In 2007, specialty accessories and appearance products attained a volume of $21.995 billion at retail, which is more than half (58.5%) of the total $38.11 billion specialty-equipment market.
Automotive specialty-equipment products can easily be grouped into one of three market segments: specialty accessories and appearance products; racing and performance; and wheels, tires and suspension. However, with retail sales of more than half of the specialty-equipment market share, it is clear that the accessories and appearance segment is the current driving force of the industry.
In 2007, specialty accessories and appearance products attained a volume of $21.995 billion at retail, which is more than half (58.5%) of the total $38.11 billion specialty-equipment market. From 1997 to 2007, the specialty accessories and appearance products segment displayed an increase of 117.1% in sales volume.
Accessories and appearance has increased its market share consistently over the years, going from 52.4% in 1997 to 58.5% in 2007. This sizeable growth has been driven by consumer enthusiasm for light-truck products, electronics, general restyling products and, most recently, by compact-performance products.
"Accessories and appearance products are the gateway for many mainstream consumers to become involved with automotive specialty-equipment products," said Jim Spoonhower, SEMA vice president of market research and information. "That's a double-edged sword—in good times it helps grow the industry more quickly, but in bad times mainstream consumers aren't as motivated to continue purchasing products as enthusiasts are."
The 2007 racing and performance products' sales volume was $6.892 billion, which represents nearly 18% of the total automotive specialty-equipment market.
In 2007, the wheels, tires and suspension products market segment generated $9.224 billion in sales, an increase of more than 93% since 1997. The custom wheels product group continues to grow despite more than 70% of all-new vehicles sold in the United States come with polished-aluminum or chrome wheels.
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