By Ashley Reyes
One of the many perks of being a SEMA business member is the ability to access market research reports on the automotive specialty-equipment market for free. Designed to help industry members make more informed decisions for their businesses, the reports offer relevant and timely findings on pivotal topics such as emerging trends, how parts sales are doing, the current state of the market and growth opportunities for specific vehicle segments.
Gain insight into key findings from SEMA's recently released reports below and then log in to your SEMA member portal at sema.org and go to "My Benefits" once logged in to access the following reports.
"2024 SEMA Future Trends Report"
The "2024 SEMA Future Trends Report" finds that sales of automotive specialty-equipment parts are projected to have increased about 1% in 2023. With the economy showing signs of strength and improvement towards the year's end, SEMA anticipates a similar stable growth trend heading into 2024, with a full return to normal annual sales growth of 3%-4% projected for 2025.
Despite some uncertainty, most companies within the specialty-equipment industry are optimistic and expect sales to remain level or grow over the next year. A 23% growth in 2023 SEMA Show attendance over 2022 is a strong indicator that the industry is committed to introducing new products and expecting robust sales in the market.
Download the "SEMA Future Trends" report to learn about the issues and outcomes that affected the industry in 2023 and how these areas are likely to affect the market in 2024 and beyond.
"SEMA State of the Industry Report – Fall 2023"
According to the "SEMA State of the Industry Fall 2023 Report," one-third of manufacturers report double-digit growth over the last year. Inflation continues to impact the industry, with more than half of manufacturers indicating their prices have increased in the last year (Nearly 90% of companies say that increased supplier costs are the key driving factor). New-vehicle sales continue to rebound from ongoing supply issues, high prices and rising interest rates, and are projected to exceed 16 million units in 2024.
Download the "SEMA State of the Industry – Fall 2023 Report" to learn about the current state of the automotive specialty equipment industry, including how businesses are doing, key industry trends and metrics, challenges and opportunities along with an outlook for 2024 and beyond.
"2023 SEMA Market Report"
The "2023 SEMA Market Report" finds that pickup parts are the biggest sellers in the industry, topping $15 billion in sales in 2022. The crossover (CUV) accessory market continues to grow, reaching 14% of specialty-equipment sales in 2022. Regarding consumers, younger people continue to be the most likely to accessorize and perform more upgrades; 50% percent of those modifying their vehicles are under the age of 40. In addition, 51% of accessorizors own a powersports or recreational vehicle, especially trailers, RVs and ATVs.
Download the "SEMA Market Report" for an overview of the size and scope of the U.S. specialty-equipment market. You'll learn about how much consumers spent and where they shopped for specialty-automotive parts and accessories in 2022, as well as automotive trends and economic factors that influenced the market.
Cora Jokinen of Torq-Masters Industries Inc. attested to the value of SEMA Market Research reports, stating, "The reports help us steer the ship. In other industries, you have to pay great sums to see reports like this. The SEMA Market Research Reports are a huge value and every business should be reading these reports."
Don't wait; download your free reports by logging into your SEMA Member Portal at sema.org. If you need help accessing your exclusive portal, send us an email at members@SEMA.org.
Have questions about SEMA Market Research? Contact SEMA Market Research Director Gavin Knapp at gavink@sema.org or 909-978-6712 or Market Research Manager Matt Byun at mattb@sema.org or 909-378-4861.