Aftermarket Predicted to Grow 8.5% This Year
The Joint Channel Forecast Model, presented by the Auto Care Association and the Automotive Aftermarket Suppliers Association (AASA) says total U.S. light duty automotive aftermarket sales are forecasted to increase 8.5% in 2022, totaling $356.5 billion.
An additional 5% growth is expected for 2023 and growth will average more than 3% in 2024, bringing the light-duty aftermarket to $401.5 billion by 2025. The compound average annual growth rate from 2019 to 2022 will be 5.7%, more than making up for losses seen in 2020 due to the pandemic.
“The automotive aftermarket once again shows its resiliency with a stronger than expected recovery from the pandemic,” says Paul McCarthy, president and CEO, AASA.
“In fact, the automotive aftermarket rose nearly 25% in the past two years despite ongoing headwinds and we are excited to see the landmark market size of $400 billion in 2025.
“But as the industry advances to that landmark number, look for a new challenge to emerge as we may shift from a market supported by high demand and availability to a battle for market share. With that, we’ll see one more strength of the aftermarket emerge, collaboration with the right partners to ensure the same pace of success in this next phase of industry dynamics.”