New Research: Auto Care Industry Resilient Despite Pandemic, Expected to Reach $448 billion in 2023
By Camille Sheehan
Auto Care Association releases annual flagship publications 2021 Auto Care Factbook and 2021 Auto Care Factbook & Lang Annual, providing comprehensive research, analysis and trends for the automotive aftermarket with new COVID-19 data
BETHESDA, Md. – June 16, 2020 – The Auto Care Association today released its award-winning and industry-leading online publications, the 2021 Auto Care Factbook and the 2021 Auto Care Factbook & Lang Annual. The new editions of these annual reports come at an unprecedented time as the auto care industry is just beginning to recover from the global economic effects of COVID-19. This edition, more than any other in its 30-year history, serves as a vital resource that provides the latest and most critical data and insights that aftermarket businesses need right now to make informed, data-driven decisions for their bottom lines and their future.
The 2021 Auto Care Factbook includes industry analysis in light of the pandemic and stay-at-home orders that have impacted driving behavior and, consequently, vehicle maintenance, repair and purchases. Despite the downward forecast for the industry’s performance in 2020, the industry continues to be a pillar of the U.S. economy, projected at $380 billion for the year and expected to rebound in 2021, reaching $448.9 billion in 2023.
New this year, Auto Care Association members accessing the Factbook will be able to access up-to-date data in the new TrendLens™ interactive data platform. There, members can drill down on data points, and filter and overlay with other data sets to get the full picture of the industry.
In the 30th edition of the Auto Care Factbook, readers will find:
- Updated “Key Economic Indicators 2015–2019” and COVID-19 outlook by Northwood University (p. 6-7);
- Impact and Sentiment of COVID-19 on the U.S. Aftermarket (p. 10-11);
- An extended Industry Forecast through 2023, including COVID-19 impact, by IHS Markit (p. 14-15);
- An updated “Global Automotive Aftermarket Review” by Jefferies, factoring in the COVID-19 impact on the industry (p. 24-41);
- Delayed Maintenance, Market Potential and Time to Market by IMR Inc. (p. 50-51);
- Insights on the Automotive Aftermarket in India (p. 100-101);
- And more. View the full table of contents here.
“Over the course of our more than 100 years as an association, the Auto Care Association has been providing products and services to the industry to help our members succeed,” said Bill Hanvey, president and CEO, Auto Care Association. “In times of uncertainty, having the appropriate data is critical to finding clarity and making informed decisions. This year’s edition of the Factbook provides key data on COVID-19 impacts and implications that our industry needs to confidently navigate the road to recovery.”
DIY and e-commerce are growing during the pandemic, further indicating an accelerated shift to digital in the auto care industry and its ability to adapt to consumer demands. Early indicators show that that the average age of vehicles on U.S. roads will continue to rise as consumers hold on to their aging vehicles during economic uncertainty. Miles driven, while disrupted due to stay-at-home orders, started seeing the first signs of recovery in mid-April.
The 2021 Auto Care Factbook & Lang Annual includes the Auto Care Factbook plus the Lang Annual, which provides a supplemental, comprehensive overview of the U.S. light vehicle aftermarket and presents information and analysis available from no other source.
All Auto Care Association contacts at member companies receive a complimentary digital copy of the 2021 Auto Care Factbook report as a member benefit. The non-member price for the publication is $1,950. The Auto Care Factbook & Lang Annual report can be purchased for $995 for members and $2,995 for non-members.