Automotive Aftermarket Strong Growth.

Industry Expansion Reflects Increased Consumer Demand and Technological Advancements

Automotive Aftermarket Strong Growth. The Auto Care Association, in collaboration with MEMA Aftermarket Suppliers, has announced the release of the 2024 Joint Forecast Models prepared by S&P Global.

Resilient Growth in 2023

Despite facing challenges such as persistent inflation, the automotive aftermarket has shown remarkable resilience. Total aftermarket sales grew 8.6% in 2023, reaching $391 billion. This growth was notably driven by dealerships’ service centers, auto parts stores, and general auto repair sectors, all of which exceeded initial growth estimates.

Promising Projections for 2024

The Joint Forecast Model projects continued robust growth for the U.S. automotive aftermarket, with sales expected to increase by 5.9% in 2024. Dealerships can anticipate a thriving year ahead as consumer demand remains strong and the industry adapts to evolving market conditions.

Long-Term Growth Outlook (2025-2027)

Looking further ahead, average growth rates of 4.5% are forecasted from 2025 to 2027 as the impact of inflation diminishes. By 2027, the aftermarket is expected to expand to $472 billion, indicating a strong and thriving future for dealerships and the broader industry.

Automotive Aftermarket Strong Growth. The continued growth and resilience of the auto aftermarket present significant opportunities for dealerships. By staying informed about market trends and adapting to new challenges, dealerships can position themselves for success in the ever-evolving automotive landscape.