Investigate TRIANGLE PARK, N.C. and BETHESDA, Md., June 8, 2021 /PRNewswire/ — The automotive aftermarket proved its resiliency once once again with a more robust than envisioned effectiveness in 2020, inspite of the world-wide COVID-19 pandemic, and is anticipated to recuperate robustly in 2021. Overall United States gentle responsibility automotive aftermarket gross sales are forecasted to raise 11.2% in 2021, totaling $325 billion, in accordance to the “2021 Joint Channel Forecast Design” made jointly by the Automotive Aftermarket Suppliers Association (AASA) and the Vehicle Care Association. This facts was originally launched in a joint, member-exclusive webinar led by Shane Norton of IHS Markit on June 7.
An supplemental 5.3% development is predicted for 2022 and advancement will common extra than 4% in 2023 and 2024, bringing the light-weight-obligation aftermarket to $372 billion.
“The aftermarket has at the time yet again proved its toughness, and the pandemic afflicted the aftermarket significantly less seriously than other industries and even fewer than forecasted in our personal industry,” stated Paul McCarthy, president and COO, AASA. “The Joint Channel Forecast demonstrates that the continued achievements and resilience of the aftermarket will only proceed in forthcoming years. Ideal now, aftermarket suppliers are working with the hard impacts of a increase, together with source chain disruptions, nevertheless the forecast shows ongoing toughness for the aftermarket perfectly into the upcoming.”
“Improved reliance on personalized transportation coupled with shifts in client buy and upkeep habits primes the aftermarket for ongoing expansion,” said Invoice Hanvey, president and CEO, Vehicle Treatment Association. “The speed at which individuals return to typical mobility designs will also dictate the long term growth of our industry. Indicators advise that consumers will continue to keep on to their older automobiles, which creates even more possibility for the aftermarket. COVID-19, while a challenge, was a catalyst for a lot of of the tailwinds we’re experiencing these days.”
Critical knowledge in the joint channel forecast product contain:
- Current market traits influencing the aftermarket
- A 2020-2024 overview of market development and forecasts
- Industry product sales by channel which include heritage and forecasts
- Industry income by distribution channel
- And extra.
The market place sizing and forecast are conducted on behalf of AASA and the Vehicle Treatment Affiliation by IHS Markit, a primary organization intelligence firm. The forecast is based on the U.S. Census Bureau’s Financial Census, IMR Inc., and proprietary details, financial analysis and forecasting styles from IHS Markit.
The Joint Channel Forecast Product is obtainable at the AASA web page, www.aftermarketsuppliers.org, and in the Automobile Care Association’s 2022 Auto Treatment Factbook at digital.autocare.org/2022factbook.
AASA (www.aftermarketsuppliers.org) solely serves manufacturers of aftermarket components, tools and machines, and connected solutions, an critical element of the automotive elements producing industry which supports 871,000 American jobs. AASA is a identified market alter agent – endorsing a collaborative business surroundings, giving a discussion board to tackle troubles and serving as a valued useful resource for members. AASA is the gentle auto aftermarket division of the Motor & Products Brands Affiliation (MEMA). “AASA, Connecting Associates to What Issues.” To study additional about other ways AASA connects associates to what issues, stop by aftermarketsuppliers.org.
About the Auto Care Association
The Car Treatment Affiliation is the voice of the car care sector, a $380 billion plus market comprised of far more than 4.4 million American employees. Giving advocacy, instructional, networking, technological know-how, sector intelligence and knowledge assets to provide the collective pursuits of members, the Vehicle Treatment Affiliation serves the complete provide chain of the automotive aftermarket: businesses that manufacture, distribute and sell motor motor vehicle parts, extras, equipment, tools, components and provides, and complete auto service, servicing and fix. To discover more, visit www.autocare.org.
Resource Vehicle Treatment Association