The U.S. automotive aftermarket is expected to grow on a compound annual growth rate (CAGR) of 3.4 percent until 2017, according to the 2014 Joint Channel Forecast Model produced by the Automotive Aftermarket Suppliers Association (AASA) and the Auto Care Association.
The model predicts that the total aftermarket sales will grow from $238.4 billion in 2013 to $273.4 billion in 2017, an increase of $35 billion over four years.
“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, Auto Care Association president and CEO. “Why? The average age of vehicles is 11.4 years, the oldest ever, and the age mix of vehicles continues to favor older vehicles, creating a robust sweet spot for service and repair.”
Said Bill Long, AASA president and COO, “The forecast model anticipates that growth in population, employment, and income will lead to an increase in miles driven and the number of vehicles on the road resulting in long-term aftermarket growth.”