Core market trends influencing the US aftermarket

Slower new vehicle demand, elevated car prices and an aging vehicle parc present medium-term industry tailwinds for aftermarket companies, service providers and retailers in the US.

The US automotive aftermarket (consisting of light vehicles) has continued to strengthen its position on the back of its ability to meet demand in an increasingly dynamic market. The segment is forecast to grow by 8% in 2023 to $389.4 billion — exceeding 2022’s expectations of 5%, according to the channel forecast provided annually by S&P Global Mobility to the US aftermarket industry through a collaboration between Auto Care Association and Automotive Aftermarket Supplier’s Association (AASA).