Key trends shaping the US automotive aftermarket
A growing and aging car parc combined with increased vehicle miles driven have boosted the US automotive aftermarket’s performance, even cushioning the COVID-19 impact. We look at the key indicators that will shape the segment’s future.
The US automotive aftermarket (consisting of light vehicles) has shown resilience and agility in the face of the downturn in demand and vehicles miles traveled (VMT) caused by the COVID-19 pandemic since 2020. In 2020, the automotive aftermarket decreased by 5.3% to USD286.2 billion, a stronger performance than originally predicted (down 8.8%). In 2021, it is estimated to have rebounded by a robust 14.8% to USD328.5 billion, considerably higher than previously forecast (11.2%), according to the channel forecast provided annually by IHS Markit to the US aftermarket industry through a collaboration between Auto Care Association and Automotive Aftermarket Supplier’s Association (AASA).