In a new forecast report, the Automotive Aftermarket Industry Association (AAIA) said all sectors of the car and truck aftermarket industry – parts, repair service, and lubricants – will continue to grow in 2001, albeit at a slower pace than last year.
In 2001, the AAIA expects total aftermarket sales to grow 3.1% to $173.2 billion, compared to 5.6% growth last year. Total aftermarket sales reached $168 billion last year, with the service repair market making up 75% of that total – some $111.4 billion in sales.
In 2001, the service repair market is expected to grow by 3.5% to $115.3 billion. Tire sales will grow 1.5% to $20.6 billion, with parts and accessories growing at 2.3% to $30.9 billion. Chemical and lubricant aftermarket sales, however, are expected to outperform the other industry segments, climbing 4.9% to $6.3 billion in 2001.