By Kyle Cheng
While the past year has been disruptive to many sectors of the economy, the specialty-equipment industry has largely weathered the pandemic. Data in the new “SEMA State of the Industry—Spring 2021” report shows that while some companies saw sales declines, the majority saw growth over the past year. Some, especially manufacturers, even report record sales.
And that’s not surprising, as government data shows that consumers are spending more on their parts and their vehicles than ever before. According to the U.S. Census Bureau, retail sales at motor-vehicle and parts dealers in April 2021 hit $139.5 billion—its highest level on record. Despite the pandemic, consumers continue to work on their cars.
The industry is equally optimistic for the future as well. Most companies expect sales growth over the coming year as the United States returns to more normalcy.
To learn more about the current state of the specialty-equipment industry and outlook for the rest of 2021, download the new “SEMA State of the Industry—Spring 2021” report today at www.sema.org/research.