The Auto Care Association (ACA) has released its 2024 Auto Care Factbook as well as the 2024 Auto Care Factbook & Lang Annual, which reveals that the auto care industry has outperformed expectations in the past year, according to a press release.
Despite fears of a recession and problems with supply chains, in 2022 the automotive aftermarket grew by 9.7%, surpassing the predicted growth of 8.8%.
For 2023, a growth of 8.1% is expected, with growth steadily continuing from 2024 to 2026–it’s expected a 3.5%-4.0% growth rate will be seen during that time, making the automotive aftermarket a $573.8 billion industry by 2026.
Other information readers can expect to find in the new report includes insight into the electric vehicle market in China, tool and equipment purchasing trends, consumer satisfaction with aftermarket service and more.
“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,” was ACA President and CEO Bill Hanvey’s summary of the report’s findings.
