Research: Auto care industry ‘resilient’ despite pandemic
BETHESDA, Md., June 16, 2020 /PRNewswire/ — Despite the downward forecast for the industry’s performance in 2020, the auto care 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.
That’s according to The Auto Care Association’s 2021 Auto Care Factbook and the 2021 Auto Care Factbook & Lang Annual.
The publication 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.
“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,” said Bill Hanvey, president and CEO, Auto Care Association.
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.
About the Auto Care Association
Based in Bethesda, Md., the Auto Care Association has nearly 3,000 member companies that represent some 150,000 independent automotive businesses that manufacture, distribute and sell motor vehicle parts, accessories, tools, equipment, materials and supplies, and perform vehicle service and repair. For more information, please visit www.autocare.org.