* US Data from – 2023, Autocare, ‘Auto Care Factbook’, Autocare Association, 33rd Edition, pg 13-24.*
Have you seen the latest trends and statistics around the automotive aftermarket industry in 2023?
- Auto parts and accessories store sales grew from $36 billion in 2018 to $47 billion in 2022.
- 55% growth over a projected 10-year period (2017-2026) in the automotive aftermarket industry.
- 9.7% growth in e-commerce sales in 2022.
- 58% of automotive aftermarket industry sales are via e-commerce.
Following the pandemic, the automotive aftermarket has grown at unprecedented rates, proving the industry’s resilience to the changing economic environment. So, how is the automotive aftermarket industry projected in 2023 post-pandemic and in a period of high inflation?
We are well aware that the high inflation rates around the world could affect the industry. In order to make data-driven decisions for your business, it is important to understand the latest trends and statistics in the automotive aftermarket industry.
However, recent increased reliance on personal vehicles has fuelled the demand for automotive aftermarket parts and accessories. Auto parts and accessories stores have witnessed a significant increase, with sales figures growing from $36 billion in 2018 to $47 billion in 2022*. As the demand for automotive aftermarket parts and services continues to rise, the industry is experiencing substantial expansion, presenting many opportunities for businesses operating within this sector.
Over the last decade, Autocare in the US market has released statistics on the growing industry. While the Australian market might lag behind the US market, we certainly do follow and see similar trends. With insight into the latest statistics and trends shaping the automotive aftermarket industry, we can witness these growth patterns.
The automotive aftermarket industry has experienced remarkable growth, outperforming expectations and surpassing previous projections. From 2017 to 2026, the industry’s value is projected to increase from $369.8 billion to $578.8 billion*, demonstrating a remarkable 55% growth over a ten-year period. This upward trajectory has also translated into employment opportunities, with a 7.3% growth in employment* in the sector showcasing its significance as a major contributor to the economy.
How important is e-commerce in the automotive aftermarket?
In the coming years, the automotive aftermarket industry displays a promising growth trajectory in e-commerce. In 2022 alone, the industry experienced a remarkable 9.7% growth* in e-commerce sales, defying expectations and solidifying its position as a resilient and thriving sector post-pandemic. Looking ahead, experts anticipate a further 8.1% growth in 2023*, signalling a positive outlook and continued expansion in the years to come.
E-commerce purchase of DIY parts continues to grow with the trend following the pandemic. Now with 58% of sales via e-commerce*, consumers have braced for this way of purchasing, using it as a way of learning and using the products. This way of purchasing parts has been quoted as the future of the automotive aftermarket, with consumers driving the rise in sales from online platforms. The trend has displayed growth in consumer confidence, leaving the industry still growing during the tough economic conditions.
In this booming automotive e-commerce market, it is important to be on top of your data. Now create the best opportunity for your business to stay on top of this growing market. Contact the PARts team to see how you can better manage your data and reduce your data friction to increase sales.