Toronto, Ontario — In terms of dollar size, the overall light vehicle aftermarket grew between 2021 and 2023, reports Desrosiers Automotive Consultants (DAC), driven by increases in both retail aftermarket parts and labour.
From 2021 to 2023, DAC says the overall light vehicle aftermarket experienced growth, expanding from $22.5 billion in 2021 to $24.1 billion in 2023. Retail aftermarket parts saw an increase from $12.9 billion to $13.7 billion, while labour revenues rose from $9.6 billion to $10.4 billion during the same period.
DAC also notes that beneath this overall growth, there are “significant channel shifts” occurring in the aftermarket.
“Changing consumer maintenance patterns and the changing structure of the light vehicle fleet are leading to significant changes in the aftermarket,” said Andrew King, managing partner at DAC. “Understanding these shifts is critical not only to understand current market share dynamics but also for forecasting how different players within the aftermarket—new vehicle dealers, independent repair facilities, retail chains, et cetera—will perform over the coming five years.”
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