Automotive Aftermarket Industry Analysis 2023
Wednesday, August 16, 2023
Automotive Aftermarket Industry Analysis 2023
The Automotive Aftermarket Industry Analysis 2023 provides an annual snapshot of the industry and is compiled using data from the 2023 Joint Channel Forecast and market research and reports available from the AAPEX co-owner associations: The Auto Care Association and MEMA Aftermarket Suppliers.
Global Statistics2
- More than $1.8 TRILLION global automotive aftermarket industry
- Approximately 1.5 BILLION vehicles on the road
U.S. Statistics2
- Projected for 2024, $534 BILLION U.S. automotive aftermarket industry (light, medium and heavy duty aftermarket)
- The light vehicle aftermarket built on 2021’s strong rebound with an additional 9.7% gain in 2022 and will continue with a gain this year of 8.1%. After 2023, continued consumer demand and economic conditions will provide gains in the 3%–4% range through 2026.
- 2.5% of the U.S. GDP generated by motor vehicle parts manufacturers
- Vehicle parts suppliers manufacture 77% of the value in today’s cars
- The value of aftermarket parts sold in the U.S. in 2022 was $204 BILLION and is forecast to reach just under $214 BILLION in 2023.
- By 2030, 95% of new vehicles sold globally will be connected and are estimated to deliver revenue up to $400 BILLION.
- Represents 3.2% of total U.S. employment
- Motor vehicle parts suppliers are the largest sector of manufacturing jobs in the U.S.: 907,164.
- DIRECT JOBS and total industry employment impact of 4.7 MILLION jobs.
- Average wages and benefits for a direct vehicle supplier manufacturer = $80,000
- 915,000+ technicians
- Average age of vehicles = 12.5 YEARS and expected to increase in number and in value as households choose to invest in the vehicles they own instead of buying new.
- 42% of vehicles in the aftermarket are 12+ years old. The 8-to-11-year-old segment of vehicles in operation (VIO) has the fastest growth rate over the past five years.
- The aftermarket repair share holds strong at 71% as the most economical and convenient solution for drivers to keep their vehicles on the road safer, longer.
- 238 MILLION licensed drivers
- DIFM (do it for me) professional sales accounts for 77.5% of total auto care sales while the DIY (do it yourself) segment sales account for 22.5% of the total industry.
- 252,000+ retail channel outlets
- Online sales of automotive parts and accessories are forecast to grow by 50% between 2020 and 2025 to $47 billion, representing a 5 year CAGR of 8.6%
Sources: 12023 Joint Channel Forecast. 2MEMA Aftermarket Size & Forecast Report (2023) and Auto Care Association 2024 Factbook. Full report available at https://www.autocare.org/factbook and https://www.mema.org/research-and-insights?market-segment=19. 2022 Joint E-Commerce Trends and Outlook Forecast. Full report available at autocare.org/ecommerce and https://www.mema.org/research-and-insights?market-segment=19. MEMA: The Economic Impact of the Motor Vehicle Parts Manufacturing Industry on the United States (February 2021), more information at www.mema.org. MEMA Aftermarket Suppliers and Auto Care Association 2023 Joint Channel Forecast Model conducted by S&P Global, more information at www.mema.org and www.autocare.org.
AAPEX: Uniting the Global Automotive Aftermarket Industry
AAPEX unites the more than $1.8 trillion global automotive aftermarket industry and brings together the full supplier, customer and service value chain under one roof. The event provides opportunities to gain insights on industry trends and emerging technologies, see the newest products and innovations, get hands-on training, learn from experts and grow your network.
Aug. 16, 2023