Automotive aftermarket in 2021: Auto parts industry doing well
Automotive aftermarket in 2021: Auto parts industry doing well
Personal consumption of auto parts hit an all-time record in June 2020, reaching an adjusted $50.509 billion. July (revised) was $49.884 billion and August improved to $50.303 billion. Personal consumption of aftermarket tires also hit a record in June, at $35.504 billion. July was very close at $35.462 billion. Both metrics were down in April to 2012 levels.
The North American online auto parts industry market size will be about US$26 billion in 2021. It will be up 30% or more from 2020.
The light-duty automotive aftermarket industry size is $290 billion in 2021. The entire automotive aftermarket/auto care industry including medium and heavy-duty will be about $388 billion in 2021.
Historically the auto parts industry has grown about 3.5% to 3.9% per year. We project eCommerce to grow at a higher than forecasted rate due to the coronavirus shutdown.
The power of digital influence on the automotive aftermarket industry is a major trend to watch. About $140 billion in automotive through all sales channels, including online and brick and mortar, are influenced by digital. Digital influence on auto parts retail will grow to over $168 billion by 2023.
Automotive online shopping is growing, automotive technology is changing with more hybrids and electric vehicles, mobile shopping is on the rise, self-driving cars are supposedly on the horizon, and Amazon and eBay are going strong.
