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Auto Care Association: Industry May Reach $448B in 2023

The Auto Care Association has released the 2021 Auto Care Factbook and the 2021 Auto Care Factbook & Lang Annual.

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The new editions of these annual reports come as the auto care industry is just beginning to recover from the global economic effects of COVID-19.

Despite the downward forecast for the industry’s performance in 2020, the 2021 Auto Care Factbook indicates the industry continues to be a pillar of the U.S. economy, projected at $380 billion for the year and expected to rebound in 2021, reaching $448.9 billion in 2023.

New this year, Auto Care Association members accessing the Factbook will be able to access up-to-date data in the new TrendLens interactive data platform. There, members can drill down on data points, and filter and overlay with other data sets to get the full picture of the industry, the Auto Care Association says.

DIY and e-commerce are growing during the pandemic, further indicating an accelerated shift to digital in the auto care industry and its ability to adapt to consumer demands, the association says. Early indicators show that the average age of vehicles on U.S. roads will continue to rise as consumers hold on to their aging vehicles during economic uncertainty. Miles driven, while disrupted due to stay-at-home orders, started seeing the first signs of recovery in mid-April.

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The Factbook is free for members and can be found by clicking here.

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