Together, the Automotive Aftermarket Suppliers Association (AASA) and the Auto Care Association (ACA), commissioned the 2022 Joint E-Commerce Trends and Outlook Forecast and the 2022 Joint EV Trends and Outlook Forecast to provide the auto care industry with the insights needed to navigate the rapidly evolving industry. Released at AAPEX Show 2022, the reports are a part of industry collaboration designed to inform and support the auto care industry as it navigates change.
In 2022, there was an estimated $37.6 billion in automotive aftermarket sales occurring online; the AASA and ACA predict that e-commerce adoption will continue to grow by more than 8% each year through 2025, accounting for a total of $47.4 billion in online sales. The 2022 Joint E-Commerce Trends and Outlook Forecast also contains an analysis detailing consumer trends driving e-commerce growth; how to reach the online aftermarket consumer; a lens into the medium- and heavy-duty space; and more.
“The growth that we’ve seen in 2022 in e-commerce sales has been staggering,” said Bill Hanvey, president and CEO of Auto Care Association. “If you’re an investor, that’s attractive performance, even in a high-inflation period. This report highlights the continued growth and transformation of our industry and serves as a guidepost for our members as they plan for the future. Thank you to our industry partners at AASA for your collaboration on this valuable resource.”
The 2022 Joint EV Trends and Outlook Forecast shows that the battery electric vehicles (BEVs) share of vehicles in operation (VIO) is growing faster than expected and the purchase price of BEVs is expected to reach parity with internal combustion engine (ICE) vehicles as soon as 2024. By 2030, as battery prices continue to drop, the total cost of ownership (TCO) for BEVs is expected to be more consumer-friendly relative to ICE vehicles and among parts sales in the aftermarket. There is continued evidence supporting the forecast that electrification and ADAS components will be the largest drivers of incremental parts sales growth by 2030.
“Our new projections show EVs reaching approximately 30% of new car sales in the U.S. by 2030 – a number that is expected to increase rapidly thereafter,” said Paul McCarthy, president and CEO of AASA. “Electrified components will become a new source of growth, the largest driver of incremental parts sales growth from 2030. It’s essential for suppliers to understand the opportunities that will come with our electrified future, and we think the entrepreneurial aftermarket is responding. We are again thankful to have the opportunity to partner with the Auto Care Association to provide this information to the industry.”