Automobile aftermarket yields, but refuses to stop, in face of economic slowdown

September 22, 2008

Vehicle service and repair markets grow steadily, reports MintelHigh gas prices and financial worries are keeping many people off the road … but their cars are still heading for the shop. A new report from research firm Mintel, Automobile Aftermarket, shows the market for vehicle service, repairs and upgrades slowly but steadily driving ahead.Mintel estimates the automobile aftermarket reached $106.5 billion in 2007, an 18% increase from 2002 when it was valued at $90.1 billion. The research firm expects today’s economic slowdown to put the brakes on auto service and repairs for 2008, but growth is expected again in 2009. Mintel predicts sales will surpass $120 billion by 2012.

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