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:
-
$247.8 billion in annual sales (2.5% of
GDP)
-
$60 billion in annual unperformed vehicle
maintenance
-
The automotive aftermarket grew by 4.8% in
2001
This industry represents a significant share
of the U.S. economy, comprising:
CRITICAL ISSUE: Maintained Cars = Safer
Vehicles + Cost Saving + Cleaner Air
More than 5%
of all vehicle accidents result from unperformed vehicle
maintenance. These accidents result in 2,600 deaths, 100,000
disabling injuries and a financial cost of over $2 billion every
year. The good news is that simple and inexpensive steps such as
properly inflating tires, securing gas caps and routine check-ups
can help increase the safety of vehicles, benefit the environment
and save money and protect their investment.
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:
-
83% of women are responsible for the maintenance
of their vehicles
-
65% of DO-it-for-Mes are women
-
63% of all customers taking vehicles to shops for
service and repair are women.
-
While the total number of DIYers has not changed
since 1994, the share of female DIYers has increased from 27% to
34%.
CRITICAL ISSUE: Preserving Consumer
Choice; Right to Repair Act
The Motor Vehicle
Owners Right to Repair Act, 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.