US Aftermarket Sales Reach $297 Billion in 2018, Exceeding Forecasted Growth

US Aftermarket Sales Reach $297 Billion in 2018, Exceeding Forecasted Growth

The 2019 Joint Channel Forecast Model predicts that the total aftermarket sales will grow from $297 billion in 2018 to $338 billion through 2022, a 3.3% compound annual growth rate from 2018.

The U.S. automotive aftermarket reached total sales of $297 billion in 2018, exceeding the projected growth rate by nearly $1 billion, according to the 2019 Joint Channel Forecast Model produced by the Automotive Aftermarket Suppliers Association (AASA) and the Auto Care Association.

The 2019 Joint Channel Forecast Model predicts that the total aftermarket sales will grow from $297 billion in 2018 to $338 billion through 2022, a 3.3% compound annual growth rate from 2018.

“In our report last year, we anticipated that the market would increase during 2018. But as this report shows, strong economic growth in our country spurred more aftermarket spending than anticipated,” said Paul McCarthy, president and chief operating officer of AASA. “This year’s report shows continued positives ahead for aftermarket growth, such as increases in vehicles in operation (VIO) and an aging vehicle parc. However, it also indicates challenges too, such as shifts in the distribution model as consumers’ expectations for service and repair change. We believe the aftermarket will meet the challenges and opportunities ahead as it always has, through leadership, vision and entrepreneurial spirit.”

“More vehicles on the road with an average age of nearly 12 years old – and the 12-year-and-older category now representing 44% of total light vehicles and growing at 4% annually – equals good business for the aftermarket,” said Bill Hanvey, president and CEO of the Auto Care Association. “Coupling that with steady miles driven, growth in e-tailing and high consumer confidence reinforces the positive outlook for the industry. Emerging technologies such as ADAS, electrification and automation will present more opportunities for this growth to continue through 2022 and beyond.” 

The market sizing and forecast is conducted on behalf of AASA and the Auto Care Association by IHS Markit. The forecast is based on the U.S. Census Bureau’s Economic Census, IMR and IHS vehicle data (formerly R.L. Polk data) and IHS Markit’s proprietary economic analysis and forecasting models.

The Joint Channel Forecast Model will be available soon at the AASA website and in the Auto Care Association’s 2020 Auto Care Factbook, available today at www.autocare.org.

You May Also Like

CRP Marks 40 Years of Pentosin Fluids in North America

CRP Automotive will mark the anniversary with specialty signage and featured products at AAPEX in Las Vegas, slated for Oct. 31-Nov. 2.

CRP Automotive is recognizing the 40th anniversary of the Pentosin brand of technical fluids in North America.

CRP Automotive began selling Pentosin fluids in the North American market in 1983 and offers the import-vehicle community a comprehensive line of antifreeze, brake fluids, hydraulic fluids, motor oil,  transmission fluids and kits.

House Subcommittee Examines Potential Impact of REPAIR Act

Subcommittee members and others expressed enthusiastic support for the legislation.

Right to Repair: NHTSA Open to Short-Range Wireless Protocol

If the proposal sees the light of day, it would limit the scope of the Massachusetts data-access law.

Lincoln Highway Leads to Vegas in ‘Road to AAPEX’ Season 2

This year, the spotlight shines on an ultra-rare 2002 Lincoln Blackwood as it embarks on a historic journey.

Trade Groups, OEMs Agree on Data Access for IRFs

MEMA Aftermarket Suppliers called the agreement “a step in the right direction” but asserted that the pact “falls short of all the protections necessary to ensure consumer choice now and into the future for all parties.”

Other Posts

Trend Hunter’s Chief Futurist to Keynote Auto Care Connect

Auto Care Connect is scheduled for May 5-8 at the Hyatt Regency Chicago.

Armida Ascano
ACPN Announces 2024 Scholarship Winner

Omer Zanoor of Canadian Tire Corp. is the 2024 ACPN Scholarship winner.

Young Automotive Network Group Launches Annual Sponsorship Program

The program has been updated to a year-round opportunity.

Young Auto Care Network Group
Auto Care Launches ‘Aftermarket Essentials’ Online Course

The entry-level course equips new professionals with a basic knowledge of how the industry functions.