Auto Care Industry Expected to Grow
June 17, 2020—The auto care industry as a whole is expected to reach $448 billion in 2023, according to a press release.
According to the release, the industry is projected to reach $380 billion this year, despite the downward forecast for the industry due to the coronavirus pandemic. The industry is expected to rebound in 2021, reaching a projected $448.9 billion in three years.
In a press release from June 2019, the auto care industry was previously expected to reach $405 billion by 2020, months before the pandemic hit in March of this year.
However, the 2021 Auto Care Factbook also says early indicators suggest the average age of vehicles on U.S. roads will continue to rise as consumers hold onto their vehicles during "economic uncertainty," according to the release.