FOR IMMEDIATE RELEASE
March 19, 2014
Contact: Della Domingo
New Report Examines Powersports Accessories Market
-- Businesses Gain Insight to Succeed in Growing Market --
DIAMOND BAR, Calif. (March 19, 2014) -- A new report focused on the accessorization of utility task vehicles (UTVs, also known as side-by-sides) reveals that approximately 670,000 UTV models were sold in the United States in 2010-2012. Released by the Specialty Equipment Market Association (SEMA), the 62-page report provides auto accessory businesses with an understanding of the needs and purchase habits of UTV owners and aids in their marketing, sales and product development efforts.
"This is the first time we have done such extensive research into the powersports market," said Gavin Knapp, SEMA senior manager of market research. "This report validates the belief many have had that there are great opportunities in the powersports market, and furthermore, that there are many similarities with the automotive aftermarket."
The number of automotive accessory businesses branching off into the powersports market had increased in recent years. A dedicated powersports area was added to the SEMA Show floor in 2009.
"One of the ways companies grow their businesses is by expanding into related markets," said Peter MacGillivray, SEMA VP of events and communications. "Buyers at the SEMA Show have increasingly expressed an interest in powersports products, particularly those already selling trucks and SUV products."
The "Powersports: UTV Accessorization" report is designed to help businesses identify target consumers, expand their customer base, develop strategic messages and marketing campaigns, as well as assess the market potential. Among the report's findings:
- About 82% of UTV owners have, or plan to purchase, upgrades to their UTV.
- Three segments of UTVs provide different accessorization opportunities for owners.
- Accessory decisions are made early, with most purchases occurring within the first three months.
- Modifications to UTVs are usually geared towards enhancing its overall functionality.
- The average accessorizer spends about $1,700 outfitting his/her UTV.
- Three out of four UTV owners also own a pickup truck and often accessorize their truck for towing the UTV.
The "Powersports: UTV Accessorization" report is one of many market research reports that SEMA offers to help members make informed and strategic business decisions. Members may download a copy of the report at no cost at www.sema.org/utvreport.
SEMA, the Specialty Equipment Market Association founded in 1963, represents the $31.3 billion specialty automotive industry of 6,537 member-companies. It is the authoritative source for research, data, trends and market growth information for the specialty auto parts industry. The industry provides appearance, performance, comfort, convenience and technology products for passenger and recreational vehicles. For more information, contact SEMA at 1575 S. Valley Vista Dr., Diamond Bar, CA 91765, tel: 909/610-2030, or visit www.sema.org or www.enjoythedrive.com.
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