New research from SEMA finds that many companies within the specialty-equipment industry see opportunities in the racing parts market. In 2021, racing parts accounted for $7.79 billion in part sales. Now that the country has mostly moved on from the pandemic, parts sales within this market are expected to grow.
The findings come from the "SEMA Future Trends – January 2023" report, which provides a detailed analysis of where the industry is headed, including updated forecasts on the future of the specialty-equipment market, overall economy and vehicle trends.
After a turbulent few years for the racing industry due to the pandemic, racing is moving into 2023 with significant momentum and the industry is optimistic for the future. In 2023, 93% of racing part manufacturers, retailers and distributors expect sales to stay the same or grow—with 55% expecting a sales increase. When it comes to racetracks, 95% expect to host the same number of races in 2023, with 34% expecting to host more.
Industry expectations for different types of racing also vary. Companies are the most optimistic about Street/Strip and Drag racing. Companies are also bullish on the rise of EV and Electric racing, as the number of electric vehicles sold each year increases.
Download the report now and get additional information on how industry performance has changed over the past few years, predictions for where the U.S. economy is going, insights on automotive sales and vehicle trends and how the industry is evaluating the EV market.