1

Automotive #2 Market Overview

– Prepared for Intesa Sanpaolo Innovation Centre –

October 2016

2

Introduction

• In 2016, OEMs’ thinking and strategies continue to be shaped by a range of factors. These notably

include the need and/or desire to;

• Reduce emissions

From a powertrain perspective, this manifests itself in;

o the adoption of after treatment technologies

o the development of alternative fuels, including fuel cells

• Improve comfort

From a systems perspective, this manifests itself in;

o the deployment of advanced driver assistance systems

• Manage costs

From a strategy perspective, this manifests itself in;

o the shift towards modular and mega platforms

• On the aftermarket side, the market will be shaped by developments that are related to increased

connectivity in and outside cars;

This will drive dramatic changes in the provision and distribution of parts and services

3

Context and Headlines (1/4)

• Powertrain

• The quality of urban air is set to worsen between 2020 and 2025 with vehicle emission reduction

measures expected; Europe and the USA currently have tight regulations, with China and India likely to

catch up with international norms in the mid term

• All major national markets, except Germany and Italy, have already seen a significant fall in the

production of diesel fired vehicles

• Lasting emission reduction will, however, require the deployment of advanced after-treatment

technologies; OEMs are adopting a broad range of technologies with variations in strategies both across

and between volume and premium suppliers

• Gasoline boosting solutions are expected to see a 25% growth globally in 2016, driven by deployment

in APAC in particular

• Stop start systems will become standard in Europe in almost all passenger vehicles which are not

electrified from 2015 to 2020

• Gasoline Direct Injection technologies are set to grow 12% globally by 2020 notably via adoption from

VW and GM in North America

• Dual-Clutch Transmissions are an attractive option for OEMs and suppliers due to their potential to

enable hybrid transmissions

• Light weighting forms a key plank of all of the key global manufacturers’ strategies with reductions of

10% -15% being targeted

4

Context and Headlines (2/4)

• Fuel cells

• Fuel Cell Vehicles have fuel cell stacks (instead of Internal Combustion engines) which are connected to

and act as a battery for an electric motor that, in turn, is connected to the wheels

• The global market is nascent and heavily dependent on the extent to which incentives are available and

infrastructure is developed

• Typically, countries with EV incentives extend these to FCVs, making a more attractive environment in

which to launch new vehicles

• From an infrastructure point of view, Europe is expected to have a well-established hydrogen fuel

network by 2025 due to the participation of automakers, governments and operators

• The key OEMs have plans to launch at least 12 fuel cell fired passenger cars by 2020 across Europe,

North America and Japan

• From a technology point of view, Proton Exchange Membrane Fuel Cell stacks are currently the most

popular solutions with manufacturers focussing on increasing power density and reducing price

• Fuel cell vehicle suppliers are targeting high-income customers who are interested in emerging

technologies as early adopters

• Advanced Driver Assistance Systems

• The Advanced Driver Assistance Systems market includes a range of solutions which are in turn

supported by a variety of sensors

• Between 2015 and 2020, there is expected to be a five fold growth in the deployment of ADAS fitments in

Europe and North America

5

Context and Headlines (3/4)

• Advanced Driver Assistance Systems (continued)

• Uptake will be driven, on the demand side, by increased consumer acceptance but is shaped in particular

by a regulatory “push”

• Park assist, lane departure warning and forward collision warning are amongst the technologies that

are on legislators’ agendas

• From a technology point of view, OEMs have opted for a complex sensor suite to comprehensively meet

the needs of ADAS systems

• From a competitive point of view, the present-day value chain is complex with M&A activity expected to

consolidate Tier 2; Bosch is the leading supplier in the largest segment with its multi-sensor capability in

RADAR and LIDAR essential to help integration with existing OEM solutions and build a stronger LDW

roadmap for the future

• OEM Platform Strategies

• The platform architecture defines the framework for a vehicle with OEMs increasingly moving to modular

and mega platforms which break up the vehicle into various elements; By 2022, 13 manufacturers will

account for 77.3% of global PV production but their vehicles will be based on 26.7% fewer platforms than

in 2015

• Renault-Nissan and VW are anticipated to lead the adoption of modular platforms

• Renault’s Common Modular Family platforms will produce 65% of its global volumes in 2022, with 67

models using between 11 and 15 modules

• VW’s Modular Transversal Toolkit (MQB) platform is expected to produce 9.1m units encompassing 50

models using 12 standardized modules

6

Context and Headlines (4/4)

• Aftermarket

• In 2016, the aftermarket will be shaped by developments that are related to increased connectivity in and

outside cars, with six key trends

• The service bay of the future will evolve under the influence of a combination of vehicle and market

related factors to the extent that the garage of tomorrow will become a truly digital experience to the

benefit of the customer and service provider

• The total global aftermarket is expected to increase by 4.8% with particular growth from emission

control components

• eRetailing penetration will, from a low base, increase most rapidly in developing South American and

Asian markets

• Aggregators are emerging as a popular choice in Europe and North America for owners to research

and arrange service appointments

• eRetailers are also expanding into B2B channel sales, creating niche service areas and helping to

boost revenues for all stakeholders

• Private labelling is becoming a key contributor in North America and this trend could well take hold in

other major markets globally

7

Powertrain

8

The quality of urban air is set to worsen between 2020 and 2025 with dramatic vehicle

emission reduction measures expected

No Risk

High

Risk

Air

Quality-

Good

Air

Quality-

Moderate

Paris:

London:

Amsterdam:

Berlin:

Cologne, Dusseldorf:

Stuttgart:

Rome

:

Athens:

Prague:

Stockholm:

Madrid:

Zurich:

Milan

Vienna, Graz

Lyon:

Glasgow:

Copenhagen:

Brussels:

Notes: Cascading colors represent

worsening air quality levels and

increasing stringency of measures

from outer boroughs to central

areas in a city .

Government Agencies, Frost & Sullivan

9

Light Vehicle Test Procedure Market: Emission Legislation– Passenger Cars (Global), 2005-2025

Europe and the USA currently have tight regulations, with China and India likely to catch

up with international norms in the mid term

Russia

India

Brazil

USA

China

Europe

2005 2010 2015 2020 2025

Bharat IV(NOx= 0.25,

CO=0.50,

PM= 0.025) (g/km)- Only in

select regions

Bharat III Stds

(NOx= 0.50,

CO=0.64,

PM= 0.05) (g/km)

Euro III

(CO=1.0,

PM= 0.080) (g/km)

Euro IV

(NOx= 0.50, CO=0.64,

PM= 0.050) (g/km)

China V (NOx= 0.180,

CO=0.50,

PM= 0.005) (g/km)

Euro VI (NOx= 0.080,

CO=0.50,

PM= 0.005) (g/km)

Euro IV (NOx= 0.25,

CO=0.50,

PM= 0.025) (g/km)

Euro V (NOx= 0.180, CO=0.50,

PM= 0.005)

(g/km)

Euro VII (NOx= 0.04-0.05,

CO=0.50, PM= 0.0045)

(g/km)

China III

(NOx= 0.25,

CO=0.64,

PM= 0.050) (g/km)

China IV (NOx= 0.25,

CO=0.50),

PM= 0.025) (g/km)

Euro III

(CO=2,

PM= 0.050) (g/km)

PROCONVE L-5 (Euro IV )

(NOx= 0.12(Gasoline)/0.25(Diesel),

CO=2, PM= 0.050) (g/km)

Tier 3 Emission Standards

(NMOG + NOx= 0-0.16 g/mi,CO=0-4.2g/mi,

PM=0-0.003 g/mi)

China V (NOx= 0.180,

CO=0.50,

PM= 0.005) (g/km)

Euro V

(NOx= 0.25, CO=0.50, PM= 0.025)

(g/km)

PROCONVE L-5 (Euro V)

(NOx= 0.08, CO=1.3, PM= 0.025)

(g/km)

Tier 2 Emission Standards (NOx= 0-0.2, CO=0-4.2,

PM=0-0.02) (g/mi)

Bharat V(NOx= 0.18,

CO=0.50,

PM= 0.005) (g/km)

Bharat VI(NOx= 0.08,

CO=0.50,

PM= 0.0045) (g/km)

Frost & Sullivan

Note: Bharat V was proposed for 2015 in India, but is delayed. Bharat V is expected to be introduced at a later date, or will be skipped to move straight to Bharat VI

10

All major national markets, except Germany and Italy, have already seen a significant fall

in the production of diesel fired vehicles

(4.1%) (3.5%) (6.2%) 0.1% 0.1% (2.7%) (3.4)% (2.3%) (0.8%)

29,937,8

60,1 64,0

25,0

38,2

50,6 51,0

33,4 31,2

64,3 66,5

29,535,0

27,736,4

47,8 48,9

68,959,9

38,235,5

72,9

57,8

48,1 48,0

53,1 55,1

28,2 24,4

68,963,1

66,857,0

50,8 48,4

0,0

10,0

20,0

30,0

40,0

50,0

60,0

70,0

80,0

90,0

100,0

2012 2015 2012 2015 2012 2015 2012 2015 2012 2015 2012 2015 2012 2015 2012 2015 2012 2015

Gasoline Diesel

YoY

Diesel %

Change

(2012–2015)

Gaso

lin

e a

nd

Die

sel S

hare

(%

)

Powertrain Market: Passenger Vehicle Sales by Country–Gasoline vs. Diesel Share, Europe, 2012–2015

Belgium Finland France Germany* Italy NL Spain Sweden UK

Government Agencies, Frost & Sullivan

Selected countries

11

0

10

20

30

40

50

60

70

80

90

100

Euro 1 Euro 2 Euro 3 Euro 4 Euro 5 Euro 6 Euro 7

NOx PM

Lasting emission reduction will however require the deployment of advanced after-

treatment technologies which are likely to significantly increase the cost of vehicles as

they move towards Euro 7 norm compliance

Euro Emission Limits—Diesel Engines, Europe Reduction of Emissions—Diesel Engines, Europe

Em

issio

ns (

g/m

ile)

Em

issio

n R

ed

uctio

n (

%)

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

Euro 3 Euro 4 Euro 5 Euro 6 Euro 7

CO HC + NOx NOx PM

Euro Norms Euro Norms

70% reduction in

NOx emissions for

diesel engines

between Euro 5 and

Euro 7.

Frost & Sullivan

12

OEMs are adopting a broad range of technologies with variations in strategies across

and between volume/premium suppliers

Engine Downsizing + Boosting Improvements

Battery Electrics, eREVs, Plug in Hybrids

Hybridization- Full and Mild Hybrid

Stop Starts + Micro hybrid

GDI, Lean Burn and Combustion improvements

Improved Thermal Management, Energy Regeneration

Cooled EGR and Exhaust Heat Recovery

DCTs / High Speed ATs

Light weighting, Friction Reduction and Others

1 2 3 4 5

Premium OEMs

Strong Influencer

Moderate Influencer

Low High Low High

Technology adoption rate Technology adoption rate

European CO2 compliance - Technologies for Fuel

Consumption Reduction, Europe, 2020

Category Category

Volume OEMs

1 2 3 4 5

Frost & Sullivan

13

Powertrain Market: Boosted Gasoline Engine Production and Regional Split, Global, 2016

Gasoline boosting solutions are expected to see a 25% growth globally in 2016, driven

by deployment in APAC in particular

0%

25%

50%

75%

100%

BoostedEngines

NaturallyAspirated

0% 25% 50% 75% 100%

Africa Asia-Pacific Europe N.America

2016 North America Europe APAC

% of Boosted Engines in

Gasoline

19-20%

(3 – 3.3 million units)

54-56%

(6 – 6.5 million units)

19-20%

(7.5 – 8.0 million units)

YOY Growth 19% 8% 20%

B-Segment 20% 7% 50%

C-Segment 38% 5% 20%

D-Segment 9% 11% 9%

Region based split of boosted engines

Strong Growth Moderate Growth

Frost & Sullivan

All figures are rounded. The base year is 2015

14

Stop start systems will become standard in Europe in almost all passenger vehicles

which are not electrified from 2015 to 2020

1,7 1,71,5 1,5

1,1

0,6

1,92,0

0,6

5,1

0

1

2

3

4

5

6M

ilio

ni

2020

13.5-14Mn

2015

98.5% 98.0% 87.3% 88.3% 77.9%

42.0%

87.8% 55.5%

74.0%

90.3%

19-19.5Mn

Frost & Sullivan

Powertrain Production Mix (Europe), 2015 – 2020

15

Powertrain Market: GDI Unit Production Forecast by Region, Global, 2015 and 2020

Gasoline Direct Injection technologies are set to grow 12% globally by 2020 notably via

adoption from VW and GM in North America

2015

17.8–18.0

Million

0,0

1,0

2,0

3,0

4,0

5,0

6,0

7,0

8,0

9,0

10,0

Asia Pacific Europe North America South America

Un

its (

Millio

n)

BMW Daimler Fiat Chrysler Ford GM Hyundai PSA Renault Nissan VW

5.7–5.9 5.7–5.9

4.4–4.6

0.09–0.11

2020

31-32 Million

• Europe will witness 10-12% CAGR in the number of GDI engines produced primarily to move closer to EURO VII targets, in the

context of declining diesel uptake.

• NA & APAC: Gasoline-dominated markets such as NA and APAC will see significant advancement in DI technology and will,

therefore, be a principal element in all almost OEMs’ strategies. NA and APAC are expected to witness 15% and 12% CAGR

respectively in GDI engines towards 2020.

OEM

LMC, Frost & Sullivan

16

Dual-Clutch Transmissions are an attractive option for OEMs and suppliers due to their

potential to enable hybrid transmissions

2005 2010

Four- and six-speed ATs

Dual Clutch

Transmissions

wet and dry applications

Infinitely Variable

Transmissions*

• Development

of ‘add-on’

and ‘add-in’

modules

• Packaging

developments

• Competitive

benchmarking

• Increased

outsourcing

Au

tom

ati

c T

ran

sm

issio

ns

Man

ual

Tra

nsm

issio

ns

MO

DU

LA

RIS

AT

ION

Continuously Variable

Transmissions

Stepped Manual Transmissions

Automated Manual Transmissions

*As Prototype only

Hybridisation of Transmissions – Integration of

Integration of DCTs / ATs / CVTs / AMTs with

electric mach

5- and 7-speed ATs

Hydraulic Support Elements

[Hydraulic impulse storage developed by ZF to aid fuel

consumption reduction]

Noise Vibration

Harness (NVH)

Optimisation

Software tools

development7-speed

DCTs

Hybrid Powershift Mechanisms

Clutch automation to eliminate power interruptions

Smart Sensors

Optimisation of drive and hold

functions

Low-cost DCTs

20202015

Transmission Market: Transmission Technology and Product Roadmap, Global, 2015

Frost & Sullivan

17

Lightweighting forms a key plank of all of the key global manufacturers’ strategies with

reductions of 10% to 15% being targeted

Future Weight Reduction Strategy of OEMS

General motors targets to become a best in class OEM in almost all vehicle segments in terms of fuel efficiency.• Reduce curb weight by up to 15%o All models by 2020o Advanced steel in cars (Recent investments in NanoSteel) and Al

bodies in (Novelis) is an important part of GM’s future material strategy

Honda aims to meet increasing demands for improved fuel economy and improved collision safety from increased body strength from new body concepts (ACE Body Structure)• 10-15% weight reduction (small cars to large SUVs)o All models by 2020o Advanced steel is an important part of Honda’s future material

strategy (in multi material joining with Al)

Ford focuses on innovation as the key to its future lightweighting strategy, coming from its Sustainable Materials Strategy. • Atleast 12% in each model by 2020, generation over generationo Focus to F-Series (All models)o Steel to CFRP in bonnet to reduce weight up to 50% and steel to Al

in F-150 beds to reduce up to 50%.

VW targets to get to a fundamental ecological restructuring formula to accelerate and meet its CO2 targets.• Atleast 7-10% by 2020, generation over generationo All models (MQB is key)o Al instead of steel engine hood to save up to 7 kg weight or new

steel grades in areas including pillars, floor panels, roof arch, and side sills to save up to 18 kg.

Toyota targets weight reduction to improve all aspects of dynamic performance, especially in areas of fuel efficiency, handling performance• Atleast 10%weight reduction by 2020o Largely in small to mid-size cars200 300 400 500 600 700 800

Toyota

VW

Ford

Honda

GM

Weight Reduction (lbs)

OE

M

Fit Civic Accord

F-Series HD

ExplorerEscapeFusionFiestaFocus

Yaris Prius

Corolla Camry

RAV4

Highlander

Tundra

Golf Passat

Jetta

Tiguan Touareg

F-Series LD

CR-V Pilot

Sonic Malibu

Cruze Terrain

Equinox

Sierra

Silverado

Acadia Traverse

Frost & Sullivan

18

Fuel cells

19

Air

Vapor

Exhaust

Air

supplier

Hydrogen

TankMotor

DCAC

Hydrogen

Booster

Inverter Fuel cell

Assistant

power system

Fuel cell

system

Trans-axle drivetrain

H2

storage

NiMH

battery

Cooling

module

Fuel Cell Passenger Car Market: Fuel Cell Electric Vehicle Structure, Europe,

North America, and Japan, 2014

Technology

Proton Exchange Membrane Fuel

Cell (PEMFC) stacks are used as

engines to propel vehicles and have

a 100% electric drivetrain

Key OEMs

Honda, Toyota, Nissan, and Suzuki in

Japan; Hyundai and Kia in South

Korea

Key Fuel Cell Stack Suppliers

LG Chemistry, South Korea,

Ballard, Japan,

Nuvera, Japan,

Toshiba, Japan

Fuel Cell Electric Vehicle

FCV Structure

Fuel Cell Vehicles (FCVs) have fuel cell stacks (instead of Internal Combustion (IC)

engines) which are connected to and act as a battery to an electric motor that, in turn, is

connected to the wheels

Frost & Sullivan

Image: Honda

20

The global market is nascent and heavily dependent on the extent to which incentives

are available and infrastructure is developed

Fuel Cell Passenger Car Market: Market Attractiveness, Europe, North America, and Japan, 2014

Region Incentives for Fuel Cell Incentive on Electric Cars

Infrastructure

Development

Japan $25,000 $8,000 High

Europe $5,000–$6,000 $5,000–$6,000 Medium

United States $7,500 $7,500 Medium

OEM Views on Launching New Fuel Cell Passenger Cars

• Automakers will focus on selling or leasing fuel cell passenger cars to customers that are in close proximity to

hydrogen fueling stations.

• Infrastructure operators estimate a viable business case after 5–7 years; it is mostly the industrial gas companies

including Air Products, Air Liquide, and Linde that are developing such infrastructure.

• Support for fuel cell technology will grow after new vehicles are launched, as this will help the technology be better

understood.

Market Attraction

Japan Europe: Germany United States

Low

Hig

h

1 52 3 4

Low

Hig

h

1 52 3 4

Low

Hig

h

1 52 3 4

Frost & Sullivan

21

Country

Cash

Incentive

Alternate

Fuel Tax

Exemption

Congestion

Charge

Benefit

Parking

Incentive

Registration

Tax

Exemption

Annual

Circulation Tax

Exemption

Other Tax

Exemption

Access to

Special

Lanes

Austria $1,100 100% - - - -

Australia - - - ~75% - -

China $9,600 - - - - - - -

Denmark - - - - 100% - -

France $6,700 - - - 100% - -

Germany - - - - - 100% (10 years) - -

Italy - - - - - 100% - -

Ireland $6,700 - - - 100% - -

Japan $2,500 - - - - - -

Malaysia - - - - - - -

The Netherlands - - - - 100% 100% - -

Norway - - 100% -

South Korea $3,600 - - - - -

UK $8,000 - - 100%

US $7,500 100% - - -

√

Attractive markets in

which to launch fuel

cell passenger cars

Fuel Cell Passenger Car Market: Availability of Electric Vehicle Incentives, Europe, North America, and

Japan, 2015–2020

√

√

√

√

√

√

√

√

√

√

√

√

√

√

√

√

√

√

√

√

√

Typically, countries with EV incentives extend these to FCVs, making a more attractive

environment in which to launch new vehicles

Frost & Sullivan

22

From an infrastructure point of view, Europe is expected to have a well-established

hydrogen fuel network by 2025 due to the participation of automakers, governments and

infrastructure operators

Local Support

Fuel Cell Passenger Car Market: Hydrogen Refueling Stations, Europe, 2015–2020

Volkswagen BMWDaimlerOEMs

Infrastructure

OperatorsLinde, Air Liquide, Shell, and Total

Installation Target

2015 2018 2020

Approximately

80

Government Support

• The Scandinavian Highway Hydrogen Project aims to establish 15

hydrogen stations and 30 mobile stations along with a fleet of 100

buses, 300 cars, and 500 specialty vehicles.

• There are three associations collaborating in FCV development:

Hynor (Norway), Hydrogen Link (Denmark), and Hydrogen Sweden

(Sweden).

Approximately

150Approximately

350

Region

No. of H2

Stations

Germany 35

UK 10

Denmark 9

Norway 6

Italy 4

Netherlands 4

Region No. of H2

Stations

Austria 3

Belgium 2

Sweden 2

Scotland 2

France 1

Switzerland 1

1

10

9

6

4

4

35

3

2

1

2

2

Frost & Sullivan

23

2015 2016 2017 2018 2019 2020

Toyota

BMW

Hyundai

Porsche

Lexus

Honda

Daimler

Volkswagen

Nissan

Ford

General Motors

Toyota Mirai

BMW i5

Hyundai iX35

Porsche Pajun

Lexus LS600

FCX Clarity

F-Cell

VW Golf VW Passat

FCV

FCV

FCV

1

1

1

1

1

1

1

2

1

1

1

12

Fuel Cell Passenger Car Market: Expected Model Launches by OEM, Europe,

North America, and Japan, 2015–2020

The key OEMs have plans to launch at least 12 fuel cell fired passenger cars by 2020

across Europe, North America and Japan

Frost & Sullivan

24

From a technology point of view, Proton Exchange Membrane Fuel Cell stacks are

currently the most popular solutions with manufacturers focussing on increasing power

density and reducing price

Fuel Cell Passenger Car Market: Technology Roadmap, Europe, North America, and Japan, 2010–2022

Liquefaction storage

(10,000 liters per

hour)

1,400 Watts net per liter

(W net/liter)–2,200 W net/literPower density

2,200 hours–4,000 hoursDurability

Fuel cell type

Fuel cell stack

More than 3,000 W net/liter

5,000 hours–6,500 hours

Proton Exchange Membrane (PEM)

25 kiloWatts (kW)–80kW 80kW–300kW

$1,000–$1,200 per kW$600–$800

per kW$200–$300 per kWEstimated price

$100–$200

per kW

2010 2014 2018 2022

Technology development of high-pressure compressed storage

(approximately 350–700 bar)

Expansion of on-site station

Technology

DemonstrationCustomer

Acceptance

Market

Introduction

Cost

Reduction

Mass

ProductionMarket Scenario

Hydrogen

Storage

Tank

Frost & Sullivan

25

Fuel cell vehicle suppliers are targeting high-income customers who are interested in

emerging technologies as early adopters

Potential Customers (near-term luxury customers)

Social Characteristics

• Belong to well-networked groups

• Environmentally conscientious

• Live in a constantly changing world

Work Attitudes

• Indistinct work-life balance

• Aspirational

• Impatient

• Flexible and willing to

experiment

• Demanding

Fuel Cell Passenger Car Market: Profile of Potential Adopters of Fuel Cell Passenger Cars, Europe,

North America, and Japan, 2014

Buyer Characteristics

GeographyUrban and suburban (based on hydrogen infrastructure

development)

Segment

• Upper-middle-class baby boomers with income over

$100,000 (for SUV and sports segment)

• Generation-Y buyers in their mid-20’s and early 40’s with

incomes larger than $55,000 (for compact and sedan)

Attitude

• Concerned about dependence on foreign oil and political

activity

• Willingness to buy

Vehicle AccessMost have access to another car with an internal-combustion

engine

Vehicle Range Daily driving range between 50–60 kms

Tech

Savvy

Full-time employment

Early

Adopters

Frost & Sullivan

26

Advanced Driver Assistance Systems

27

Adaptive Cruise

Control (ACC)

Lane Departure

Warning (LDW)

Intelligent

Headlights

IR SensorsComplementary metal-

oxide semiconductor

(CMOS) Sensor

Short-/Long-

range RADAR

Camera-

based ACC

(CMOS)

The Advanced Driver Assistance Systems market includes a range of solutions which

are in turn supported by a variety of sensors

Night Vision (NV)

Frost & Sullivan

Forward Collision

Warning (FCW)Park Assist (PA)

Blind Spot Detection

(BSD)

Short and

long-range

RADAR

CMOS

Sensor Based

Short-range

RADAR

Ultrasonic

Sensor

Ultrasonic

Sensor

Camera

Based

Non-exhaustive list of sensors

28

Between 2015 and 2020, there is expected to be a five fold growth in the deployment of

ADAS fitments in Europe and North America

0

5.000.000

10.000.000

15.000.000

20.000.000

25.000.000

ACC LDW FCW NV BSD PA

Un

its

ADAS Types

North America Europe

0

5.000.000

10.000.000

15.000.000

20.000.000

25.000.000

30.000.000

35.000.000

40.000.000

45.000.000

ACC LDW FCW NV BSD PA

Un

its

ADAS Types

North America Europe

Frost & Sullivan

All figures are rounded. The base year is 2015

ADAS: Market Size, North America and Europe, 2015 and 2020

29

Drivers Short Mid Long

Government regulations, inclusion of ADAS in 5-star safety ratings system H M M

Cost of sensors and cameras declining M H L

Technology and innovation synergies—penetration in various segments as per OEM

strategyM M H

Entry-level car segment with ADAS attracting customers M M L

Uptake will be driven, on the demand side, by increased consumer acceptance but is

shaped in particular by a regulatory “push”

Frost & Sullivan

ADAS: Key Market Drivers and Restraints, Europe, 2015–2020

Restraints Short Mid Long

Uncertainty in policies, lack of clarity on regulations H H H

High package prices for ADAS applications H H M

Responsiveness of assistance by driver M M H

Consolidation of hardware and evolving software L M H

30

Park assist, lane departure warning and forward collision warning are amongst the

technologies that are on legislators’ agendas

2015 2017 2019 2021

North America has mandated the use of rear parking camera on all new cars from 2014.

However, the legislation is not likely to make it to Europe.

Mono-camera-based

AEB is facing the

challenge of

incorporating pedestrian

detection to compete

with stereo cameras.

Impact of Regulation

100% of all cars in 2019

would have to be fitted

with rear cameras,

reducing the use of US

sensors for PA.

Mandates for AEB

Autonomous Emergency Braking is now a necessary technology for receiving five star rating in

Europe and North America, based on the regional NCAP rating. For the next stage, EU NCAP is

introducing pedestrian detection in 2016.

LDW/FCW MandateEither FCW or LDW

uptake will see

exponential growth in

vision-based systems

(mono and stereo).

North America is likely to mandate 1 of the 2 LDW or FCW in the market, based on the impact

assessment studies conducted under NHTSA.

Effect of Mandate: Low High

Mandates for Rear Park

Cameras

Frost & Sullivan

ADAS: Legislation Implementation Timeline, North America and Europe, 2015–2021

31

From a technology point of view, OEMs have opted for a complex sensor suite to

comprehensively meet the needs of ADAS systems, since there is no single sensor that

can cater to all of their requirements

• High benefit to cost ratio.

• As opposed to LIDARs that

only see a grayscale in the

infrared spectrum, camera

can distinguish colors.

• Wider field of view with up

to 3000 lines of sight.

• Delivers a potent stream of

point clouds.

• Uses emitted light, so it

works independently of

ambient light.

• Higher resolution than

RADAR and robust against

interference.

Camera LIDAR

• Good longitudinal

performance; Mature

solution; with range.

• Long- and mid-range

RADARs are now cost

effective due to maturing

technology.

RADAR

• Requires pattern-

recognizing software.

• Requires illumination.

• Quality of resolution is sub

par for precise judgements.

• Takes a great deal of CPU

or custom chips.

• Cost-intensive manual

labor required to build

scanners.

• Limited range; about 70

meters.

• Slower refresh rates.

• More efficient LIDARs are

difficult to package.

• Lateral performance;

Stationary objects.

• Poor range and field of

view.

• Individually not capable of

short-distance

measurements.

vs. vs.

Ad

van

tag

eD

isad

van

tag

e

Frost & Sullivan

ADAS: Comparative Analysis of Sensors, North America and Europe, 2015

32

From a competitive point of view, the present-day value chain is complex with M&A

activity expected to consolidate Tier 2

Mobileye, Magneti Marelli, Automotive

Lighting

Autoliv, Bosch, Continental, DENSO, Delphi,

HELLA, TRW, Valeo

Ford, GM, Fiat, Toyota, BMW,

Audi, Opel, etc

Tier 1 Suppliers – Provide driver

assistance systems (for example:

LDW, ACC, FCW, LKA, park assist,

night vision systems) to OEMs

OEMs – Integrate the customized ADAS systems into the

vehicles

Sub systems

Systems

CogniVue, SensoMotoric Instruments,

LeddarTech

Freescale Semiconductors,

STMicroelectronics, Texas

Instruments

Tier 3 Suppliers – Develop vision and sensing technology (for

example: computer-vision algorithms, microprocessors), licensing

it to large-scale SoC manufacturers

Tier 2.5 Suppliers – Manufacture in large scales the

technology licensed from developers to cater to the needs of

automotive-specific Tier 2s and Tier 1s

Tier 2 Suppliers –

Manufacture and supply the

vision processor chip and the

vision algorithms

Frost & Sullivan

33

Bosch is the leading supplier in the largest segment with its multi-sensor capability in

RADAR and LIDAR essential to help integration with existing OEM solutions and build a

stronger LDW roadmap for the future

Suppliers Key OEMs

Bosch Mercedes Benz, Audi, VW

Continental BMW, Mercedes Benz

Delphi GM, Volvo, Audi

Valeo VW, Volvo

Autoliv BMW, Mercedes Benz

HELLA BMW, Mazda,

TRW Fiat, BMW, VW

Denso Fiat, Toyota

ACC 2015 2016 2017 2018+

Option 1

FCW

Single

mono

camera +

77 GHz

Option 2

CW and ACC Solution

79 GHz RADAR

=>Bosch, Continental

Option 3

FCW Solution Incorporating

ACC and AEB

Mono Camera + LIDAR

=>Bosch, Continental,

Valeo

Option 4

Stereo Camera Based

LDW that combines the data for FCW and

AEB

=>Bosch, Continental, Autoliv

FCW Roadmap

Frost & Sullivan

ADAS: LDW Market Overview, North America and Europe, 2015

34

OEM Platform Strategies

35

The platform architecture defines the framework for a vehicle with OEMs increasingly

moving to modular and mega platforms which break up the vehicle into various modules

that are then standardized across segments

PV OEMs’ Platform Strategy: Platform Architecture Definition, Global, 2015–2022

An architecture defines the overall framework of the vehicle including its footprint, driveline, and engine

orientations, and suspension, which form the vehicle’s DNA and its driving dynamics. Examples of key

architectures are front engine and rear drive (FR), rear engine and rear drive (RR), mid-engine and

rear drive (MR), and longitudinal engine mounting and transverse engine mounting.

Platform

Architecture

Modular platforms break the vehicle architecture into various modules. These modules comprise

various systems such as suspension systems and braking systems. The modules are designed to be

common among various vehicles and segments. This enables the vehicle design to be standardized

and remain customizable.

Modular

Platforms

A platform that uses the principle of modularity is highly scalable and produces more than a million

units per annum. Megaplatforms are able to incorporate various vehicle segments and designs into the

same platform. These platforms are used for global standard vehicle architectures. For example, the

MQB platform by VW in 2022 is expected to be the #1 megaplatform.

Mega-platforms

Frost & Sullivan

36

By 2022, 13 manufacturers will account for 77.3% of global PV production …

PV OEMs’ Platform Strategy: Production Share Breakdown, Global, 2015 and 2022

11,3% 11,3%

11,7%9,7%

9,8%9,6%

10,0%8,2%

8,9%8,8%

6,7%7,0%

5,3%5,4%

5,0%4,9%

3,7%

3,9%

2,3%2,7%

2,2%2,7%

1,4%1,5%

1,2%

1,5%

20,5%22,7%

0,0%

10,0%

20,0%

30,0%

40,0%

50,0%

60,0%

70,0%

80,0%

90,0%

100,0%

2015 2022

Passen

ger

Veh

icle

OE

M P

rod

ucti

on

Sh

are

Bre

akd

ow

n (

%)

Calendar Year

*Other PV OEMs

Geely Group

Tata Motors Group

Daimler Group

BMW Group

PSA Group

Honda Group

FCA Group

Ford Group

Hyundai Group

General Motors Group

Renault-Nissan Group

Toyota Group

Volkswagen Group

13 OEMs only

77.3% Production share

Upward movement Downward movementLegend: Stable

13 OEMs only

78.6% Production share • Global automotive

production expected to

expand at a CAGR* of

3.2% from 87.3 Million

units in 2015 to 108.9

Million units by 2022.

• Volkswagen Group is

expected to retain the

number one position in

terms of units production

through its strategic

investments in China and

other developing

markets.

• Toyota Group followed by

Renault Nissan Group

are expected to be other

automakers in the top 3

list.

LMC, Frost & Sullivan

37

... but their vehicles will be based on 26.7% fewer platforms than in 2015

PV OEMs’ Platform Strategy: Platform Reduction Roadmap, Global, 2015 and 2022

12 9

2819

22

18

26

14

18

13

12

8

17

13

12

12

10

9

9

6

7

5

13

9

9

8

0

20

40

60

80

100

120

140

160

180

200

2015 2022

Passen

ger

Veh

icle

OE

Ms G

lob

al

Pla

tfo

rm

Bre

akd

ow

n

Calendar Year

Geely Group

Tata Motors Group

Daimler Group

BMW Group

PSA Group

Honda Group

FCA Group

Ford Group

Hyundai Group

General Motors Group

Renault-Nissan Group

Toyota Group

Volkswagen Group

13 OEMs

143 Global Platforms

13 OEMs

195 Global Platforms

Upward movement Downward movementLegend: Stable

(26.7%) platform

reduction • On an average, PV

OEMs are expected to

reduce 26.7% of their

global platforms by 2022.

• Ford group followed by

VW group are among the

mainstream OEMs to

have the least number of

platforms to produce

global models.

• Daimler group followed

BMW group are among

the luxury OEMs to have

the least number of

platforms to produce

global models.

LMC, Frost & Sullivan

38

Globally, for the 13 OEMs, 70 modular platforms are expected to spin off some 534

models and 57.3 million vehicles by 2022

PV OEMs Platform Strategy: Future Global Modular Platforms and Models, Global, 2022

• Modular and all other

global platforms by 2022

will account for 900

production models and

84.2 million production

units.

• The 70 modular platforms

by 2022 will account for

about 534 models and

57.3 million production

units, that is, an average

of 8 models per platform.

• Similarly, the 73 other key

platforms by 2022 will

account for another 366

models and 26.9 million

production units, that is,

an average of 5 models

per platform.

Modular Platforms

70

Non -Modular

Platforms

73

0

30

60

90

120

150

2022

Calendar Year

Modular Platforms

534

Non –Modular

Platforms

366

0

100

200

300

400

500

600

700

800

900

1000

2022

Calendar Year

Modular Platforms

57.3

Non-Modular Platform

26.9

0,00

10,00

20,00

30,00

40,00

50,00

60,00

70,00

80,00

90,00

2022

Calendar Year

No

. o

f p

latf

orm

s

No. of M

odels

Pro

duction in m

illio

ns

Frost & Sullivan

39

Renault-Nissan and VW are anticipated to lead the adoption of modular platforms with

GM, Toyota, Ford and Hyundai following

400,000–

600,000

Platform Strategy: Key OEM’s Modular Platform Comparison, Global, 2022

No. of Modular Platforms

Ave

rag

e M

od

els

Pe

r P

latf

orm

Volkswagen Group

Toyota

Group

Renault

Nissan Group

Hyundai

Group

Ford

Group

FCA Group

Honda

Group

PSA

Group

BMW

Group

Daimler

Group

Tata

Group

Geely

Group

GM Group

Bubble Size Is Average Production Volume Per Platform in Units

600,000–

800,000> 1,000,000< 400,000

800,000–

1,000,000

Honda group is anticipated to build a modular platform for CR-V, Accord

and Civic by 2017. Three models account for 36% of the groups sales

Average Lines

• Upward Movement would imply the company is

increasing the models in the modular platform. This

would reduce the raw materials through economies

of scale. This would further improve the gross

margins of the company.

• Movement towards the left would signify the

company is reducing their platforms through further

consolidation. This would reduce the fixed costs for

the company. Hence, the operating margins of the

company would improve.

0,0

2,0

4,0

6,0

8,0

10,0

12,0

14,0

16,0

0 1 2 3 4 5 6 7 8 9 10

LMC, Frost & Sullivan

40

Renault’s Common Modular Family platforms will produce 65% of its global volumes in

2022, with 67 models using between 11 and 15 modules

PV OEMs’ Platform Strategy: CMF Platforms, Global, 2015

• The CMF Platform Strategy is key to Renault-Nissan Alliance’s

goals of Mobility for All and Sustainable Mobility. CMF

architecture is cascaded with several platforms.

• Through the CMF platform, the company uses the same platform

to develop a variety of segments (up to 7 per platform) for

various markets.

• The engine compartment consists of 2 modules. The front

underbody, cockpit, and rear underbody each consists of 3

modules. Hence, using a total of 11 modules, various body

designs are developed.

Vehicle TypeEngine

Compartment

Front

UnderbodyCockpit

Rear

Underbody

Electrical

and

Electronics

MUV

SUV

Sedan

Hatch-

back

Heavy Weight

Middle Weight

Light Weight

High Position

Mid Position

Low Position

Heavy Weight

Middle Weight

Light WeightLow Hood

High Hood

Designed

for luxury,

premium,

and low-

cost

vehicles

Primary Benefit is Refined Supply Chain

• Common suppliers and standardized component

sharing across platforms to the tune of 60% is

expected.

• For instance, Renault and Nissan share a full 66% of

their major 100 suppliers including multiple sources

(the result of Tsunami experience).

• About 70 key components standardization by Renault-

Nissan (Battery, HVAC, Door Handles, Glasses)

Frost & Sullivan

41

VW’s Modular Transversal Toolkit (MQB) platform is expected to produce 9.1m units

encompassing 50 models using 12 standardized modules

PV OEMs’ Platform Strategy: Modular Toolkits Strategy, Global, 2015

Modular Toolkits

Strategy

Platform

Architectures

MQB MLB

NSF MSB

MEB

• The modular toolkits

strategy is used to

develop 5 key platform

architectures that cater to

various segments and

models.

• The platform

architectures are the

guidelines to develop the

modular platforms

(MQB1,MQB2,MLB1,ML

B2,MLB3,MSB).

• The platforms are further

broken into modules that

are standardized.

• By using different

combinations of the

modules, the various

models are developed.

Cost Reduction as the Primary

Benefit

• For instance, VW group targets an

at least 20% reduction in

development cost by adopting

modular toolkit strategy.

• Development cost is 10%

(approximately) of the vehicle cost

for mass-market OEMs like VW.

• Typically, at such high volumes,

vehicle price could become

competitive by at least 2%.

MQB Platform Modules• The platform consists of 3

structural modules that are

broken into:

• 3 front and under-body

chassis

• 5 Front Door

• 4 Rear Floor

• Using the combination of these

12 modules, the MQB platform

produces models across brands

such as Audi, Skoda, Seat, and

Volkswagen.

Frost & Sullivan

42

Aftermarket

43

In 2016, the aftermarket will be shaped by developments that are related to increased

connectivity in and outside cars, with six key trends (1/2)

Heightened global focus on pollution control and emission norms, exhaust control

components replacement market is expected to grow swiftly across most regions

Emission Control Component Aftermarket 2

Technology focused at improving vehicle service delivery for Independent Aftermarket

service providers will see a high magnitude enhancement. Market will see newer

software subscription based models from diagnostic data providers

Technology in the Bay1

Parts eCommerce Growth in Emerging Markets3

Emerging markets like China and Brazil have witnessed greater ecommerce participation

in the aftermarket. Forecasted dips in these economies will further fuel growth of this

channel in 2016, as customers focus on less expensive parts for maintenance

Frost & Sullivan

44

In 2016, the aftermarket will be shaped by developments that are related to increased

connectivity in and outside cars, with six key trends (2/2)

While eRetailers have been primarily targeting DIYers, aftermarket participants are

slowly realizing the opportunity in B2B channel and in 2016 the channel is expected to

see significant activity on the online platform. The trend will find maximum traction in the

Americas and Western Europe.

eRetail in B2B Sales5

Service aggregators have emerged as a popular choice for customers to research and

fix service appointments, This trend is expected to grow stronger and aftermarket will

see newer players entering across carious regions globally

Service Aggregation, Mobile Service Next-Gen Business Models4

Private Labelling6

Challenge from private label brands in expected to aggravate national WDs, and retailers

will expand their offerings across more number of product categories. Private label

brands are expected to account for almost 33% of total sales in North America in 2016

Frost & Sullivan

45

The service bay of the future will evolve under the influence of a combination of vehicle

and market related factors …

Connected Vehicles

Telematics, Remote

diagnostics

Electric VehiclesPlug and play components

Electronics

Increased complexity

Regulatory

Environment

Free competition

Increasing Average

Vehicle Age

Long maintenance spend

life

Technician Skill Gap

Service inefficiency

Light WeightingMaterials unfriendly to

repairs

Eye on ConveniencePower to the hand (hand

held tools for technicians)

Ve

hic

le S

ide

Ma

rket

Sid

e

Automotive Aftermarket: Top Trends Impacting Vehicle Service Bay of the Future, 20151

Frost & Sullivan

46

… to the extent that the garage of tomorrow will become a truly digital experience to the

benefit of the customer and service provider

Website optimized for different

search engines and platforms

(desktop/tablet/mobile)

Detailed service offerings listing

Value-added offerings highlighted

Chat pop-up

Appointment Scheduler

Repair cost calculator

DIYer corner

Listing on service aggregators

Store Website In-Store Capabilities

Use of tablets with latest diagnostic software

installed

VIN lookup capabilities to track down past

repair history

Augmented Reality based applications for

service aid

OBD II based real time diagnosis capabilities

Data logging provisions

3D Printers, Wearables

Value-Added Offerings

On-call assistance

Mobile servicing options

Subscription based service

options

Female Friendly Staffing and

store layout

Over the air real time repair status

updates

In-vehicle interfacing for service

appointment updates and

scheduling

Automotive Aftermarket: Garage of Tomorrow, Global1

Frost & Sullivan

47

Replacement Part

Category

2015 Revenue

(S Billion)

2016 Revenue

($ Billion)2015-16 growth rate

Tires 80.3 87.5 9.0%

Batteries 14.6 14.7 0.7%

Brake parts 24.1 25.7 6.6%

Filters 10.6 11.8 11.3%

Collision body 33.1 37.5 13.3%

Starters and alternators 8.7 8.8 1.1%

Lighting 6.2 6.2 0.0%

Exhaust components 4.6 5.0 8.7%

Spark plugs 3.3 3.4 3.0%

Others* 181.6 183.9 1.3%

Total 367.0 384.5

The total global aftermarket is expected to increase by 4.8% with particular growth from

emission control components

Automotive Aftermarket: Manufacturer-level Replacement Parts Revenue by Category,

Global, 2015-2016

* Others includes steering system hard parts, Reman'd engine and transmission, CV drive axle and boot kit, Reman'd rack and pinion steering gear, HVAC and engine cooling components of commercial vehicles, Class 6-8 truck powertrain systems and components, Class 6-8 truck chassis systems and components, tire pressure monitoring systems, light vehicle exhaust emission control systems, fuel delivery systems, engine control units, ignition parts, automotive sensors, ignition wire sets, Class 6-8 engine components, selected fractional horsepower motors, fuel injectors, fuel pumps, selected automotive Reman'd pumps, sports compact underhood components, belt, hoses, gaskets and seals, battery, carburetor, gauge, internal engine hard parts.

2

Frost & Sullivan

All figures are rounded. The base year is 2015

48

Region CountryAutomotive Aftermarket eCommerce

Penetration 2015 (%)

North AmericaUnited States 5-6%

Canada 1-2%

South AmericaBrazil 2-2.5%

Mexico ~0.5%

Europe

UK 5-6%

France 6-7%

Germany 6-7%

Spain 2-3%

Italy 2-3%

Russia 2-3%

Asia

India ~0.5%

China ~0.2%

eRetailing penetration will, from a low base, increase most rapidly in developing South

American and Asian markets

Automotive Aftermarket: eRetailing Penetration, 20153

Frost & Sullivan

All figures are rounded. The base year is 2015

49

Aggregators are emerging as a popular choice in Europe and North America for owners

to research and arrange service appointments

Competition: Moderate

Highlights:

One of the early markets

exposed to this concept

Size of market poses

challenge in maintaining

accurate and reliable data

Players to Watch

RepairPal

YourMechanic.com

AutoMD

OpenBay

Competition: Strong

Highlights:

Regional players

Small geographic coverage

favors in making data

comprehensive

Players to Watch

Whocanfixmycar.com, UK

ClickMechanic, UK

Autobutler.dk, Denmark

Allogarage.fr, France

Mechanify.com , UK

Motoring.co.uk, UK

Automotive Aftermarket: Major Service Aggregator, 20154

Frost & Sullivan

50

eRetailers are also expanding into B2B channel sales, creating niche service areas and

helping to boost revenues for all stakeholders

Past

Part Manufacturers

Distributor

Customer

(IRF, Fleet)Retailers

Customer

Part Manufacturers

Distributor

Customer

(IRF, Fleet)Retailers

Customer

eRetailers

(Autozone

Pro, itaro

Pro, exist.ru)

Future

Customer goes to a

partner workshop or

takes delivery at a

given/home address

Workshop

Network

(Partnerships with

garages

nationwide)

Customized UI : On the

lines of a typical B2B

ordering platform, with

facets of B2C portal

adopted to ease ordering

Direct ordering

via online B2B

portal

(Online ordering with customized fulfillment options will

dominate both B2B and B2C channels)

Borderline B2C, with order delivered at partner

workshops

5

Frost & Sullivan

51

Autozone O’Reilly Advance Auto NAPA

Brands

Duralast

Duralast Gold

Valucraft

C-Max

BestTest,

BrakeBest

Master Pro

Micro-Gard

Murray

O’Reilly Auto

Parts

Power

Torque

Super Start

Ultima

Omnispark

Autocraft

Driveworks

Tough One

Wearver

NAPA

Sales

Contribution of

Private Label

~50% ~35% ~25% ~90%

Store Count 5279 4163 5276 6000

Geographic

PresenceUS, Mexico, Brazil US US US, Canada

DIFM:DIY

Sales16:84 41:59 37:63 80:20

Value

Proposition

Duralast brand has

emerged as one of

the largest selling

brands in NA.

Strengthening the

brand with larger

coverage is key

Large mix of private brands

dilutes the brand name.

Consolidation required

On the other hand, extended

coverage of private label brands

ensure higher turnover in

volumes

Good mix of brands,

with more focus

required on bringing

larger number of parts

under an umbrella

brand

Success of the

program group has

been largely based on

its private-label brands

and it continues to

maintain its focus in

the area

Private labelling is becoming a key contributor in North America and this trend could

well take hold in other major markets globally

Future of Automotive Parts and Service Retailing: Private Labeling6

AAIA, Frost & Sullivan

All figures are rounded. The base year is 2013

52

Appendices

53

Principal abbreviations

ACC Adaptive Cruise Control GM General Motors

ADAS Advanced Driver Assistance Systems HC Hydrocarbon

AEB Autonomous Emergency Braking IAM Independent Aftermarket

APAC Asia Pacific IC Internal Combustion

AT Automatic Transmission km Kilometre

B2B Business To Business LDW Lane Departure Warning

B2C Business To Consumer M Million

BMW Bayerische Motoren Werke MQB Modularer Querbaukasten (Modular Transversal Toolkit)

BSD Blind Spot Detection MR Mid-engine and Rear drive

CAGR Compound Average Growth Rate NA North America

CFRP Carbon Fiber Reinforced Polymer NCAP New Car Assessment Programme

CMF Common Modular Family NHTSA National Highway Traffic Safety Administration

CO Carbon Monoxide NL Netherlands

CO 2 Carbon Dioxide NO x Nitrogen Oxide

DCT Dual Clutch Technology NV Night Vision

DIFM Do It For Me OEM Original Equipment Manufacturer

DIY Do It Yorself PA Park Assist

EGR Exhaust Gas Recirculation PM Particulate Matter

eREVs Extended-Range Electric Vehicles PSA Groupe PSA (Peugeot Citroën)

EV Electric Vehicle PV Passenger Vehicle

FCV Fuel Cell Vehicle RR Rear engine and Rear drive

FCW Forward Collision Warning SUV Sports Utility Vehicle

FR Front engine and Rear drive UK United Kingdom

g Gram VW Volkswagen

GDI Gasoline Direct Injection

54

Frost & Sullivan contacts

John DaviesSenior Consultant

Business & Financial Services

Tel +33 1 42 81 21 01

john.davies@frost.com

Livio VaninettiDirector

Italy

Tel +39 02 4851 6135

livio.vaninetti@frost.com

Luca RaffelliniHead

Business & Financial Services

Tel +44 20 7343 8384

luca.raffellini@frost.com

55

Frost & Sullivanwww.frost.com

October 2016