Growth ‘steady’ for US auto aftermarket
The US automotive aftermarket is expected to grow at a compound annual growth rate (CAGR) of 3.6% through to 2020, according to forecasts from the Automotive Aftermarket Suppliers Association (AASA) and the Auto Care Association. The organisation also predicts that total aftermarket sales will grow from $277.1 billion in 2016 to $316.4 billion in 2020 – up nearly $39.3 billion. Despite strong new vehicle sales, moderating gas prices and improved miles driven, conditions are conducive to continued steady growth, said Bill Hanvey, Auto Care Association president and CEO. “The average age of light vehicles, now up to 11.7 years, is the oldest ever,” he explained. “And the age mix of vehicles continues to favour older vehicles with 48.5% of total light vehicles in the 11-year and older category - therefore creating a robust opportunity for service and repair.”
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