The Autocare Association estimates that the US automotive aftermarket will be worth $273.4 billion in 2017 – an increase of almost $35 billion in just four years. This puts the aftermarket between 1.5 and 2% of the US Gross Domestic Product. It is estimated that over 4.2 million people work in the industry and growth is expected. These numbers equal OPPORTUNITY! Business owners, entrepreneur, enthusiast, and the younger generation looking for the career path in the industry they love should be excited to see these numbers. With continued growth and priority placed on accessories, opportunities are abound and it is time to take advantage of the market!
The increase in complexity of vehicles often requires specialized training. Repair shops can gain an edge by specializing and staying current. However this specialization is leading to a shortage of trained techs in the market. Electric and hybrid cars are bringing new opportunities to market– service, parts, and fuel businesses will need to expand to support these trends.
New cars are getting more reliable. Improvements in technology and materials are increasing useful life and requiring fewer services. Some automobile manufacturers are even recommending longer intervals between standard maintenance services such as oil changes or tire rotations.
On the flip side, this opens up accessory center locations to the entire after market scene. Bolt-on, spray-on, mount-on, accessories have skyrocketed. The number 1 accessory is automotive window film, and it continues to grow at an rapid pace as more people are becoming aware of not only the appearance upgrades, but also the protection it offer to the car and driver.
There are a lot of cars on the road, and keeping them running, keeping them clean and making them your own is big business. This breadth of opportunity and such strong market trends make 2017 an exciting time to get involved!