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Title: The U.S. Market for Automotive Aftermarket Products
Published: September 2002
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The following is the abstract from the full report:
The U.S. market for automotive aftermarket products, already worth over $120 billion at retail, still has tremendous growth potential. Even the fact that automobile parts last longer, thus requiring less maintenance and less frequent replacement, encourages people to keep their vehicles longer. The high price of new and used cars makes investing in what one owns seem the better bargain, secure in knowing that cars maintain their value much better than formerly. And cars have evolved, thanks especially to continuing developments in electronics, from simple means of transportation to extensions of the home and workplace. Accordingly, people may well be willing to spend more time and money on their vehicles (like their homes) than ever before. The Automotive Aftermarket Industry Association says there is approximately $64 billion in unperformed maintenance left on the table each year by U.S. consumers.