Automotive aftermarket will grow with higher prices

The North American automotive aftermarket will enjoy increased revenue growth over the next several years as higher parts pricing offsets lower miles driven, according to industry analysts.

The North American automotive aftermarket will enjoy increased revenue growth over the next several years as higher parts pricing offsets lower miles driven, according to industry analysts. While sales are expected to dip in 2017, the aftermarket is forecast to grow at a rate of 3.4 percent per year for the next three or four years. Increased costs of technology (are) driving a lot of that growth. It's not simply from more and more repairs," Mark Seng, IHS Markit's global aftermarket practice leader, automotive, said during a presentation at the recent Automotive Aftermarket Products Expo (AAPEX) in Las Vegas. Many vehicle parts, he said, are becoming premium items with higher price.

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