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New Research: Auto Care Industry Expected to Grow 8.5% in 2022, Reach $514 Billion in 2024
News provided byAuto Care Association
Jun 08, 2022, 11:41 AM ET
Automotive aftermarket grew by 14.8% in 2021, showing steady annual growth and stronger than predicted market performance as reported in newly released 2023 Auto Care Factbook report
BETHESDA, Md., June 8, 2022 /PRNewswire/ -- The Auto Care Association today released its award-winning and industry-leading online publications, the 2023 Auto Care Factbook and the 2023 Auto Care Factbook & Lang Annual. The annual reports are the go-to source for automotive aftermarket industry data and include critical insight for aftermarket businesses to make informed, data-based decisions for the future. This 32nd edition of the Auto Care Factbook report provides more new data than ever, including insight on how the auto care industry has fared following the COVID-19 pandemic, the latest consumer and industry trends, expanded international market performance and more.
The auto care industry continues to prove resilient in the wake of the COVID-19 pandemic. Despite the prolonged pandemic and supply chain challenges, the automotive aftermarket grew by 14.8% in 2021 – exceeding the previous year's expectations of 11.5% growth for the year. As the economy stabilizes, substantial growth is also expected in 2022 (8.5%), followed by steady and sustainable growth from 2023-2025 (3.5% - 5.0%). The automotive aftermarket is now expected to be a $514 billion industry by 2024.
In this 176-page Auto Care Factbook report, readers will find:
- EXPANDED e-commerce coverage, including comparison of return rates for automotive parts vs. other industries, and a deep dive into China's online-to-offline e-commerce ecosystem;
- EXPANDED electric and hybrid vehicle statistics, including vehicle mileage, replacement rates, near-term adoption forecasts and OE parts installed on electric and plug-in hybrid electric vehicles;
- EXPANDED collision industry metrics, including average collision repair costs and stats related to the number of parts, labor related costs, and origin of replacement parts; also, average costs for the top 50 components in six selected categories and monthly number of collisions inferred from telematics data;
- NEW Highlights of the Mexican (now including powersports), Bolivian and Colombian aftermarkets, including Vehicles in Operation (VIO), top-selling vehicle and Electric Vehicle (EV) adoption stats;
- Historical and forecasted average materials content and vehicle weight for light vehicles;
- Tool and equipment sales growth for light vehicles;
- Re-classification of age groups in our replacement rate data section to reflect an aging VIO;
- And more. View the full table of contents here.
The 2023 Auto Care Factbook also provides Auto Care Association members access to more than 70 of the latest numbers included in the report through the association's Auto Care TrendLens™ interactive data platform. Using the TrendLens™ platform, members can isolate specific data points, and filter and overlay with other data sets to gain a more comprehensive view of the industry.
"While the past year's headlines have been a flurry of rising prices on everyday goods and services, inflation increases, and supply chain shortages, the automotive aftermarket has been weathering the economic storm in the wake of the pandemic," said Bill Hanvey, president and CEO, Auto Care Association. Our industry's ability to remain adaptable and responsive to the quickly changing needs of consumers is what has resulted in steady market growth, year after year. This year's Factbook is the most extensive issue to-date, building upon key industry data and expanding the scope of information even further to more clearly navigate the market for the years ahead."
The 2023 Auto Care Factbook & Lang Annual includes the Auto Care Factbook plus the Lang Annual, which provides a supplemental, comprehensive overview of the U.S. light vehicle aftermarket and presents information and analysis available from no other source.
All Auto Care Association contacts at member companies receive a complimentary digital copy of the 2023 Auto Care Factbook report as a member benefit. The non-member price for the publication is $2,650. The Auto Care Factbook & Lang Annual report can be purchased for $995 for members and $3,645 for non-members.
The Auto Care Association is the voice of the auto care industry, a $435 billion plus industry comprised of more than 4.4 million American workers. Providing advocacy, educational, networking, technology, market intelligence and data resources to serve the collective interests of members, the Auto Care Association serves the entire supply chain of the automotive aftermarket: businesses that manufacture, distribute and sell motor vehicle parts, accessories, tools, equipment, materials and supplies, and perform vehicle service, maintenance and repair. To learn more, visit www.autocare.org.
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SOURCE Auto Care Association