Auto Care Association, AASA Release 2022 Joint Trends Reports on EV, E-Commerce Showing Strong Growth in Both Categories
The two automotive aftermarket industry associations partnered to provide forecasts and analysis of the trends driving change in electrification and e-commerce.
BETHESDA, Md. and RESEARCH TRIANGLE PARK, N.C., Nov. 1, 2022 -- Together, the Automotive Aftermarket Suppliers Association (AASA) and the Auto Care Association, commissioned the 2022 Joint E-Commerce Trends and Outlook Forecast and the 2022 Joint EV Trends and Outlook Forecast to provide the auto care industry with the insights needed to navigate the rapidly evolving industry. Released at AAPEX, the reports are a part of industry collaboration designed to inform and support the auto care industry as it navigates change.
In 2022, there was an estimated $37.6 billion in automotive aftermarket sales occurring online; we predict that e-commerce adoption will continue to grow by more than 8% each year through 2025, accounting for a total of $47.4 billion in online sales. The 2022 Joint E-commerce Trends and Outlook Forecast also contains analysis detailing consumer trends driving e-commerce growth; how to reach the online aftermarket consumer; a lens into the medium- and heavy-duty space; and more.
"The growth that we've seen in 2022 in e-commerce sales has been staggering," said Bill Hanvey, president and CEO, Auto Care Association. "If you're an investor, that's attractive performance, even in a high-inflation period. This report highlights the continued growth and transformation of our industry and serves as a guidepost for our member as they plan for the future. Thank you to our industry partners at AASA for your collaboration on this valuable resource."
The 2022 Joint EV Trends and Outlook Forecast shows that the battery electric vehicles (BEVs) share of vehicles in operation (VIO) is growing faster than expected and the purchase price of BEVs is expected to reach parity with internal combustion engine (ICE) vehicles as soon as 2024. By 2030, as battery prices continue to drop, the total cost of ownership (TCO) for BEVs is expected to be more consumer friendly relative to ICE vehicles and among parts sales in the aftermarket. There is continued evidence supporting the forecast that electrification and ADAS components will be the largest drivers of incremental parts sales growth by 2030.
"Our new projections show EVs reaching approximately 30% of new car sales in the U.S. by 2030 – a number that is expected to increase rapidly thereafter," commented Paul McCarthy, president and CEO of AASA. "Electrified components will become a new source of growth, the largest driver of incremental parts sales growth from 2030. It's essential for suppliers to understand the opportunities that will come with our electrified future, and we think the entrepreneurial aftermarket is responding. We are again thankful to have the opportunity to partner with the Auto Care Association to provide this information to the industry."
Research and analysis in the 2022 Joint E-Commerce Trends and Outlook Forecast were contributed by Jefferies, SPS Commerce, Hedges & Company, Channel Advisor, Bolt, MacKay & Company, IMR INC. | AUTOMOTIVERESEARCH.COM, and S&P Global Mobility.
Research and analysis in the 2022 Joint EV Trends and Outlook Forecast were contributed by PwC Strategy&, IMR INC. | AUTOMOTIVERESEARCH.COM, YCP Solidiance, and S&P Global Mobility.
AASA and Auto Care Association members receive complimentary access to these reports as a membership benefit. These reports may be purchased by non-members for $1,500 each and accessed instantly on the AASA website at aftermarketsuppliers.org/resource or on the Auto Care Digital Hub at digital.autocare.org.
AASA (www.aftermarketsuppliers.org) exclusively serves manufacturers of aftermarket components, tools and equipment, and related products, an important part of the automotive parts manufacturing industry which supports 871,000 American jobs. AASA is a recognized industry change agent – promoting a collaborative industry environment, providing a forum to address issues, and serving as a valued resource for members. AASA is the light vehicle aftermarket division of the Motor & Equipment Manufacturers Association (MEMA). "AASA, Connecting Members to What Matters."
The Auto Care Association is the voice of the auto care industry, a $435 billion plus industry comprised of more than 4.5 million American workers. Providing advocacy, educational, networking, technology, market intelligence and data resources to serve the collective interests of members, the Auto Care Association serves the entire supply chain of the automotive aftermarket: businesses that manufacture, distribute and sell motor vehicle parts, accessories, tools, equipment, materials and supplies, and perform vehicle service, maintenance and repair. To learn more, visit www.autocare.org.
SOURCE Auto Care Association