The Joint Channel Forecast Mannequin introduced by the Auto Care Affiliation and the Automotive Aftermarket Suppliers Affiliation particulars a robust aftermarket restoration coupled with indicators for continued development

BETHESDA, Md. and RESEARCH TRIANGLE PARK, N.C. , June 7, 2022 /PRNewswire/ — The automotive aftermarket continues to display its market energy with higher-than-expected gross sales in 2021 within the wake of a gradual financial restoration from the COVID-19 pandemic in america. Complete U.S. mild responsibility automotive aftermarket gross sales are forecasted to extend 8.5% in 2022, totaling $356.5 billion, in line with the “2022 Joint Channel Forecast Mannequin” produced collectively by the Auto Care Affiliation and the Automotive Aftermarket Suppliers Affiliation (AASA). This knowledge shall be examined in a joint, member-exclusive webinar led by Shane Norton of S&P International Mobility at 1 p.m. EDT on June 9.

An extra 5% development is anticipated for 2023 and development will common greater than 3% in 2024, bringing the light-duty aftermarket to $401.5 billion by 2025. The compound common annual development charge from 2019 to 2022 shall be 5.7%, greater than making up for losses seen in 2020 as a result of pandemic.

“12 months after 12 months, the auto care trade continues to indicate its energy and reliability,” mentioned Invoice Hanvey, president and CEO, Auto Care Affiliation. “Within the midst of the very best fuel costs on document and an inflation charge at a 40-year excessive, coupled with persistent provide chain disruptions and battle in Jap Europe, Car Miles Pushed, Automobiles in Operation, and shopper spending all elevated in 2021 and are projected to extend into the approaching years as effectively.”

“The automotive aftermarket as soon as once more reveals its resiliency with a stronger than anticipated restoration from the pandemic,” commented Paul McCarthy, president and CEO, AASA. “In reality, the automotive aftermarket rose practically 25% previously two years regardless of ongoing headwinds, and we’re excited to see the landmark market dimension of $400 billion in 2025. However because the trade advances to that landmark quantity, search for a brand new problem to emerge as we might shift from a market supported by excessive demand and availability to a battle for market share. With that, we’ll see yet one more energy of the aftermarket emerge, collaboration with the appropriate companions to make sure the identical tempo of success on this subsequent part of trade dynamics.”

Key knowledge within the joint channel forecast mannequin embody:

  • Market tendencies influencing the aftermarket;
  • A 2021-2025 evaluation of trade development and forecasts;
  • Business gross sales by channel together with historical past and forecasts;
  • Business gross sales by distribution channel;
  • And extra.

The market sizing and forecast are performed on behalf of the Auto Care Affiliation and AASA by S&P International Mobility (previously the automotive crew at IHS Markit), a number one enterprise intelligence agency. The forecast relies on the U.S. Census Bureau’s Financial Census; IMR Inc.; and proprietary knowledge, financial evaluation and forecasting fashions from S&P International Mobility.

The Joint Channel Forecast Mannequin is offered within the Auto Care Affiliation’s 2023 Auto Care Factbook at digital.autocare.org/2023factbook and in AASA’s Aftermarket Dimension & Forecast Report out there at https://www.aftermarketsuppliers.org/useful resource.

Concerning the Auto Care Affiliation
The Auto Care Affiliation is the voice of the auto care trade, a $400 billion plus trade comprised of greater than 4.4 million American staff. Offering advocacy, instructional, networking, know-how, market intelligence and knowledge sources to serve the collective pursuits of members, the Auto Care Affiliation serves your complete provide chain of the automotive aftermarket: companies that manufacture, distribute and promote motorcar elements, equipment, instruments, gear, supplies and provides, and carry out automobile service, upkeep and restore. To study extra, go to www.autocare.org. 

About AASA
AASA (www.aftermarketsuppliers.org) solely serves producers of aftermarket elements, instruments and gear, and associated merchandise, an essential a part of the automotive elements manufacturing trade which helps 871,000 American jobs. AASA is a acknowledged trade change agent – selling a collaborative trade surroundings, offering a discussion board to deal with points and serving as a valued useful resource for members. AASA is the sunshine automobile aftermarket division of the Motor & Tools Producers Affiliation (MEMA). “AASA, Connecting Members to What Issues.” To study extra about different methods AASA connects members to what issues, go to aftermarketsuppliers.org.

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SOURCE Auto Care Affiliation

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