The Auto Care Association and MEMA Aftermarket Suppliers have released the 2023 Joint Channel Forecast Model report, according to a press release.

The report outlines market projections, channel performance analysis, and emerging trends for the automotive industry based on data from 2022. 

This year’s report revealed a 9.7% growth for the automotive aftermarket in 2022, which exceeded the previous prediction of 8.5% for the year. Forecasts for 2023 predict that high inflation will result in additional growth of 8.1% before it evens out.

The report includes other information such as market size projections, key economic predictions, and motor vehicle sale forecasts, all spanning through 2026. Information is also provided on sales dollars and market share within retail, service, and dealer segments, and factors that could influence growth in the aftermarket.

“Consistency, reliability and adaptability—that’s what the motoring public have come to expect from the auto care industry over the years, but especially in more recent times with many Americans facing the very real rise in their cost of living,” was Auto Care Association President and CEO Bill Hanvey’s summary of the report’s findings.