The U.S. automotive
aftermarket industry is expected to grow 3.4 percent annually through
2016 to $263.8 billion, adding an additional $32.6 billion to the
economy. These and additional aftermarket growth figures are contained
in a jointly produced Channel Forecast Model sponsored by the Automotive
Aftermarket Industry Association (AAIA) and the Automotive Aftermarket Suppliers Association (AASA).
AAIA and AASA partnered to produce the Channel Forecast Model to create a
single industry view of the size, growth rate and outlook for the motor
vehicle aftermarket and thus provide a unified view of the industry’s
magnitude, significance and potential, importance to legislators,
regulators, investors and all stakeholders.
IHS Global Insight, a global leader in economic and financial analysis,
forecasting and market intelligence, conducted the market sizing and
forecast for the associations. Data is based on U.S. Department of
Commerce, Federal Reserve Board and U.S. Census Bureau’s data, IMR and
Polk data as well as proprietary IHS economic analysis and forecasting
models.
“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.”
“The forecast model anticipates that growth in population, employment
and income will lead to growth in miles driven and the number of
vehicles on the road resulting in long-term aftermarket growth,” added
Bill Long, AASA president and COO. “The Channel Forecast Model is a tool
to help participants achieve that growth despite some of the major
market shifts facing our industry such as vehicle telematics, increasing
vehicle technology, new-model introductions and parts proliferation.”
