Enduring Economic Challenges Will Result in Modest Retail Auto Aftermarket Sales Gains in 2024, Reports Circana
2024年7月10日 - 8:30PM
CHICAGO, July 10, 2024 – U.S. automotive aftermarket retail sales
revenue grew 2% in the first five months of 2024 with no change in
unit demand. However, erratic weather patterns contributed to a
strong January 2024, making it difficult to use year-to-date
performance as an indicator of the year ahead. Industry performance
is forecast to slow over the remainder of the year, resulting in
generally flat sales compared to 2023, according to the latest
Future of Auto report from Circana™, a leading advisor on the
complexity of consumer behavior.
“Fundamental consumer behavior shifts took root at the macro
level in 2020 and 2021 and they are still benefitting the retail
automotive aftermarket,” said Nathan Shipley, automotive industry
analyst for Circana. “While the aftermarket continues to be one of
the strongest performing industries tracked by Circana, demand is
softening a bit as macroeconomic factors impact consumers across
the board. Food prices are one example, now more than 30%
higher than they were in 2019. These kinds of dynamics are
impacting spending and maintenance behavior among vehicle owners,
particularly the lower income consumers that are more likely to
drive older cars and conduct their own maintenance.”
Minimal growth in average selling prices (ASP) is projected for
the automotive aftermarket this year, estimated at just 0.4%,
driven by both deepening promotional activity and consumer
trade-down at the shelf. Coupled with flat unit demand, the overall
sales revenue of the industry will be impacted.
The largest source of volume growth in the year ahead is
projected to be in chemicals, additives and fluids, which will
generate a 2% increase in dollar gains, representing an additional
$143M in revenue for the automotive industry in 2024.
Discretionary categories, including products meant to
accessorize or clean the vehicle, will be some of the worst
performing this year.
“The direction of work-from-home trends and new car sales are
the two largest factors for the auto aftermarket to watch over the
next year,” Shipley said. “The potential for shifts in these
trends, combined with softening prices across retail, will make it
critical for aftermarket manufacturers and retailers to emphasize
their value with consumers as competition for heats up for their
still financially challenged budgets.”
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complexity of consumer behavior. Through superior technology,
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provide clarity that helps almost 7,000 of the world’s leading
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Janine Marshall
Circana
+1 516-625-2356
janine.marshall@circana.com