AutoZone

The aftermarket is a classic tollbooth on vehicle use. Two key long‑term drivers correlate with growth: miles driven and the number of vehicles older than seven years. The U.S. vehicle fleet keeps aging, with the average age at 12.8 years in 2025, and miles driven up about 1 percent over the latest 12 months cited by the company.

The business model mixes DIY with a rising commercial share, smoothing volatility. FY25 same‑store sales grew mid‑single digits on a constant currency basis, with International constant‑currency comps stronger.

This supports steady, mid‑single‑digit organic growth potential through cycles, with limited exposure to severe economic shocks compared to discretionary retail.