Bill Hanvey, president and CEO of Auto Care Association, and Paul McCarthy, president and CEO of MEMA Aftermarket Suppliers, took to the stage to kick off the AAPEX Keynote Breakfast and provide an overview of the aftermarket—from the electrification evolution to the latest on Right to Repair.
"The EV transition may be an aftermarket golden age with forecast being pushed out due to many factors," Hanvey said. "Because of this, we're looking at a long future where both ICE and electrification will create another aftermarket sweet spot in the years to come."
"And that means more problems to fix," McCarthy added. "According to Consumer Reports and JD Power: Plugin, hybrids, and EVs actually have more things go wrong than conventional vehicles."
All of those repairs add up to an automotive aftermarket that is projected to reach $545 billion this year, with continued growth expected, pushing the market to $617 billion by 2027, according to Hanvey and McCarthy. The aftermarket is driving technology advancement that keeps pushing boundaries. Innovations in remote diagnostics are improving vehicle safety by enabling professionals to address problems before they arise.
As technology evolves, aftermarket professionals will need to stay ahead of the curve, ensuring they can provide customers with the solutions they need. Some of these solutions are on display at this year's AAPEX.
"For the first time we've expanded into the Caesars Forum to create the largest AAPEX ever," Hanvey said.
"We've also expanded our EV Experience to offer more free expert training," said McCarthy. "You'll be well prepared for electrification."
Also addressed in their keynote speech was information on the Right to Repair Act. The Repair Act did not reach a crucial vote in Congress, but the progress made was a testament to the industry's commitment to consumer choice and market competition, the speakers noted. Aftermarket professionals are encouraged to stay engaged and push for legislation that protects the ability of consumers and businesses to repair vehicles using the parts, tools, and chemicals of their choosing.
"You've now heard that the Repair Act did not make the hurdle to the crucial vote, but we all fought hard for all of the progress that we made," McCarthy said. "It was due to the unwavering support and the tireless efforts of our great industry, including all of you in this room."
