VERTICALFOCUS
RIGHT TO REPAIR ACT: THE RIGHT MOVE FOR THE AUTOMOTIVE AFTERMARKET? A new bill, H.R. 6570, known as the Right to Equitable and Professional Auto Industry Repair, or REPAIR Act, has the automotive aftermarket industry buzzing. Introduced into the House by Rep. Bobby Rush (D-Illinois) earlier in 2022, it centers around how making vehicle data available will spur greater competition in the aftermarket repair segment. Here’s a quick breakdown of the bill: Overview: The bill will ensure that owners and independent shops have access to necessary vehicle repair and maintenance tools and data. It requires automobile manufacturers to provide the same information to independent repair shops as they do for dealer shops. This includes all tools and equipment, wireless transmission of repair and diagnostic data, and access to onboard diagnostic and telematics systems needed to repair a vehicle. Supporters: Proponents of the bill include The Automotive Aftermarket Suppliers Association, Auto Care Association, Consumer Access to Repair Coalition, and Specialty Equipment Market Association. Status: In February 2022, the Committee on Energy and Commerce referred the bill to the Subcommittee on Consumer Protection and Commerce. In June 2022, New York became the first state in the country to pass its own Right to Repair Act. GLOBAL AUTO PERFORMANCE PARTS MARKET ON THE RISE High expectations surround demand for automotive performance parts going forward, according to a recent report from Future Market Insights, which says the market is likely to reach nearly $340 million by the end of 2022—and skyrocket to $532 million by 2032. The report cites escalating demand for passenger cars and a rise in disposable income across the globe as the driving factors. Here are some key takeaways from the report: • The automotive performance parts market in the United States will account for 87% of the market share in North America. • Sales of shock absorbers will grow at 4.6%. • Sales of torque converters will hit a 5.8% compound annual growth rate (CAGR). • The air filters segment will grow at a CAGR of 4.2%. • Asia Pacific is projected to lead the global automotive performance parts market by 2032.
THE TRENDIEST AFTERMARKET VEHICLES Which vehicles are the top trend- setters for the automotive aftermarket? Exhibitors at the recent Specialty Equipment Market Association (SEMA) show voted for the vehicles that represent the best business opportunities for the aftermarket. SEMA Award finalists represent exhibiting automakers that support the aftermarket with accessory- friendly models based on their potential for customization. The finalists are: SEMA Car of the Year Nissan Z Dodge Challenger SEMA Mid-Size Truck of the Year Jeep Gladiator Toyota Tacoma SEMA Full-Size Truck of the Year Ram Toyota Tundra SEMA 4x4/SUV of the Year Jeep Wrangler Toyota 4Runner SEMA Sport Compact of the Year Toyota GR86 Volkswagen Golf GTI SEMA Electric Vehicle of the Year Nissan Ariya Volkswagen ID.4
November 2022 • Inbound Logistics 13
Powered by FlippingBook