By Ashley Reyes
The automotive aftermarket is in a state of constant evolution, driven by new vehicle trends, consumer-spending patterns and the integration of new vehicle technologies. The new "2024 SEMA Future Trends Report," released by SEMA Market Research, is helping association members by outlining how these key areas are likely to affect the market in 2024 and beyond.
According to the report, there are more than 287 million passenger vehicles in operation on U.S. roads. More than a quarter of all registered vehicles in the United States today are crossover utility vehicles (CUVs), and by 2029, it's expected that more than 85% of new vehicles sold will be a light truck (CUV, SUV, pickup or van), of which most will be CUVs.
Pickups, given their functionality, versatility and longevity, are commonly accessorized for off-road applications. The report finds that 62% of pickup owners buy off-road parts or take their vehicles off-road, and around 80% use their pickup for outdoor recreation uses.
"Off-road products and accessories represent a thriving segment for the specialty-equipment industry, and it only seems to be growing with more companies seeing opportunity to move into the space," said SEMA Director of Market Research Gavin Knapp. "States with off-roading opportunities like Utah, Idaho, Montana, Colorado and areas such as the Pacific Northwest are also the most popular for overlanding, which refers to a combination of remote travel, off-roading and camping."
In addition to pickups, the industry continues to see significant opportunity for both the musclecar and tuner markets. Fresh models, such as the Nissan Z and Toyota GR Supra, offer exciting new platforms for accessorization and modification.
Younger owners of classic cars are typically more willing to swap in modern comfort and performance parts rather than trying to keep everything stock, with a restomod sentiment (a type of vehicle restoration that combines a vintage car's classic design with modern technology and components). In 2022, the classics market accounted for approximately $1.81 billion in retail part sales.
SEMA members can download the full "2024 SEMA Future Trends Report," which includes additional chapters on the industry's overall outlook, an economic forecast and state of electric vehicles (EVs) and advanced driver assistance systems (ADAS), for free at http://www.sema.org/research.
After downloading the report, register for the webinar "SEMA Future Trends: Outlook for 2024 and Beyond" on April 10, 2024, where the Market Research team will share and explain key findings from the report. Register for the webinar here.