparency and new business models
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… and consumer expectations are growing
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Source: DIFM Outlook 2025
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New online business models
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• Open Bay Repair
• Auto MD
• Maintenance Apps
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Vehicle Connectivity Impact on the Aftermarket
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New vehicle “connectivity” and “autonomous” impact on the aftermarket
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• Telematics to date in existing vehicles have not had a dramatic impact on repair behavior
• The coming “connected car” and autonomous vehicle technologies will begin to roll into vehicle parc
Vehicle Technology Stages
Source: MEMA
Telematics – ADAS – Connected – Autonomous
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Deep-dive on a key opportunity: Advanced Driver Assistance (ADAS)
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Ground-breaking new study released
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Our key findings on advanced driver assistance systems (ADAS)
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Advanced driver assistance systems (ADAS) that are available today could potentially reduce cost by around 30% and reduces fatalities by one-third
Penetration of key technologies only 7% or less in 2015 model year
BCG analyses show that ADAS features have a cumulative safety benefit to society of around $16,000 per car
To help reduce the societal harm of vehicle crashes, all stakeholders will need to take action
Motor vehicle crashes cost the United States $910B or $4,000 per vehicle each year
Source: BCG/MEMA study “A Roadmap to Safer Driving”
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New era: recent Consumer Electronics Show (CES) had 917 automotive exhibitors!
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Automotive Electronics
464
Audio 748
Robotics 233
Sensors 493
Telecom 324
Wearables 761
Auto Accessories
453
Performance Audio 534
Source: IHS
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CES trends show some of the complexity around coming connectivity
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Cyber-Security• Connected cars are vulnerable to outside attacks (either directly or via
cloud back-end access)• Risks: Theft, espionage, deception, privacy, damage or destruction• Solution: Iterative design of SW security on top of HW security
Apple CarPlay & Android Auto• Sales of CarPlay [OR] Android Auto: ~500K (2015) 45M+ (2022)
Software Over-The-Air (OTA)• Value >$35 billion by 2022 (savings, updates, royalties, bandwidth)• OEMs cannot build software OTA platforms fast enough• Driving M&A activity among automotive suppliers and IT firms• OTA and cyber-security must be deployed together
Source: IHS
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A more connected car could lead to an increase in key business drivers for the aftermarket
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Increased awareness of: - failure, replacement rates & location information for better demand forecasting- prognostics that alert motorists, service providers, distributors and suppliers of pending failure. - more end consumer awareness would allow for suppliers to benefit from the increased maintenance performed on vehicles.
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Regulations & government policy must protect access for Independent Aftermarket
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• Member of the Aftermarket Telematics Task Force, working collaboratively with all industry stakeholders
• Drafting “model-language” legislation bringing clarity to our wants and needs
• Working with ISO and SAE, promoting a technical solution (Vehicle-station Gateway) for safe aftermarket access to the vehicle
• Educating regulators and policy makers of the “unintended” impact of rulemaking related to data-privacy and cybersecurity
• Legislative Summit and Ride & Drive: Used this platform to regulate and educate policy makers on aftermarket issues
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KEY TAKEAWAYSIndustry Growth
• 5 year forecast of steady annual growth for Aftermarket Industry• Increased dollar value of replacement parts a key driver
• Aftermarket benefits from very old cars still on road (11.5 avg age)• Record miles driven supported by low gas prices• Offsets impact of lower overall replacement rates
• Record New Car sales in 2015 indicate peak annual volumes• Repair “sweet spot” group reduced near term
Will continue to monitor and report on these trends
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KEY TAKEAWAYSChannel Trends
• DIFM continues to grow vs. DIY• OES growing again but constrained• Independents still dominant and favored by consumers
• Big 4 Channel Players continue to grow share of market
• 2017 white papers to update changes within DIFM channel• New M&A reports available
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KEY TAKEAWAYS“Connected” Technology
• Consumer expectations from digital lifestyles to impact maintenance behavior
• On-line will drive innovation in new tools and business models
• OE adaptive safety systems (ADAS) and autonomous vehicles coming
• Government policy integral to how technology will impact Aftermarket
• Legislative Summit and Ride & Drive
“Connected Aftermarket” communications outline impact on aftermarket from the new technologies