BETHESDA, Md. — The value of goods and services sold in the auto care industry in the U.S. is expected to grow roughly 6% a year through 2024 to nearly $478 billion, according the Auto Care Association (ACA).
The growth projection takes into account the depressed market in 2020 — which at a drop of roughly 5% meant the sector fared "better than forecasted" — and is poised for growth based on a number of factors, including:
- new opportunities such as e-commerce growth;
- increased delays in vehicle maintenance;
- the rising average age of vehicles in operation; and
- a return to vehicle miles driven nearing pre-pandemic levels.
The ACA's projections and other industry facts and figures are included in the trade group's 2022 Auto Care Factbook, which is now available free to ACA members and for $2,450 for non-members.
"The COVID-19 pandemic is not the first time the auto care industry has proved its resiliency during economic hardship," ACA President and CEO Bill Hanvey said.
"Our industry growth continues to exceed expectations — despite recent challenges — and we're confident that the new opportunities emerging from the past year will strengthen our future. This year's Factbook equips readers with the latest data and in-depth industry analysis needed to navigate their business decisions with confidence and clarity."
The 142-page Auto Care Factbook includes:
- A new e-commerce section including trends and sizing of this important aspect of the aftermarket including penetration and product category performance standouts;
- Expanded data and insights on hybrid, electric, and fuel cell vehicles including adoption rates, replacement rates for selected parts, registrations and state incentive data;
- Expanded medium- and heavy-duty vehicle data including vehicle counts, proportions, registrations and demand by distribution channel and growing component subgroups);
- Expanded replacement rate data, from 94 to 184 parts and jobs (pg. 56);
- An expanded international section, including highlights of the Mexican, Chilean and Vietnamese aftermarkets, including VIO and other pertinent stats; and
- Guidelines on how to use the ACA's TrendLens feature to compare data series with our trend comparison tool.
For details on how to order, visit that ACA's website.