"The U.S. automotive aftermarket industry grew its retail sales by 2.5% in 2018, according to The NPD Group. In addition to favorable weather early in the year, this increase was fueled by the fundamentals of the industry being strong: More vehicles are on the road, the average age of vehicles is trending older, and the majority of consumers are unconcerned about higher gasoline prices."
Tag: automotive aftermarket
Consumers continue to look for value in today’s turbulent economy, but more often value when purchasing automotive parts is determined by quality rather than low price, according to auto aftermarket research by The NPD Group. New research finds that consumers are increasingly more interested in purchasing automotive parts that are of the highest quality and will last the longest time whereas their interest in purchasing the least expensive parts has declined.
Today's cost-conscious Americans have decided to keep cars longer than they have in the past, which means more repairs and maintenance for do-it-yourself or do-it-for-me consumers, according to automotive aftermarket research conducted by The NPD Group. According to NPD's 2011 Aftermarket Outlook Survey, 52% of consumers intend to keep their car 5 years or more, and even consumers with vehicles 10 years old or more will keep their cars another 5 years, on average. In order to keep their vehicles on the road longer, the majority of consumers are expecting repairs or maintenance work in 2011. "For companies providing professional repair and maintenance work, this presents a strong growth opportunity. For companies seeking ways to assist consumers and promote DIY activity, the Internet will be an important tool in 2011," says David Portalatin, industry analyst for NPD's aftermarket unit.
The average length of ownership of new vehicles continues to increase, according to a recent analysis from Polk, and serves as an indicator of business opportunities available to the automotive aftermarket based on the increasing numbers of older vehicles in operation that may need service or parts, and an increasing number of vehicles on the road falling out of warranty. In addition, Millennials have been hard hit by the Recession and are increasingly turning to do-it-yourself (DIY) maintenance and repair to keep their autos running, according to recent automotive aftermarket research by The NPD Group. "Gaining a better understanding of what Millennials are likely buying today will enable marketers to position their brands, stores, and services for what could be a lifetime of car care purchasing by 65 million influential young drivers," said David Portalatin, industry analyst for NPD's automotive aftermarket.
Lowest Price, Guarantees, and Brand Variety Top Three Drivers of Overall Satisfaction in Automotive Aftermarket
New research on the automotive aftermarket from The NPD Group finds there is a direct relationship between the specific attributes of price, guarantees, and brand variety, and future purchase intention. According to NPD's Car Care Trac, the percentage of consumers who reported they "definitely will" shop a retailer again in the future declined dramatically as satisfaction with the most recent purchase occasion declined. Seventy-one percent of those who rated the most recent purchase occasion as "excellent" said they definitely will shop the retailer again. "NPD's analysis shows the importance of understanding what really drives satisfaction and future purchase intentions at the total market level," says David Portalatin, industry analyst for NPD’s automotive aftermarket unit.
As auto dealerships battle one of their worst years in recent history, consumers find they must spend money to maintain and repair their older vehicles. A recent Mintel report points out that the median vehicle age in the US was 9.2 years in 2007 and represents a significant increase from 2001 when consumers were driving vehicles with a median age of 8.1 years.