BETHESDA, Md. (May 16, 2013) — The U.S. automotive aftermarket industry should grow 3.4 percent annually through 2016 to $263.8 billion, adding $32.6 billion to the economy, according to a report produced jointly by the Automotive Aftermarket Industry Association (AAIA) and the Automotive Aftermarket Suppliers Association (AASA).
AAIA and AASA collaborated on the Channel Forecast Model to create a single industry view of the size, growth rate and outlook for the motor vehicle aftermarket, according to a press release from the two trade groups.
IHS Global Insight, a global economic and financial analysis company, conducted the market sizing and forecast for the associations, they said. IHS compiled the data in the report from figures from the U.S. Department of Commerce, the Federal Reserve Board and the U.S. Census Bureau, as well as its own proprietary information.
"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. "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."