The U.S.-based Auto Care Association has released its latest Factbook, with updated economic indicators, and a wealth of information about the North American automotive aftermarket.
Developed with the aid of leading data companies, Auto Care’s 2019 Factbook offers a comprehensive overview of market indicators, forecasts, and analyses in the automotive aftermarket.
It features an extended industry forecast (through 2021) by IHS Markit; an updated “Global Automotive Aftermarket Review” by Jefferies; a look at U.S. and global aftermarket dynamics from Northwood University; and detailed analysis by Lang Marketing.
There is also a section, compiled with data from DesRosiers Automotive Consulting, on the Canadian automotive aftermarket.
“This edition of the Auto Care Factbook highlights many upward trends we are seeing in today’s $392 billion auto care industry,” said Bill Hanvey, president and CEO, Auto Care Association. “Consumer confidence and spending are increasing despite higher gas prices, hourly wages are also rising and we’ve added more than 50,000 new industry jobs in the past year.”
He said while the industry may celebrate these upswings, it’s important to note that other issues, such as telematics, access to OE data, the average age of vehicles, and the health of the economy in general can have significant impact on aftermarket businesses.
“The Factbook takes a deep dive into these topics and many more, providing the information needed to keep thriving in our dynamic aftermarket,” he said.
In the U.S., automotive parts and service is projected to be a $433 billion industry in 2021.
Based in Bethesda, Md., the Auto Care Association has nearly 3,000 member companies that represent some 150,000 independent automotive businesses that manufacture, distribute and sell motor vehicle parts, accessories, tools, equipment, materials and supplies, and perform vehicle service and repair.