Aftermarket Industry Expected to Grow Through 2016

May 16, 2013

May 16, 2013—The U.S. automotive aftermarket industry is expected to grow 3.4 percent annually through 2016 to $263.8 billion, according to a channel forecast model sponsored by the Automotive Aftermarket Industry Association (AAIA) and the Automotive Aftermarket Suppliers Association (AASA).

This growth would add an additional $32.6 billion to the economy.

According to AASA president and COO Bill Long, the forecast model shows that growth in population, employment and income will lead to an increase in the number of vehicles on the road and miles driven. In turn, this would result in long-term aftermarket growth.

"The forecast model demonstrates that despite strong new vehicle sales, historic high gas prices, and a flattening of miles driven, our industry is poised for steady growth," said Kathleen Schmatz, AAIA president and CEO. "Why? The average age of vehicles is 11.3 years, the oldest ever, and the age mix of vehicles continues to favor older vehicles, creating a robust sweet spot for service and repair."

IHS Global Insight created the forecast model using data collected from the U.S. Department of Commerce, Federal Reserve Board and U.S. Census Bureau, as well as IMR and Polka Data, and proprietary IHS economic analysis and forecasting models.

Sponsored Recommendations

Valvoline Partner Solutions

We arm you with products that build trust, tools that unlock productivity, and training that drives business performance, so you feel confident in where your...

Grow the business you know

Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube.

Solutions that drive results

Connect with Valvoline experts to increase operational efficiency and customer loyalty – from Valvoline-funded promotions to hands-on training, we’re here to...

Free Resources for Shops Like Yours

View insights, research and solutions curated specifically for shops like yours.