May 16, 2013 Leave a comment
I’m even more bullish on our industry this week than before. Why?
We just released a report, called the Channel Forecast Model, which predicts 3.4 percent annual growth through 2016 for the automotive aftermarket industry, likely to continue outpacing growth of the overall economy.
The forecast demonstrates that despite facing strong new vehicle sales, historic high gas prices and a flattening of miles driven, our industry is poised for steady growth. Among the positive market drivers is the oldest-ever average vehicle age of 11.3 years, and the overall age mix of vehicles, which continues to favor older vehicles.
Our association partnered with the Automotive Aftermarket Suppliers Association to produce the model to create a single and unified view of industry size, growth rate and outlook. The complete Channel Forecast Model will be included in the 2014 Digital AAIA Aftermarket Factbook, to be released next week.