New Research: Auto Care Industry Expected to Grow 8.5% in 2022, Reach $514 Billion in 2024
Automotive aftermarket grew by 14.8% in 2021, exhibiting constant annual expansion and much better than predicted market functionality as reported in recently unveiled 2023 Auto Care Factbook report
BETHESDA, Md., June 8, 2022 /PRNewswire/ — The Vehicle Care Association right now introduced its award-successful and marketplace-foremost on line publications, the 2023 Car Treatment Factbook and the 2023 Auto Care Factbook & Lang Annual. The yearly reviews are the go-to source for automotive aftermarket marketplace facts and involve important insight for aftermarket enterprises to make knowledgeable, data-primarily based decisions for the future. This 32nd edition of the Car Care Factbook report supplies more new knowledge than at any time, which include insight on how the car care field has fared pursuing the COVID-19 pandemic, the most recent buyer and sector tendencies, expanded international sector performance and a lot more.
The automotive aftermarket is now envisioned to be a $514 billion marketplace by 2024.
The automobile treatment field carries on to establish resilient in the wake of the COVID-19 pandemic. In spite of the prolonged pandemic and source chain worries, the automotive aftermarket grew by 14.8% in 2021 – exceeding the past year’s anticipations of 11.5% expansion for the year. As the financial state stabilizes, sizeable advancement is also expected in 2022 (8.5%), adopted by regular and sustainable advancement from 2023-2025 (3.5% – 5.%). The automotive aftermarket is now anticipated to be a $514 billion field by 2024.
In this 176-website page Automobile Care Factbook report, audience will discover:
- EXPANDED e-commerce protection, including comparison of return charges for automotive parts vs. other industries, and a deep dive into China’s on line-to-offline e-commerce ecosystem
- EXPANDED electric and hybrid vehicle statistics, which include car mileage, replacement costs, close to-term adoption forecasts and OE components put in on electrical and plug-in hybrid electric motor vehicles
- EXPANDED collision sector metrics, such as average collision repair service expenditures and stats connected to the amount of parts, labor linked charges, and origin of alternative elements also, average fees for the best 50 parts in six picked categories and month to month amount of collisions inferred from telematics knowledge
- NEW Highlights of the Mexican (now together with powersports), Bolivian and Colombian aftermarkets, including Autos in Operation (VIO), prime-marketing car and Electric Vehicle (EV) adoption stats
- Historic and forecasted common elements content material and motor vehicle weight for light-weight vehicles
- Tool and tools sales progress for mild cars
- Re-classification of age teams in our substitute rate information segment to mirror an growing older VIO
- And far more. Watch the complete desk of contents here.
The 2023 Automobile Treatment Factbook also delivers Car Care Association customers access to extra than 70 of the hottest figures provided in the report by the association’s Vehicle Treatment TrendLens™ interactive info platform. Employing the TrendLens™ system, associates can isolate particular details factors, and filter and overlay with other details sets to get a far more comprehensive check out of the market.
“Although the earlier year’s headlines have been a flurry of increasing costs on each day products and expert services, inflation improves, and provide chain shortages, the automotive aftermarket has been weathering the economic storm in the wake of the pandemic,” mentioned Monthly bill Hanvey, president and CEO, Automobile Care Association. Our industry’s ability to keep on being adaptable and responsive to the quickly transforming requires of buyers is what has resulted in regular current market progress, yr soon after calendar year. This year’s Factbook is the most substantial problem to-day, creating upon vital business facts and growing the scope of details even more to much more clearly navigate the sector for the several years in advance.”
The 2023 Vehicle Care Factbook & Lang Annual involves the Automobile Treatment Factbook moreover the Lang Yearly, which gives a supplemental, extensive overview of the U.S. light-weight automobile aftermarket and presents info and assessment available from no other resource.
All Vehicle Treatment Affiliation contacts at member firms obtain a complimentary digital copy of the 2023 Vehicle Treatment Factbook report as a member advantage. The non-member value for the publication is $2,650. The Car Care Factbook & Lang Once-a-year report can be acquired for $995 for customers and $3,645 for non-customers.
To buy any of these digital publications, make sure you check out digital.autocare.org/2023factbook or get hold of the Member Providers division at [email protected] or 301-654-6664.
About the Automobile Care Association
The Car Treatment Affiliation is the voice of the vehicle care market, a $435 billion plus field comprised of far more than 4.4 million American workers. Furnishing advocacy, educational, networking, technology, industry intelligence and knowledge resources to provide the collective interests of users, the Auto Care Affiliation serves the overall supply chain of the automotive aftermarket: organizations that manufacture, distribute and provide motor vehicle components, extras, tools, machines, products and supplies, and perform auto assistance, routine maintenance and repair. To master far more, go to www.autocare.org.
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Source Automobile Care Association