2016-05-26-普华永道-驾值_2015年汽车并购见解_16页_1mb

Summary of 2015 Automotive M&A Insights

Overview

In 2015, the global automotive industry saw a significant increase in mergers and acquisitions (M&A) activity. The total number of transactions reached 591, a 9% increase from 2014, while the total value of transactions jumped by 60% to $621 billion, setting a historical high. Average deal size grew by 81% to $3.88 billion, driven largely by 12 large-scale transactions exceeding $10 billion, including ZF's $12.5 billion acquisition of TRW.

Key Trends

• Focus on Innovation: The industry shifted towards mobile solutions, connected cars, and shared economy trends. This included investments in cybersecurity and fuel efficiency, driven by stricter regulations and consumer preferences.
• Market Growth: Global M&A activity aligned with broader industry trends, with cross-sector deals rising by 3% in volume and 26% in value, reflecting diversification.
• Major Deals: The growth was fueled by 32 large transactions (between $1 billion and $10 billion) and events like the ZF-TRW deal, which led to record-breaking deal sizes.

Regional Analysis

• North America: Dominated M&A activity with 49% of target regions, but transaction value dropped 13% due to a focus on quality over quantity.
• Europe and Asia: Experienced slight declines in transaction volume but increases in value share, with Europe leading in innovative acquisitions.
• Overall, local transactions accounted for 83% of deals, while cross-border activity rose, indicating global integration.

Industry Breakdown

• Automakers: Transaction value decreased by 66% year-over-year, though volume returned to 2013 levels.
• Suppliers: Transaction volume fell 14% to 190 deals, but value surged 96% to $16.1 billion, driven by key acquisitions.
• Other Sectors: Including retail, financing, and maintenance, saw volume increase by 40% to 332 deals and value by 349% to $23.6 billion, showcasing strong growth in complementary areas.

Buyer Analysis

Both financial and trade buyers saw increased activity in 2015. Financial buyers achieved a 105% value growth with more deals, while trade buyers reached record highs due to multiple large transactions. Their involvement highlights a shift towards strategic partnerships and leveraged investments.

Future Outlook

The outlook for automotive M&A remains positive, with expectations of continued growth through 2021, reaching an additional 2.1 million light vehicle units. Challenges include geopolitical issues and volatile oil prices, but opportunities in technology integration and shared mobility are driving strategic alliances and innovation.

For more details, contact the specified PwC experts.