By SEMA Editors
The 2014 SEMA Annual Market Report is now available to members at no cost.
In 2013, sales of automotive specialty-equipment products reached $33 billion—a 6.7% increase over the previous year, according to the 2014 SEMA Annual Market Report. The figure represents the fourth consecutive year of growth.
“The report indicates that the marketplace has continued to move in a positive direction overall,” said Chris Kersting, SEMA president and CEO. “This research suggests that the industry made smart, timely moves during the recession, and that those moves have paid off for many companies. Specifically in 2013, the specialty-equipment market produced the highest growth since the recent recession.”
Members: Get your free copy of the 2014 SEMA Annual Market Study.
The automotive specialty-equipment market began to see an upswing in 2010, when sales totaled to $28.60 billion—a 2% increase over the previous year. Sales reached $29.99 billion the following year, representing a growth of 5% over 2010. Sales in 2012 reached $31 billion—a 4% increase from the previous year.
Again, the growth in 2013 is largely attributed to a growth in the street-performance niche. Accounting for 26% of sales with $8.72 billion, the street-performance niche represents the largest niche in the industry.
“The renewed focus on performance models by the OEMs has helped drive interest in this segment,” Kersting said. “New models, such as the Scion FR-S; redesigns, including the ’15 Mustang; and high-performance packages, such as the Hellcat Challenger, have inspired the industry and consumer alike to aim for increased performance.”
Also noteworthy in the study is the light-truck market, which continues to rebound with 8% growth in 2013—the market's best sales year since 2007. New truck sales continue to climb amid anticipation for major redesigns to several flagship pickups.
“We see the 2014 SEMA Show shaping up to be the biggest yet as industry optimism continues to build,” Kersting said. “Attendance is trending upward, and buyers will see more exhibitors and products than ever on the Show floor. New this year is SEMA Ignited, a special consumer and media attraction on Friday night after the Show. SEMA Ignited meshes with other consumer-facing association projects, all part of a long-term plan to enhance awareness of specialty products.”
The SEMA Annual Market Report is conducted yearly to help SEMA-member companies understand the industry and make informed business decisions. SEMA research reports are available to SEMA members at no cost, and to nonmembers at a nominal fee. SEMA research reports are listed and can be accessed at www.SEMA.org/research.