Aftermarket Parts Sales on Brink of Growth

New statistics from the Motor & Equipment Manufacturers Association (MEMA) reveal that aftermarket product sales in the United States reached $136.6 billion in 2000 — a 1.6% increase from 1999 levels. But despite this modest increase, aftermarket component manufacturers likely will reach $155.1 billion in 2003, according to MEMA.

“The $136.6 billion in aftermarket parts represents nearly 13% of the entire $1-trillion world automotive products market,” said Frank Hampshire, MEMA director of research.

The US aftermarket figures account for 47% of the global aftermarket vehicle parts market, which totals more than $291 billion. When added to the $753-billion global OEM parts figures, the world vehicle market parts total is more than $1.045 trillion. Hampshire said the global OEM vehicle part total for 2000 rose 6% from the 1999 total.

The increase in new vehicle sales that began in 1993 created a wave of sales that continued through 2000, Hampshire said. “The beginning of that wave is about to pass into the prime aftermarket region of vehicles out of warranty and approaching 100,000 miles on the odometer,” Hampshire said. “Over the next few years, the boom in new vehicle sales we experienced in the 1990s will result in a healthier aftermarket parts market.”

Hampshire predicts the boom will cause the vehicle population in the prime range to grow by about 1.5 million units over the next eight or more years. This will result in the aftermarket product sales in the United States rising to $140.7 billion in 2001, an increase of 3%. The growth will continue in 2002, rising another 5% to $147.7 billion in 2002, followed by another 5% in 2003 ($155.1 billion).

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