08/01/2019

ACA Forecasting Robust Growth For U.S. Auto Aftermarket

Source: Tire Business

The value of the U.S. automotive aftermarket industry is expected to grow more than 5% a year from 2020 through 2022, according to the latest projections from the Auto Care Association (ACA).

The industry's value will grow to $448 billion by 2022, up from $405 billion in 2020, according to the Bethesda-based trade group's "Auto Care Factbook 2020," the 29th annual edition of the statistics compilation.

The ACA has added four areas of research to this year's report, including data from IMR Inc. on delayed maintenance, NPD Group data on automotive chemicals and fluids, a global automotive aftermarket estimate provided by Hanover Research and an aftermarket distribution summary.

"Despite the uncertainty felt across our industry and the markets over the past year due to tariffs and trade, this edition of the Auto Care Factbook reinforces positive growth in today's $405 billion auto care industry," ACA President and CEO Bill Hanvey said.

"Consumer confidence, spending and hourly wages continue to increase, and more than 41,500 industry jobs were created last year. Our association is committed to delivering resources and data to our members."

The Auto Care Factbook also is available with a supplemental, comprehensive overview of the U.S. light vehicle aftermarket —the Lang Annual section — which presents information and analysis available from no other source.

ACA members can obtain a free digital copy of the study. For non-members, the charge is $1,950. The version of the Factbook with the Lang Annual supplement can be purchased for $995 for members and $2,995 for non-members, the ACA said.

The digital publication is hosted on the ACA's Auto Care Digital Hub, allowing readers to access the book from a variety of devices, locate data easily, share the publication with colleagues and even download charts, tables and graphs associated with the data.

Among the data included in the Factbook are:

• Updated "Key Economic Indicators 2015-2019" and "U.S. and Global Aftermarket Dynamics" by Northwood University;
• The latest trends on supply, demand and growth rates for technician employment;
• An extended industry forecast (through 2022) and updated global registration summary by IHS Markit;
• An updated "Global Automotive Aftermarket Review" by Jefferies Financial Group Inc.;
• Updated consumer profiles for DIY-DIFM demographics;
• Updated U.S. new and total vehicle registrations by IHS Markit; and
• An updated hybrid vehicles summary and vehicle operating costs.

Those interested can view the full table of contents at the ACA's website.