2022 was a disappointing year for the auto industry as supply chain disruptions, high inflation, and rising interest rates led to a decline in the sales of light vehicles. The sale of U.S. light vehicles fell to their lowest level since 2012 last year. Over 13.75 million light vehicles were sold the previous year, representing a year-over-year decline of 8% to 9%.
The auto parts industry is not entirely dependent on the sales of new vehicles, making them exciting investment options during different economic cycles, as the ups and downs of the automobile industry do not significantly affect the demand for auto parts.
