Aftermarket product sales in the U.S. are expected to increase 3.8% in 2010, according to the Automotive Aftermarket Industry Association (AAIA).
AAIA’s Channel Forecast Model attributes the increase – which includes tires – partly to “anticipated pent-up demand for vehicle maintenance and repair by consumers during 2009,” when the aftermarket industry sales dropped for the first time in more than a decade to -2.4%.
"The rebound in macroeconomic conditions in the U.S. that began in 2009 is expected to continue and accelerate in 2010 and 2011," said Kathleen Schmatz, AAIA president and CEO. "Most major economic indicators have already begun to move in a positive direction or will begin to trend that way during the year."
AAIA sees a nominal GDP growth averaging more than 4.5% annually from 2010 through 2012, and unemployment declining steadily to 7.9%t by the end of 2012.
A rebound in the housing market and consumer wealth will further encourage consumer spending, AAIA said, and miles driven are expected to increase as the unemployment rate declines.
At the same time, AAIA said, increasing energy costs will constrain disposable income growth, and light vehicle sales won’t approach pre-recession levels of near 16 million units by 2012.
