At the 2024 AAPEX Keynote Breakfast, Bill Hanvey, president and CEO of Auto Care Association, and Paul McCarthy, president and CEO of MEMA Aftermarket Suppliers, took to the stage to give attendees an overview of the aftermarket, including details on electrification and 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."
Having both EVs and ICE vehicles on the road "means more problems to fix," McCarthy added. And the newer powertrains apparnatly have more problems in general.
"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 which Hanvey said is "the largest AAPEX ever." This includes an expanded EV area with free expert training, he added.
Right to Reapir update
Also addressed in their keynote speech was information on HR 906, or the REPAIR Act. In September, the legislation was not considered for a critical vote by Congress, halting the proposed legislation's progress. However, the speakers noted that Right to Repair's momentum indicates the industry is commitment to consumer choice and market competition.
"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."
The ACA helped lead a campaign to garner more than 100,000 letters sent to Congress, in addition to over 10,000 phone calls, and is planning to continue pushing for a more fair vehicle repair environment that gives customers more choice in who diagnoses and repairs their vehicles.
A version of this article was originally published on VehicleServicePros.com
