While identifying multiple growth opportunities for the specialty-equipment industry, the recently released “SEMA Advanced Vehicle Technology Opportunities Report” (see p. 172) also introduces readers to a range of emerging technologies. To better understand active versus passive advanced driver-assistance systems (ADAS)—and why the latter holds the most aftermarket promise—SEMA News turned to SEMA Vice President of Vehicle Technology John Waraniak.
As customers enter the front door, a peaceful chime echoes through the shop. There is a meticulous order to every product display, and yet the store feels quaint and inviting. And as the chime fades, a warm inquisitive voice asks, “What brings you in today, friend?”
SEMA research indicates that the U.S. aftermarket for advanced driver assistance systems (ADAS) and connected vehicle technologies (CVT) can be expected to grow into a $1.5 billion industry within the next five years, even though the emerging segment is still in its infancy. The impact of these new systems can’t be overstated. Hard as it may be to imagine, they will eventually affect virtually everything from wheel and tire modifications and vehicle electronics tweaks to the addition of custom bumpers, running boards, grilles and other hard parts.
It’s no secret that off-roading—especially Jeeping—drives one of the specialty-equipment industry’s largest segments. With roots to the post-World-War-II era when returning servicemen began discovering American backroads with their trusted surplus Jeeps, the off-road category remains a wildly diverse playground for specialty-equipment parts, accessories and lifestyle products. What’s more, Jeeping and recreational off-roading have spread to emerging international markets in the last decade, notably China and the Middle East. The mainstreaming of off-road motorsports is in part responsible for this vigorous segment’s growth, but the real race nowadays is among OEMs to win the attention of consumers who have never blazed a trail but would like to.
Aaron Gable and James Herring began their careers in the automotive industry like so many pioneers: with genuine passion. Bitten by the off-roading bug early, their enthusiasm for the hobby dates back to their childhoods. Growing up just a few miles apart in rural Georgia, the duo spent years with wrenches in their hands, learning every nook and cranny of what’s under the hood. Ultimately, their fun weekend activities created the foundation for Gable and Herring to become co-owners and operators of Jack’d Off-Road.
While identifying multiple growth opportunities for the specialty-equipment industry, the recently released “SEMA Advanced Vehicle Technology Opportunities Report” (p. 118) also raises questions of innovation, preparedness and best practices. To dig deeper into the fundamentals, SEMA News turned to SEMA Vice President of Vehicle Technology John Waraniak.
With 2018 well under way, if your business hasn’t yet tapped into the Advanced Driver Assistance Systems (ADAS) aftermarket, doing so now could have you leading a new trend. Available from a range of infotainment and consumer-electronics manufacturers, current aftermarket safety-enhancement offerings run the gamut from do-it-yourself to professionally installed products encompassing head-up displays, forward-crash avoidance, blind-spot detection, night vision, lane-departure warning, adaptive front lighting, and surround-view camera systems, along with backup cameras and sensors. What’s more, their market potential is huge.
Wheels and tires are fundamental to every automobile and therefore remain aftermarket staples. The “2017 SEMA Market Report” estimates the current custom wheel market to be worth $1.21 billion in sales, while performance and special-purpose tires top $2.22 billion combined. Add an off-road and plus-size tire market estimated at another $1.62 billion, and it’s easy to see why 370 wheel and tire manufacturers flooded the 2017 SEMA Show floor to debut more than 175 new products alongside hundreds more of their legacy offerings.
In today’s world of big-box online retail giants such as Amazon, individual stories of family-owned, niche retail shops are few and far between. The story of Forbidden Diesel and its manager Shane Marler, however, stands in stark contrast to this trend.
Your business invented a new product and took the time to patent the invention. Now you have a pretty plaque on the wall commemorating your patent grant, but what else can you do with those rights? How does your business realize a return on its patent investment?