The Joint Channel Forecast Product introduced by the Car Treatment Association and the Automotive Aftermarket Suppliers Affiliation information a powerful aftermarket recovery coupled with indicators for continued development
BETHESDA, Md. and Exploration TRIANGLE PARK, N.C. , June 7, 2022 /PRNewswire/ — The automotive aftermarket carries on to exhibit its market place toughness with greater-than-envisioned profits in 2021 in the wake of a gradual economic restoration from the COVID-19 pandemic in the United States. Whole U.S. gentle obligation automotive aftermarket product sales are forecasted to maximize 8.5% in 2022, totaling $356.5 billion, in accordance to the “2022 Joint Channel Forecast Design” made jointly by the Vehicle Care Affiliation and the Automotive Aftermarket Suppliers Affiliation (AASA). This facts will be examined in a joint, member-exceptional webinar led by Shane Norton of S&P International Mobility at 1 p.m. EDT on June 9.
An added 5% expansion is expected for 2023 and expansion will average much more than 3% in 2024, bringing the mild-obligation aftermarket to $401.5 billion by 2025. The compound typical annual development rate from 2019 to 2022 will be 5.7%, additional than creating up for losses seen in 2020 thanks to the pandemic.
“Calendar year after yr, the auto treatment industry continues to show its strength and dependability,” claimed Monthly bill Hanvey, president and CEO, Automobile Treatment Association. “In the midst of the greatest gas rates on file and an inflation amount at a 40-yr superior, coupled with persistent source chain disruptions and war in Japanese Europe, Car Miles Driven, Autos in Operation, and customer paying out all increased in 2021 and are projected to raise into the coming yrs as very well.”
“The automotive aftermarket after all over again exhibits its resiliency with a much better than expected recovery from the pandemic,” commented Paul McCarthy, president and CEO, AASA. “In actuality, the automotive aftermarket rose approximately 25% in the past two decades even with ongoing headwinds, and we are enthusiastic to see the landmark industry size of $400 billion in 2025. But as the business innovations to that landmark quantity, glance for a new problem to emerge as we could shift from a market place supported by significant demand and availability to a battle for sector share. With that, we are going to see 1 additional energy of the aftermarket emerge, collaboration with the ideal partners to assure the very same rate of achievement in this upcoming section of sector dynamics.”
Important information in the joint channel forecast design contain:
- Marketplace trends influencing the aftermarket
- A 2021-2025 critique of marketplace growth and forecasts
- Sector sales by channel which include historical past and forecasts
- Sector sales by distribution channel
- And more.
The industry sizing and forecast are carried out on behalf of the Car Treatment Association and AASA by S&P International Mobility (previously the automotive group at IHS Markit), a major business enterprise intelligence company. The forecast is based on the U.S. Census Bureau’s Economic Census IMR Inc. and proprietary knowledge, financial examination and forecasting versions from S&P World wide Mobility.
The Joint Channel Forecast Model is obtainable in the Vehicle Care Association’s 2023 Auto Care Factbook at electronic.autocare.org/2023factbook and in AASA’s Aftermarket Sizing & Forecast Report readily available at https://www.aftermarketsuppliers.org/resource.
About the Car Care Affiliation
The Car Treatment Association is the voice of the automobile treatment business, a $400 billion additionally industry comprised of extra than 4.4 million American employees. Giving advocacy, educational, networking, technological innovation, current market intelligence and info resources to provide the collective interests of associates, the Auto Treatment Association serves the total source chain of the automotive aftermarket: corporations that manufacture, distribute and offer motor automobile sections, accessories, equipment, equipment, products and supplies, and perform car support, routine maintenance and repair service. To find out far more, take a look at www.autocare.org.
AASA (www.aftermarketsuppliers.org) solely serves makers of aftermarket parts, equipment and devices, and similar products and solutions, an critical portion of the automotive elements manufacturing sector which supports 871,000 American careers. AASA is a recognized sector change agent – promoting a collaborative field atmosphere, delivering a discussion board to tackle challenges and serving as a valued source for customers. AASA is the light automobile aftermarket division of the Motor & Tools Producers Affiliation (MEMA). “AASA, Connecting Customers to What Issues.” To master extra about other ways AASA connects members to what matters, pay a visit to aftermarketsuppliers.org.
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Resource Vehicle Treatment Association