Auto parts imports to the U.S. hit a record high
Auto parts imports to the United States hit a record high from January to August 2023, totaling 125.901 billion dollars, according to data from the Department of Commerce.
These foreign purchases have registered a recovery trend over the past three years, following their slump stemming from the Covid-19 pandemic.
Earlier, in 2019, U.S. imports of auto parts were $105.57 billion, until then the all-time high.
But in 2020, these flows fell to $80.228 billion.
The pandemic produced a worldwide economic crisis and massive confinement as the virus hit nations, leading to lower automobile use and a steep decline in automotive sales.
U.S. imports of automotive parts then grew to $107.748 billion in 2021 and $120.847 billion in 2022.
Auto parts imports
PARTS iD, a company focused on end-to-end digital commerce for the automotive aftermarket, describes the U.S. automotive aftermarket as huge, fragmented and ripe for disruption as overall consumer preferences are increasingly shifting toward online transactions.
In the United States, the automotive aftermarket continues to trend upward despite the economic pressures of inflation.
According to Hedges & Company, the light automotive aftermarket industry is projected to reach $374 billion by 2023, which includes parts and services.
It also projects that the entire automotive aftermarket and car care industry, including medium- and heavy-duty parts and services, will reach $497 billion in 2023.
The outlook is mixed, according to Market Research’s SEMA Future Trends 2023 Report (the «SEMA Report») published in January 2023.
In 2021, demand for aftermarket specialty parts was strong with some companies posting their best sales ever.
Retail sales reached a record $50.9 billion, up more than 6% over 2020.
This was despite looming challenges on the horizon that materialized further in 2022, such as rising inflation and supply chain challenges, which led to lower inventories and higher prices.
