U.S. aftermarket to grow at an annual rate of 3.4% through 2021

June 21, 2018
The U.S. automotive aftermarket is expected to grow at a compound annual growth rate (CAGR) of 3.4 percent through 2021, according to the "2018 Joint Channel Forecast Model."

The U.S. automotive aftermarket is expected to grow at a compound annual growth rate (CAGR) of 3.4 percent through 2021, according to the "2018 Joint Channel Forecast Model" produced jointly by the Automotive Aftermarket Suppliers Association (AASA) and the Auto Care Association.

The 2018 Joint Channel Forecast Model also predicts that the total aftermarket sales will grow from $286 billion in 2017 to $327 billion in 2021, an increase of nearly $41 billion over the four-year period.

"The Joint Channel Forecast shows the continued strength of key aftermarket drivers and the impact of the confident consumers, buoyed by a strong job market and lower personal tax rates," said Bill Long, president and chief operating officer, AASA. "It also shows influences driving evolution in the aftermarket: new and emerging technologies, changes in the distribution model and changes in consumers' expectations for mobility. We are an industry facing a lot of change, but we believe we have the people in the independent aftermarket with the leadership, vision and entrepreneurial spirit to enable us to grow and thrive in our pending era of change and opportunity."

Keys To A Profitable, Productive Shop

Get the RepairPal Info Sheet

Learn how to assess your business and become one of the most trusted auto repair specialists in the country. RepairPal has easy-to-follow recommendations that shop owners and managers can start using right away.

Discover The Keys

"The sustained growth projected in the forecast is not only a result of key economic upswings, but also technology that is creating opportunities for new products, services and solutions across our market," said Bill Hanvey, president and chief executive officer, Auto Care Association. "These new technologies continue to widen the reach and scope of our industry as well as enable opportunities to add to the 4.6 million job powerhouse that we are."

The market sizing and forecast is conducted on behalf of AASA and the Auto Care Association by IHS Markit, the world renowned economic and market information firm. The forecast is based on the U.S. Census Bureau's Economic Census, IMR and Polk data, and proprietary IHS Markit's economic analysis and forecasting models.

The Joint Channel Forecast Model is available at the AASA website, www.aftermarketsuppliers.org, and in the Auto Care Association's 2019 Digital Auto Care Factbook, available today at www.autocare.org.

Sponsored Recommendations

ZEUS+: The Cutting-Edge Diagnostic Solution for Smart, Fast, and Efficient Auto Repairs

The new ZEUS+ simplifies your diagnostic process and guides you through the right repair, avoiding unnecessary steps along the way. It gives you the software coverage, processing...

Diagnostic Pre- and Post-scan Reports are Solid Gold for Profitability

The following article highlights the significance of pre-scans and post-scans, particularly with Snap-on scan tools, showcasing their efficiency in diagnosing issues and preventing...

Unlock Precision and Certainty: TRITON-D10 Webinar Training for Advanced Vehicle Diagnostics

The TRITON-D10 lets you dig deep into the systems of a vehicle and evaluate performance with comparative data, systematically eliminating the unnecessary to provide you with only...

APOLLO-D9: Trustworthy Diagnostics for Precision Repairs

The APOLLO-D9 provides the diagnostic information and resources you need to get the job done. No more hunting through forums or endlessly searching to find the right answers. ...

Voice Your Opinion!

To join the conversation, and become an exclusive member of Vehicle Service Pros, create an account today!