Halfords Autocentres’ recent expansion into the top-table of tyre retail is indicative of a wider move towards mechanical work in tyre-orientated garages. Now, many fast fits generate somewhere around 50 per cent of their income from non-tyre business.
According to the latest SMMT data, the UK aftermarket turns over an annual £21.1 billion – making it the ninth largest in the world. And what’s more there are said to be north of 40,000 points of sale in the UK, which means the wider tyre business’s recent shift towards more mechanical work means that aftermarket space is as competitive as ever. Still, the ongoing outlook is good and the aforementioned growth figures are increasing at the same rate as the UK’s growing car parc. As a result, SMMT projections suggest the UK aftermarket sector’s value is set to rise to £28 billion by 2022.
The value of the United Kingdom (UK) automotive aftermarket grew by 4.9 per cent during the course of 2018. According to MarketLine, which produces its data in US-dollars across all markets worldwide, this means the UK automotive aftermarket was and is worth $28.5 billion (£22.53 billion) a year. However, the same research suggests that the value of the UK automotive aftermarket sector is increasing and in 2023 is forecast to be worth $34.4 billion (£27.2 billion), up 20.7 per cent compared with 2018.
The hybrid and electric cars market has seen strong growth globally as countries work to meet ambitious CO2 targets, rising at a compound annual growth rate (CAGR) of 12.6 per cent. Scandinavian countries such as Sweden will enjoy exceptional growth forecast growth of 27.9 per cent between 2016 and 2021, according to research firm MarketLine.