Auto Aftermarket Grows 8.6% in 2023

By Staff Writer June 11, 2024 256

The Auto Care Association, in collaboration with MEMA Aftermarket Suppliers, announced the availability of the 2024 Joint Forecast Models preparedd by S&P Global.

Despite challenges such as persistent inflation, the aftermarket demonstrated resilience, with total aftermarket sales growing by 8.6% in 2023 to $391 billion. Dealers’ service centers, auto parts stores, and general auto repair sectors all experienced notable growth, outperforming initial estimates.

The Joint Forecast Model predicts continued growth for the U.S. automotive aftermarket, with sales expected to increase by 5.9% in 2024. Looking ahead, average growth rates of 4.5% are forecasted for the period from 2025 to 2027, as inflationary effects subside and the aftermarket grows to $472 billion.

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Last modified on Thursday, 13 June 2024 19:29