By the SEMA Washington D.C. office
New economic data released shows the significant impact that the specialty
equipment aftermarket for motor vehicles has on America's economy--and just what it means for people across the country.
Amid the ongoing United Auto Workers strike at the Big Three car manufacturers, the report provides compelling data that the specialty automotive aftermarket is robust, despite the challenging economic environment.
SEMA commissioned the research, which was conducted by John Dunham & Associates and based on 2023 U.S. economy data. SEMA represents more than 7,000 member businesses, the vast majority being small businesses, across the United States. The industry manufactures, sells and distributes aftermarket performance and accessory parts for passenger cars, trucks and 4-wheel off-road vehicles.
The "SEMA Economic Impact Report" shows the financial output and support to the U.S. economy of the specialty-equipment market.
There are several key findings in the report:
- Nationwide, the specialty-equipment industry supports more than 1.3 million American jobs.
- More than $104 billion worth of wages and benefits earned by American workers annually are supported by the industry.
- The industry accounts for more than $40 billion in taxes, including $24 billion in federal taxes and $16 billion in state and local taxes), which support the development of critical national and local infrastructure.
- The industry contributes more than $336 billion to the American economy annually.
These businesses employ more than twice the number of people as the U.S. aircraft industry and more people than the entire motion picture and video production industry. The aftermarket industry helps small businesses to grow, create new jobs and hire more workers, and builds partnerships that expand local economies across the United States.
This economic impact study complements the industry's annual market report on consumer trends. Consumers spent $52 billion on specialty automotive aftermarket products in 2022.
SEMA has released an interactive map that provides users with state-by-state, congressional and state-house and senate data in addition to the national numbers.
"We're extremely proud that our industry represents such a key part of America's economy, affecting any motorist who has upgraded their vehicle for a host of needs," said Mike Spagnola, SEMA's president and CEO. "SEMA's 7,000-plus members, which are primarily small businesses and the more than one million workers in the specialty aftermarket, are extraordinary contributors to making the United States and local economies stronger across the country. It's an industry that, one way or another, everyone has a stake in. It provides people with good-paying jobs, and our local, state and federal coffers with taxes that grow our country's economy. SEMA's ecosystem is a powerhouse economic engine driving positive change, innovation and opportunity to America's big cities and small towns, working families and small businesses. The specialty-equipment aftermarket has proven to be a vibrant industry that delivers economic support to all 50 states."
in Las Vegas, can enhance their experience and enjoy a range of exclusive perks by visiting one of three SEMA Business Member Lounges strategically located throughout the Las Vegas Convention Center.
Specialists' (SCRS) Repairer Driven Education (RDE) sessions during the 2023 SEMA Show, October 31-November 3 in Las Vegas. RDE sessions at the SEMA Show take place Monday, October 30, through Thursday, November 2, in the Las Vegas Convention Center (LVCC). 
and automotive accessory supplier, has announced Dean Rossi as its new CFO. 
be held Friday, November 3-Saturday, November 4, 12:00 p.m.-12:00 a.m. at the Las Vegas Festival Grounds in Las Vegas, that brings together automotive enthusiasts, the biggest names in music and the hottest automotive brands in a large-scale festival format. The prized SEMA Ignited event has evolved into a bigger and more exciting two-day event now known as SEMA Fest, which will give consumers a chance to participate in an automotive and music experience like none other! It's a must-attend event that's open to the public and features incredible automotive and motorsports activations the SEMA crowd is used to, like the following:
colleges and universities are invited to register for the 2023 SEMA Show Student Program, taking place November 1-2 at the SEMA Show in Las Vegas.
opened nominations for its Hall of Fame and Robert E. Petersen Media Awards, which celebrate and acknowledge individuals who have made a significant contribution to the motorsports parts manufacturing segment of the aftermarket and/or to the MPMC. The Hall of Fame nominee should demonstrate unparalleled leadership and deserve recognition for their impact on the motorsports sector. Criteria include being a current or past employee of an MPMC member company who has made significant contributions to the motorsports parts industry for more than 10 years. In December, Hall of Fame inductees will be announced and recognized at the Performance Racing Industry (PRI) Show in Indianapolis. 
who have made innovative and significant contributions to it during the 2023 SEMA Industry Awards Banquet held on Thursday, November 2, at the SEMA Show in Las Vegas. It will be a night to remember as we unite generations of the industry representing past, present and future leadership during the annual gathering of the global SEMA community designed to connect, facilitate networking and create a platform to honor thought leaders.