As we enter 2024, our industry and SEMA, your trade association, stand at a momentous point. Just two months ago, the annual SEMA Show garnered tremendous support, welcoming more than 2,200 exhibitors and approximately 160,000 attendees to the Las Vegas Convention Center. The high energy was palpable as the industry gathered to network and discover the next-gen products, ideas and innovations that will drive its growth and future, both this year and beyond.
In addition, we launched SEMA Fest, an exciting new music and car-culture event. As a complement to the SEMA Show, SEMA Fest broke new ground, and we are committed to growing the event as a means of promoting the automotive lifestyle among consumers, converting fans to enthusiasts, and enthusiasts to evangelists.
The two events followed SEMA's recent, first-ever economic impact report showing that the aftermarket industry contributes $337 billion to the American economy and creates 1.3 million jobs. Meanwhile, our recently released "SEMA State of the Industry Report" saw two-thirds of industry companies reporting stable or growing sales over the last year.
In short, our industry is a major driver of growth and prosperity in the United States, and we remain at the forefront of adopting policies and technologies that help reduce vehicle emissions while delivering businesses and consumers change and innovation. SEMA currently serves 6,500-plus member companies, representing more than 40,000 employees. Our mission is to help member businesses succeed and prosper, and in 2024 you will see us redoubling our commitment to this mission on many fronts.
First, we will keep our industry viable and protect it from politicians and regulators who threaten our livelihoods. To this end, we have made significant investments in our government affairs efforts, and you will increasingly see us mobilizing our industry and enlisting the public in our fight to protect it.
We will also remain at the forefront of technology. Our new SEMA Garage Detroit is up and fully operational, and ready to assist our members in understanding, accessing and working with emerging technologies. (For example, look for a new ADAS white paper coming out soon!)
We will further expand our industry's marketplaces while providing tools that address real business needs, growing our SEMA Data program, advancing vital market research, and maintaining the SEMA Show as the industry's leading rallying point.
You'll also see us foster and build communities of impact. We've launched our SEMA Individual Membership program to help galvanize our collective reach, inviting enthusiasts into our SEMA fold. Our nine councils and networks will increase programs to unite different facets of our industry to address common challenges. We will reach new audiences, notably through a new DEI task force to help us reach more diverse communities.
Ultimately, we're refocusing on you, the member, and elevating our customer service. Our team will prioritize your member experience in all we do. We will update our systems and processes, make meaningful improvements to our website, payment systems and more.
It's an exciting time for our industry, and we're seizing the momentum to effect real change on your behalf.
Mike Spagnola
SEMA President and CEO