BETHESDA, Md.—Revenue generated by the U.S. automotive aftermarket is expected to grow 8.1 percent in 2023 after expanding nearly 10 percent in 2022, according to the Auto Care Association and MEMA Aftermarket Suppliers.
The trade groups, in their 2023 Joint Channel Forecast Model, said the automotive aftermarket outperformed expectations last year, posting growth of 9.7 percent over 2021 and beating earlier forecasts of 8.5-percent growth.
Despite high inflation that continues into 2023, the trade groups are forecasting 8.1-percent growth this year before the sector settles to "more modest—but still substantial—growth rates" that they contend will make the industry an attractive destination for investors.
The trade groups' annual report—produced with input from S&P Global—provides an in-depth industry outlook with timely, reliable market projections, channel performance analysis and emerging trends, they said.
This year's report finds that despite the recent increase in economic strain for many Americans due to rising costs, the industry continues to show its reliability and ability to adapt across the service and retail sectors, continually adjusting to meet demand in an ever-dynamic market.