By Ashley Reyes
The automotive aftermarket industry has seen growth across many different vehicle segments over the past year, with pickups continuing to dominate sales and showcasing strong growth across the industry, according to the new "SEMA State of the Industry-Fall 2023 Report."
Out of the total number of manufacturers that sell to the pickup segment, more than three-quarters of them report stable or growing sales over the past 12 months. Strong sales are also highlighted among retailers and installers, with more than three-quarters of companies reporting that their sales have increased or stayed the same during the past year.
"In addition to pickups, we also found that SUVs, classics and sports cars are strong drivers for the market," said SEMA Director of Market Research Gavin Knapp. "Over 50% of manufacturers and retailers/installers sell to those segments. Companies also see opportunity across a number of traditional and emerging sectors--including hot rodding, overlanding and muscle cars--moving forward."
The data is from the new report's "Vehicle Segment Insights" chapter, which focuses on changes in vehicle segment sales over the past 12 months, as well as segments that the industry views as having the most opportunity, plus segments that manufacturers and retailers and installers currently sell to.
"The report is a must-download for any aftermarket company that wants to understand the current state of the automotive specialty equipment industry," added Knapp. "No other report provides such detailed data on industry trends and metrics, challenges and opportunities, and gives an outlook for 2024 and beyond that is specifically designed to help aftermarket companies make better business decisions."
SEMA business members can download the full report for free and access additional chapters on product trends, manufacturer insights, vehicle sales trends and more at sema.org/research.