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.