AASA Sees Aftermarket Growing
(Akron/Tire Review) A new report by the Automotive Aftermarket Suppliers Association (AASA) says that the US light vehicle automotive aftermarket industry is expected to grow over the next several years, with the largest increase predicted for 2007.
A detailed analysis of the size of the aftermarket is included in the 2007-2008 AASA Automotive Aftermarket Status Report.
According to AASA, the value of the light vehicle aftermarket (parts and labour) will break the $200 billon mark within the next few years. The light vehicle aftermarket reached $185.2 billion in 2006, a 2.9 per cent increase over 2005. AASA estimates the light vehicle aftermarket will finish 2007 at nearly $193 billion, an increase of 4.0 per cent.
The study also shows that vehicles more than 10 years old continued to comprise the largest share of dollars spent, reaching approximately $80.8 billion in 2006. This category, along with the six- to 10-year old vehicle group, is expected to continue to expand at a stable pace, while new to five-year-old vehicles are projected to reach a peak in 2007 before declining to just short of $45 billion in 2010.
AASA’s estimates for the light vehicle aftermarket exclude warranty work, collision and accessories, but include fleet maintenance and repair.