Unperformed maintenance grew to be $53 billion in 2006, up from $52 billion in 2005, according to new research from the Automotive Aftermarket Suppliers Association (AASA). A detailed analysis of the market is included in the 2007-2008 AASA Automotive Aftermarket Status Report.
"While this represents a sizeable untapped market," said Steve Handschuh, AASA president and COO, "the safety implications are the primary concern, as some neglected maintenance has a direct relationship with vehicle safety and drivability."
Unperformed maintenance reached its peak in 2002 at $62 billion and has hovered in the $52 to $55 billion range in the four years that followed.
"Although consumers may postpone maintenance for economic reasons, motorists are often unaware of what vehicle maintenance is necessary beyond the occasional oil change," said Frank Hampshire, AASA director of market research. "Even in times of high gasoline prices and tight household budgets, increasing awareness of those maintenance items that impact vehicle safety and fuel economy could provide healthy returns on the investment."
Street-Performance Segment Grows 5% Annually Since 1993
Manufacturer sales in the specialty-equipment market's street-performance segment have grown from $438 million in 1993 to $717 million in 2006, a 64-percent increase, according to Special Equipment Market Association (SEMA) research. Within the segment, performance parts have recorded some of the steadiest growth, up 16 percent from 2000 to 2006 ($262.4 million last year, third only to performance parts sold in the compact-performance and light-truck segments, respectively).
Suspension components and accessories in the street-performance segment grew with less fire than performance parts, although suspension did experience the single greatest spike in sales over the 13-year period. In 2001, suspension sales peaked at $290.6 million before dropping down to $194.3 million the following year.
Exclusive Consumer Outlook Survey Results To Be Reported At AAPEX Seminar
Results of the 2008 Aftermarket Consumer Outlook Survey by the NPD Group to gauge consumer buying patterns and behaviors will be presented for the first time during an Automotive Aftermarket Products Expo (AAPEX) seminar, Wednesday, Oct. 31. AAPEX will be held Tuesday, Oct. 30 through Thursday, Nov. 1, at the Sands Expo Center in Las Vegas, Nevada.
David Portalatin, NPD's director of industry analysis, will review the findings that indicate whether American motorists will buy new cars, repair and maintain old ones, or choose to alter their lifestyle behaviors that result in modified spending patterns. The trends and economic factors influencing their decisions, as well as how consumers feel about the state of the aftermarket, will also be presented.
Portalatin will interpret the findings in light of NPD's wealth of aftermarket research to give an early projection of what to expect in 2008. "In 2008, millions of American motorists will make everyday decisions that affect your bottom line. If we can understand how and why those decisions are being made, we can then align our business strategies to position ourselves for the best possible success," said Portalatin.
The 2008 Aftermarket Outlook seminar will be held from 10-11 a.m. in room 304 of the Sands Expo Center. There is no cost to attend but registration is required and can be done on the AAPEX Web site, www.aapexshow.com.
