New Research: Auto Care Industry Expected to Grow 8.1% in 2023, Reach $574 Billion in 2026

Newly released 2024 Auto Care Factbook report shows automotive aftermarket industry with 9.7% growth rate in 2022, exceeding projections and demonstrating continued stable growth year over year.

BETHESDA, Md., June 15, 2023 /PRNewswire/ -- The Auto Care Association today released its award-winning and industry-leading online publications, the 2024 Auto Care Factbook and the 2024 Auto Care Factbook & Lang Annual. The annual reports are the go-to source for automotive aftermarket industry data and include critical insight for aftermarket businesses to make informed, data-based decisions for the future. This 33rd edition of the Auto Care Factbook report provides more new data than ever, including insight on how the auto care industry continues to thrive amidst disruption, the latest consumer and industry trends, expanded international market performance and more.

The auto care industry exceeded expectations in 2022. Even in the face of looming recession concerns and supply chain challenges, the automotive aftermarket grew by 9.7% in 2022 – surpassing the previous year's projections of 8.8%. Substantial growth is expected in 2023 (8.1%), followed by steady and sustainable growth from 2024-2026 (3.5%-4.0%). The automotive aftermarket is now expected to be a $573.8 billion industry by 2026.

In this 180-page Auto Care Factbook report, readers will find:

• NEW overview of China's electric vehicle market;
• UPDATED adoption rates for alternative powertrain vehicles;
• UPDATED collision industry metrics – average collision repair costs and related stats, as well as average costs for the top 50 components in selected categories;
• NEW tool and equipment purchasing trends based on recent surveys of shops owners;
• NEW Driving behavior event frequency, including rapid acceleration and hard braking events;
• NEW retail tire sales trends;
• NEW consumer satisfaction with aftermarket service;
• UPDATED DIY and DIFM consumer personas and associated marketplace behavior;
• NEW medium and heavy duty vehicle parts branding data;
• UPDATED classification of vehicle age groups in our registration data to reflect the aging VIO (now 12.5 years); and
• NEW and expanded global auto care industry data, including highlights of the Peruvian aftermarket, VIO, top-selling vehicle and EV adoption stats, as well as updates of the Mexican, Bolivian and Chilean automotive aftermarkets.

The 2024 Auto Care Factbook also provides Auto Care Association members access to more than 70 of the latest market categories included in the report through the association's Auto Care TrendLens™ interactive data platform. Using the TrendLens™ platform, members can isolate specific data points, and filter and overlay with other data sets to gain a more comprehensive view of the industry.

"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 Factbook report underscores this reality with the latest market figures surpassing expectations yet again. There is no better snapshot of the automotive aftermarket industry available than this report, which equips industry professionals with the concrete data they need to plan for their unique business goals."

The 2024 Auto Care Factbook & Lang Annual includes the Auto Care Factbook plus the Lang Annual, which provides a supplemental, comprehensive overview of the U.S. light vehicle aftermarket and presents information and analysis available from no other source.

All Auto Care Association contacts at member companies receive a complimentary digital copy of the 2024 Auto Care Factbook report as a member benefit. The non-member price for the publication is $2,750. The Auto Care Factbook & Lang Annual report can be purchased for $995 for members and $3,745 for non-members.

To order any of these digital publications, please visit digital.autocare.org/2024factbook or contact the Member Services department at [email protected] or 301-654-6664.

SOURCE Auto Care Association