Once COVID-19 vaccines are widely distributed, adults across the country are planning to hit the road, according to a recently released study — and that's great news for the automotive aftermarket.
The nationwide study, published by market research firm The Martec Group, found a 17 percent increase in overall vehicle miles traveled is coming after the pandemic. Whether it be for business or pleasure, survey respondents expect to drive more post-pandemic than they were before COVID-19 hit. After being cooped up for a year, Americans are itching to get traveling again and participate in their favorite activities. Additionally, one-third moved farther away from their work.
“The shift to remote work is not going away, however, we expect usage and ownership of personal vehicles to increase," said Chuck Bean, Martec partner and chief marketing officer. "In our study, a high percentage of respondents living in urban locations reported being likely to move to a suburban or rural location due to the pandemic.”
Increased miles traveled and shifting population data suggests that the automotive aftermarket is about to experience substantial growth. The pandemic has also impacted how people maintain or service their vehicles as well as their buying behaviors for vehicles, services and parts, The Martec Group said. Due to the pandemic, consumers are delaying buying or leasing a new vehicle, with more than one-half not expecting to do so until the second half of 2021. Additionally, consumers have deferred vehicle maintenance during the pandemic.
"As consumers defer maintenance and push off getting newer vehicles, these factors likely will accelerate demand for parts and services in the aftermarket," The Martec Group said.
The study included data collected from a November 2020 survey of 1,000 respondents across the United States who were vehicle owners and primarily full-time employed.
