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The sluggish economy has combined with high gas prices to take a toll on sales of new cars and other vehicles. But this portends further growth for the automotive “aftermarket,” which already has shown significant growth in this decade.
A new Mintel report says the automotive aftermarket (including auto service, repairs and upgrades) grew by 18 percent between 2002 and last year, when it reached a revenue total of $106.5 billion. The research firm predicts this market’s revenues will top $120 billion by 2012.
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