Automotive Aftermarket Grew 9.7% in 2022

Automotive Aftermarket Grew 9.7% in 2022

The industry is expected to grow an additional 8.1% in 2023.

The Auto Care Association and MEMA Aftermarket Suppliers, in partnership with S&P Global, have released the 2023 Joint Channel Forecast Model report, providing insights and guidance for the automotive aftermarket industry. The annual report gave an in-depth industry outlook with the latest market projections, channel performance analysis and emerging trends. This year’s report finds that despite the recent increase in economic strain for many Americans due to rising costs, the industry continues to show its reliability and ability to adapt across the service and retail sectors, continually adjusting to meet demand in an ever-dynamic market.

The 2023 Joint Channel Forecast Model finds that the automotive aftermarket grew 9.7% in 2022, outperforming expectations (previously forecast at 8.5%). With high inflation persisting, the industry is expected to grow an additional 8.1% in 2023 before settling to more modest – but still substantial – growth rates that will continue to make the industry an attractive one for investors.

“Consistency, reliability and adaptability—that’s what the motoring public have come to expect from the auto care industry over the years, but especially in more recent times with many Americans facing the very real rise in their cost of living,” said Bill Hanvey, president and CEO, Auto Care Association. “The latest Joint Channel Forecast Model demonstrates this reality with the latest market figures surpassing expectations yet again.”

The full Joint Channel Forecast Model is intended to help provide further details about the factors influencing the growth of the auto care industry to help businesses make informed decisions, identify growth opportunities and optimize their market strategies.

You May Also Like

Tire Discounters partners with the Atlanta Braves for home run promotion

For every home run hit by the Braves this year in a game, Tire Discounters will give fans discounts on Goodyear/Cooper tires.

Tire Discounters will partner with the Atlanta Braves as the official tire retailer partner for the Major League Baseball (MLB) team.

“The new partnership will be a home run for Braves fans,” Jamie Ward, president of Tire Discounters said. “When the Braves hit home runs, fans will save on new tires plus a free alignment and a free oil change with our Tire Discounters Round Tripper Promotion.”

Michelin sponsors WWII vets’ return to Normandy for D-Day 80th anniversary

WWII vets will participate in several parades, ceremonies and celebrations during their 10-day tour of the Normandy region.

Michelin-DAL_NORMANDY
McCarthy Tire Service partners with Truckers Against Trafficking

McCarthy Tire Service has launched a company policy aimed at identifying and reporting potential human trafficking situations.

McCarthy-tire-TAT
TIA’s EV Advisory Council tours Midtronics HQ

The agenda included a council meeting, a facility tour and a demonstration led by the Midtronics EV platform team.

TIA-Midtronics-tour

Other Posts

Anyline to host the T.I.R.E. Summit

The event will include panel discussions on technology and innovation in the industry.

Anyline-TIRE-summit
Radar Tires signs multi-year contract with Singapore Golf Association

Omni United said this partnership with SGA is part of its commitment to nurturing upcoming talent in Singapore.

Radar-Tyres-SGA
Yokohama to supply Geolandar tires as OE on Toyota Land Cruiser SUVs

Geolandar X-CV and Geolandar A/T G31 tires are being supplied for the 250 series Land Cruiser.

Yokohama-Geolander
Apollo Tyres begins Piccadilly marketing for Vredestein Ultrac Pro tire

The animation will include periodic takeovers of the entire digital Piccadilly Circus billboard, which is the largest digital advertising display in Europe.

Vredestein_Apollo-marketing-display-1400