Automotive Aftermarket Industry
Parts, Service and Accessories
What is the Automotive Aftermarket Industry?
The motor vehicle aftermarket industry is one of the largest U.S. employers and contributes 2.5% of the Gross Domestic Product (GDP). The aftermarket industry encompasses all products and services purchased for light- and heavy-duty vehicles after the original sale, including replacement parts, accessories, lubricants, appearance products, service repairs, as well as the tools and equipment necessary to make the repair.
Automotive Aftermarket Industry has massive potential growth:
• $285.5 billion in annual sales (2.5% of GDP)
• $55 billion in annual unperformed vehicle maintenance
• The automotive aftermarket grew by 4.9% in 2007
This industry represents a significant share of the U.S. economy, comprising:
• 3.0% of the workforce (4.5 million jobs)
CRITICAL ISSUE: Increasing Role of Women in the Aftermarket Industry
The aftermarket industry is changing the way it markets its goods and services to recognize the increasing role of women in automotive-related purchases:
• 89% of women are involved in the decision-making process for the maintenance of their vehicles
• 61% of Do-it-for-Me’s are women
• 68% of women always take their vehicle in for service themselves
• 43% of DIYers are female
CRITICAL ISSUE: Preserving Consumer Choice; Right to Repair Act
The Motor Vehicle Owners’ Right to Repair Act (H.R. 2694), currently before the U.S. Congress, will guarantee Americans access to the necessary information to properly diagnose and repair their vehicles. Such action will promote vehicle safety and competition, and therefore affordable repairs for all car owners. Without this law, the trend of manufacturers forcing car owners to return to dealerships for service will continue, resulting in less competition and choice for consumers and increased costs.