Fast Facts chads Fri, 07/01/2022 - 22:38
Industry news from SEMA-member companies, including Yokohama Tire Corp., Hyundai Motorsport, Fullbay and more.
SEMA Industry Report: Specialty-Equipment Sales Surpass Pre-Pandemic Levels chads Fri, 07/01/2022 - 22:28
The automotive specialty-equipment industry continues to experience strong growth and demand as the United States puts COVID-19 in the rearview mirror. According to SEMA’s new “State of the Industry—Spring 2022” report, 75% of manufacturers, 68% of distributors and 53% of retailers/installers report that sales are currently above where they were prior to the pandemic, and consumer demand is equally higher for most companies than it was in 2019.
With the final quarter of 2022 approaching and the pandemic largely receding, there’s good economic news for the aftermarket. According to recently released SEMA market research, the automotive specialty-equipment industry continues to enjoy strong growth and is well positioned for the coming year. That and other key takeaways can be found in the “State of the Industry—Spring 2022” report, now available for free download at www.sema.org/market-research.
Crossover Utility Vehicles (CUVs) are the fastest-selling and most common vehicle on the road in the United States today. At the end of 2021, they represented 24% of all registered passenger vehicles, and are projected to represent almost half of all new vehicles sold by 2029. They’re also a significant part of the specialty-equipment aftermarket, accounting for more than $7.7 billion in specialty parts sales in 2020. While they are a very diverse segment, there’s plenty of opportunity to be found for specialty-equipment businesses, including a growing off-road niche.
Part of the SEMA Show preparation process for many exhibiting companies includes identifying which products they will enter into the New Products Showcase. As the number-one destination at the SEMA Show, the New Products Showcase provides companies with an opportunity to highlight their latest offerings and generate foot traffic to their booths.
The SEMA Board of Directors approved the council concept in 1993, elevating the status of three committees: the Automotive Restoration Market Organization (ARMO), the Professional Restylers Organization (PRO) and the Street Rod Market Alliance (SRMA), now the Hot Rod Industry Alliance (HRIA). SEMA then hired its first council director. There are now nine councils and networks and three SEMA council directors.
Fifty SEMA members from 27 companies participated in the ninth SEMA Middle East Business Development Program (BDP) trip to Dubai, United Arab Emirates (UAE), and Riyadh, Saudi Arabia. The March 2022 trip—the first since the beginning of the COVID pandemic and the 24th overall SEMA BDP—represented two firsts: It was the first program to showcase two countries on one trip (the United Arab Emirates and Saudi Arabia), and it was the first trip to Saudi Arabia.
Judging from the headlines, you’d think the internal-combustion engine (ICE) is not long for this world. Europe and U.S. governmental bodies are passing ever more stringent climate measures and incentivizing zero-emissions powertrains. Meanwhile, OEMs are ramping up battery-electric vehicle (BEV) production and shifting resources away from traditional engine development. But dig beyond the headlines and you’ll find that the reports of the ICE’s death are greatly exaggerated.
For builders, car-care and restyling products are an essential tool for customization and maintenance. They can provide upgrades to OE paint, glass and chrome. They can dress up an interior or refine an exterior, often at a reasonable cost. And they’re available in a wide range of parts, applications and price points, offering useful products and services to nearly any enthusiast.
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