BETHESDA, Md. (July 10, 2003) — The size of the U.S. motor vehicle aftermarket grew by 3.7 percent in 2002 to $237.1 billion, the Automotive Aftermarket Industry Association (AAIA) reported.
The AAIA's just-published 2003/2004 Aftermarket Factbook also noted that vehicle service repair—accounting for two-thirds of total automotive aftermarket sales—rose 4.9 percent last year to $126.5 billion, while do-it-yourself sales were up 4.4 percent.
Alfred L. Gaspar, president and CEO of Bethesda-based AAIA, said that “despite declining consumer confidence, economic uncertainty and high unemployment in 2002, the automotive aftermarket outpaced the overall U.S. economy, which experienced a 2.4-percent increase in the gross domestic product.”
Meanwhile, U.S. motor vehicle parts and accessories exports increased by 0.5 percent to $48.1 billion, while medium and heavy-duty aftermarket product sales increased by 1 percent to $61.5 billion, the association said.
The number of aftermarket industry mergers and acquisitions remained relatively unchanged from the previous year, the AAIA also reported.