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, showing constant yearly development and more powerful than predicted sector effectiveness as noted in recently unveiled 2023 Vehicle Treatment Factbook report

BETHESDA, Md., June 8, 2022 /PRNewswire/ — The Auto Care Affiliation these days produced its award-profitable and industry-primary on line publications, the 2023 Automobile Care Factbook and the 2023 Vehicle Care Factbook & Lang Once-a-year. The once-a-year reports are the go-to supply for automotive aftermarket sector knowledge and consist of critical perception for aftermarket firms to make knowledgeable, details-based mostly conclusions for the foreseeable future. This 32nd edition of the Vehicle Treatment Factbook report offers additional new facts than ever, which include insight on how the automobile treatment market has fared adhering to the COVID-19 pandemic, the most current customer and sector traits, expanded worldwide sector efficiency and more.

The automotive aftermarket is now expected to be a $514 billion sector by 2024. 

The auto treatment sector carries on to demonstrate resilient in the wake of the COVID-19 pandemic. In spite of the prolonged pandemic and provide chain troubles, the automotive aftermarket grew by 14.8% in 2021 – exceeding the preceding year’s expectations of 11.5% growth for the yr. As the financial state stabilizes, sizeable expansion is also envisioned in 2022 (8.5%), followed by steady and sustainable growth from 2023-2025 (3.5% – 5.%). The automotive aftermarket is now anticipated to be a $514 billion industry by 2024.

In this 176-webpage Automobile Care Factbook report, readers will obtain:

• EXPANDED e-commerce protection, like comparison of return charges for automotive components vs. other industries, and a deep dive into China’s on line-to-offline e-commerce ecosystem
• EXPANDED electrical and hybrid auto stats, which includes auto mileage, substitute charges, close to-time period adoption forecasts and OE sections set up on electrical and plug-in hybrid electrical autos
• EXPANDED collision industry metrics, like average collision maintenance fees and stats linked to the range of parts, labor similar prices, and origin of alternative sections also, ordinary expenses for the prime 50 elements in six picked categories and monthly number of collisions inferred from telematics details
• NEW Highlights of the Mexican (now which includes powersports), Bolivian and Colombian aftermarkets, such as Motor vehicles in Operation (VIO), leading-selling auto and Electric Car (EV) adoption stats
• Historic and forecasted ordinary supplies content material and motor vehicle pounds for mild automobiles
• Tool and products profits expansion for gentle automobiles
• Re-classification of age teams in our substitution fee information area to reflect an aging VIO
• And far more. View the complete table of contents in this article.

The 2023 Automobile Treatment Factbook also presents Automobile Treatment Affiliation members accessibility to more than 70 of the most up-to-date figures incorporated in the report by means of the association’s Automobile Treatment TrendLens™ interactive details platform. Utilizing the TrendLens™ platform, users can isolate distinct information factors, and filter and overlay with other information sets to obtain a extra thorough perspective of the business.

“Though the past year’s headlines have been a flurry of increasing rates on day-to-day merchandise and providers, inflation will increase, and offer chain shortages, the automotive aftermarket has been weathering the financial storm in the wake of the pandemic,” stated Invoice Hanvey, president and CEO, Vehicle Care Affiliation. Our industry’s capacity to continue being adaptable and responsive to the immediately transforming wants of consumers is what has resulted in continuous current market expansion, year after calendar year. This year’s Factbook is the most in depth concern to-date, making upon critical business information and growing the scope of info even further to far more obviously navigate the market for the years ahead.”

The 2023 Automobile Care Factbook & Lang Annual features the Car Care Factbook in addition the Lang Yearly, which presents a supplemental, comprehensive overview of the U.S. light-weight car aftermarket and provides information and assessment obtainable from no other resource.

All Vehicle Treatment Affiliation contacts at member firms get a complimentary digital copy of the 2023 Vehicle Care Factbook report as a member gain. The non-member cost for the publication is $2,650. The Vehicle Treatment Factbook & Lang Once-a-year report can be acquired for $995 for users and $3,645 for non-associates.

To order any of these electronic publications, make sure you go to digital.autocare.org/2023factbook or contact the Member Companies division at [email protected] or 301-654-6664.

About the Car Care Association 

The Auto Treatment Association is the voice of the vehicle care industry, a $435 billion furthermore market comprised of much more than 4.4 million American employees. Providing advocacy, instructional, networking, technological innovation, marketplace intelligence and details means to provide the collective interests of users, the Auto Treatment Association serves the full source chain of the automotive aftermarket: enterprises that manufacture, distribute and offer motor car parts, equipment, applications, devices, resources and provides, and execute motor vehicle service, upkeep and mend. To discover much more, pay a visit to www.autocare.org.

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Resource Automobile Treatment Association