The automotive parts, accessories, and tire stores sales in the US have shown a steady increase from 2013 to 2019, with CAGR generally between 1.5% to 2.93%. However, 2020 saw a significant dip with a -15.84% year-on-year decline due to the market disruptions caused by the COVID-19 pandemic. The recovery began in 2021 with a 16% year-on-year increase leading to an estimated valuation of $97.2 billion in 2022. In 2023, the sector stood at $98.43 billion, reflecting a marginal increase of 1.26% from the previous year. The forecast suggests a continued growth trend, reaching up to $104.56 billion by 2028, indicating a 5.15% growth rate over the five years, with an average annual increase of 1.01% (forecasted CAGR).
Future trends to watch for include the impacts of advancing automotive technologies like electric vehicles, shifts toward e-commerce possibly altering traditional brick-and-mortar sales, and the potential continuing effects of global supply chain disruptions. Investors and stakeholders should also keep an eye on regulatory changes and their implications on the sector.
