Toronto, Ontario — DesRosiers Automotive Consultants (DAC) has released its latest Automotive Aftermarket scorecard, reporting increased repair costs and increased retail sales figures to auto parts in 2022, as well as expectations for “strong [aftermarket] growth” in 2023.
With parts shortages “widespread throughout the year,” writes DAC, the customer price index for passenger vehicle maintenance and repair services (as of Dec. 2022) increased 5.6 percent compared to Dec. 2021.
Passenger vehicle parts, accessories and supplies consumer price indexes were up 8.6 percent in Dec. 2022 over Dec. 2021.
For 2022, retail sales figures for automotive parts, accessories and tire stores showed an increase of 10.5 percent compared to 2021, indicating “strong dollar sales,” says DAC. Employment within the automotive aftermarket parts category grew, too, with parts and accessories stores seeing 5.4 percent more jobs in Dec. 2022 than in Dec. 2021.
DAC says employment in the automotive repair and maintenance segment grew between Dec. 2021 and Dec. 2022, adding 4.6 percent more jobs than in the year prior.
The report also states that gasoline consumption (in place of vehicle usage data) remained “fairly steady” in 2022, with just a 1.9 percent decrease overall, which DAC says is “unsurprising given the improved efficiencies of the fleet.”
“All expectations point to another strong year for the Canadian aftermarket in 2023, barring severe wider economic uncertainty,” concludes DAC’s report.