BETHESDA, Md. — The U.S. automotive aftermarket will grow at a compound annual growth rate (CAGR) of 3.6 percent through 2020, according to the 2017 Joint Channel Forecast Model produced by the Automotive Aftermarket Suppliers Association (AASA) and the Auto Care Association (ACA).
The value of aftermarket sales will grow to $314.1 billion by 2020 from $277.1 billion in 2016, according to the forecast model.
"The forecast model demonstrates that despite strong new vehicle sales, moderating gas prices and improved miles driven are conditions conducive to continued steady growth," said ACA President and CEO Bill Hanvey.
"The pattern of continued growth in the aftermarket bears out the optimism among our supplier members and their customers," said ASA President and COO Bill Long, "all companies are anticipating growth in 2017 and beyond.
"We are a large, steady and stable industry, but advanced technologies are challenging traditonal assumptions and knowns regarding the aftermarket. Industry analysis such as the 'Joint Channel Forecast Model" assist suppliers and channel partners in preparing for the transformation occuring in mobilty."
Economic and market information firm IHS Markit conducted the market sizing and forecast analysis on behalf of the AASA and the ACA, according to an ACA news release.
The Joint Channel Forecast Model is available at the AASA website, www.aftermarketsuppliers.org.
It also can be found in the ACA's 2018 Digital Auto Care Factbook, which is available at www.autocare.org/factbook18.