The automobile aftermarket continued to demonstrate market toughness with higher-than-expected sales in 2021 and stay strong throughout 2022, finds the 2022 Joint Channel Forecast Model.
Overall U.S. light duty automotive aftermarket sales are forecasted to increase 8.5% in 2022, amounting to $356.5 billion, according to the 2022 Joint Channel Forecast Version. generated jointly by the Car Treatment Association as well as the Automotive Aftermarket Distributors Organization (AASA).
An extra 5% development is anticipated for 2023 as well as development will average greater than 3% in 2024, bringing the light-duty aftermarket to $401.5 billion by 2025. The compound ordinary annual development rate from 2019 to 2022 will certainly be 5.7%, more than offseting losses seen in 2020 because of the pandemic.
“Year after year, the auto care industry continues to show its strength and reliability,” said Bill Hanvey, president and CEO, Auto Care Association. “In the midst of the highest gas prices on record and an inflation rate at a 40-year high, coupled with persistent supply chain disruptions and war in Eastern Europe, Vehicle Miles Driven, Vehicles in Operation, and consumer spending all increased in 2021 and are projected to increase into the coming years as well.”
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