The U.S. Automotive Aftermarket Predicted to Grow through 2017 -

The U.S. Automotive Aftermarket Predicted to Grow through 2017

Good news for automotive students: The U.S. automotive aftermarket is expected to grow on a compound annual growth rate (CAGR) of 3.4 percent until 2017.

For young auto professionals, that could mean increased employment opportunities, as the growth translates into more service and repairs at shops and dealerships.

According to the “2014 Joint Channel Forecast Model,” produced jointly by the Automotive Aftermarket Suppliers Association (AASA) and the Auto Care Association, the total aftermarket sales are predicted to grow from $238.4 billion in 2013 to $273.4 billion in 2017, an increase of $35 billion over the four year period.

“The forecast model demonstrates that despite strong new vehicle sales, historic high gas prices and a flattening of miles driven, our industry is poised for steady growth,” said Kathleen Schmatz, Auto Care Association president and CEO. “Why? The average age of vehicles is 11.4 years, the oldest ever, and the age mix of vehicles continues to favor older vehicles, creating a robust sweet spot for service and repair.”

“The forecast model anticipates that growth in population, employment and income will lead to an increase in miles driven and the number of vehicles on the road resulting in long term aftermarket growth,” said Bill Long, AASA president and COO. “The Channel Forecast Model is a tool to help participants achieve that growth despite some of the major market shifts facing our industry such as vehicle telematics, increasing vehicle technology, new-model introductions and parts proliferation.”

The market sizing and forecast is conducted on behalf of AASA and the Auto Care Association by IHS – driven by Polk, the renowned economic and market information firm. It is based on the U.S. Census Bureau’s Economic Census, IMR and Polk data, and proprietary IHS economic analysis and forecasting models.

The Joint Channel Forecast Model is available at the AASA website, www.aftermarketsuppliers.org, and in the Auto Care Association’s 2015 Digital Auto Care Factbook, available at www.autocare.org.

You May Also Like

Standard Motor Products Launches 365 New Numbers

The new release includes parts for import and domestic vehicles with gasoline, hybrid, and electric powertrains.

Standard Motor Products (SMP) has introduced 365 new part numbers in its October new number announcement (NNA). Included in the release is new coverage for more than 107 product categories, and 110 part numbers for 2021 and 2022 model-year vehicles.

SMP says its commitment to providing replacement parts for hybrid and electric vehicles through its Standard and Four Seasons brands is evident in this release. The October NNA added new part numbers for the 2021 Mustang Mach-E, 2017-’11 Nissan Leaf, 2022-’10 Toyota Prius and more. The addition of more than 130 new Sensors, Switches, Actuators and Connectors also expands Standard’s powertrain-neutral coverage.

WIN Launches 2023 Sponsorship Program

WIN says the campaign is vital to its mission to attract, retain and advance women in collision repair industry.

Autoshop Solutions Supports Techforce Champion Campaign

Autoshop Solutions’ customers and friends are receiving a special offer to be come a TechForce Champion.

Women in Auto Care Scholarship Program Makes $1M Milestone

This was another record year for the program, distributing 96 awards worth $300,000 in both cash scholarships and starter tool sets.

Wyotech Works On Drawing Women To The Trades

Three WyoTech students were recipients of the JCF scholarship, which empowers young women to pursue careers in trades.

Other Posts

Bosch Releases 133 Automotive Aftermarket Parts YTD 2022

Bosch says these new products cover more than 34 million vehicles in operation across North America.

Standard Motor Products Grows Ignition Coil Program

Additions to the program include more than 800 coils providing 99% coverage for import and domestic vehicles.

ASE Summer Testing Period Registration Ends Sept. 30

Those service professionals who register will have 90 days to schedule an appointment to take the selected ASE tests.

ALI Expands Safety Manual and Offers New Digital Option

Updated manual includes new information, photos and illustrations in a user-friendly format.