BETHESDA, Md.—The value of the U.S. automotive aftermarket is expected to drop 8.8 percent in 2020 due to the impact of the COVID-19 pandemic and related factors, the Auto Care Association and Automotive Aftermarket Suppliers Association are forecasting in a joint research study.
At the same time, the associations predict that the value of light-duty aftermarket sales will rebound markedly in 2021, rising nearly 12 percent to $314 billion from $281 billion in 2020, according to their "2020 Joint Channel Forecast Model."
"The aftermarket has had a difficult first half of 2020," Bill Hanvey, ACA president and CEO, said in a statement. "As industry businesses assess the impact and look to navigate the road ahead, there are a few certainties that provide a silver lining: DIY and e-commerce are growing during the pandemic, and early indicators show that that the average age of vehicles on the road will continue to rise as consumers hold on to their aging vehicles during economic uncertainty.
"Juxtaposing the data surrounding this event with other crises and observing these indicators further reinforce this industry's tremendous ability to bounce back from downturns, and in many cases, take advantage of new opportunities presented to us through technology."